Life Insurance Association Promotes Enhancing Consumer Financial and Insurance Literacy Using AI

The Life Insurance Association recently announced on the 10th that it is promoting enhanced consumer understanding using artificial intelligence (AI) technology in response to rapid digitalization.

The Association has introduced an AI-powered "Easy-to-Understand Financial Terms Service" in the disclosure section of its website, which is frequently visited by consumers, to explain financial terms more simply. In particular, by applying Natural Language Processing (NLP) AI technology to analyze syntax and morphemes on web pages, more accurate word detection has become possible.

The Association is also posting the "What is Saengmyeongboheom" series on its currently operated YouTube channel to provide guidance on key insurance terms and systems. Using generative AI, it efficiently delivers and explains insurance-related knowledge through self-produced videos, and also offers content in Shorts format under one minute to increase familiarity with insurance and accessibility to insurance information among the MZ generation (Millennials + Generation Z).

As of this month, a total of 11 videos (5 on insurance terms, 6 on systems) in the "What is Saengmyeongboheom" series are available, and more videos related to insurance subscription, maintenance, claims, and payments will continue to be produced and uploaded through the end of the year.