KB Insurance and Fire Insurance Association Develop AI-Based Risk Prediction Model

Collaboration in Various Fields Including Risk Management and Prevention Strategy Development

Koo Bon-wook, President of KB Insurance (fourth from the left in the front row), and Kang Young-gu, Chairman of the Korea Fire Insurance Association (third from the left in the front row), are posing for a commemorative photo after signing the agreement.
[Photo by KB Insurance]

KB Insurance announced on the 15th that it has signed a Memorandum of Understanding (MOU) with the Korea Fire Insurance Association to develop an artificial intelligence (AI)-based risk prediction model. Key officials, including KB Insurance President Koo Bon-wook and Korea Fire Insurance Association Chairman Kang Young-gu, attended the signing ceremony.

Through this MOU, KB Insurance and the Korea Fire Insurance Association will jointly develop a risk prediction model utilizing AI technology. They plan to collaborate in various fields such as risk management and prevention strategy formulation by sharing risk analysis data and cooperating on technology development. They will also strive to create social value by applying the risk prediction model to disaster safety research and other areas.

KB Insurance President Koo Bon-wook said, “It is meaningful to develop a risk prediction model by leveraging the infrastructure and know-how of KB Insurance and the Korea Fire Insurance Association,” adding, “Going forward, KB Insurance will actively collaborate with the Korea Fire Insurance Association to build a machine learning-based ecosystem for emerging risks.”

Korea Fire Insurance Association Chairman Kang Young-gu stated, “The development of an AI-based risk prediction model will be an important step that meets the demands of the times,” and added, “I hope discussions to derive social value through the use of diverse data will become more active.”