"Generative AI Should Be Usable Across All Insurance Company Operations"

AI Utilization Seminar for Insurtech Companies on the 29th

There has been a suggestion to build infrastructure that enables the introduction of generative artificial intelligence (AI) across the entire range of insurance company operations.

The Korea Insurance Research Institute participated in Korea Fintech Week on the 29th and held a seminar titled "Utilization and Prospects of Generative Artificial Intelligence (AI) by Insurtech Companies" at the Dongdaemun Digital Plaza Conference Hall in Seoul.

On this day, Go Seok-tae, CEO of Minds & Company, explored efficient operational methods for insurance companies regarding the introduction of generative AI under the theme "Response Strategies for Financial Companies (Insurance Companies) in the Era of Generative AI," and presented the necessary technical and organizational preparations.

He stated, "A system is needed to flexibly incorporate and utilize the rapidly evolving technology changes and benefits following Chat GPT within financial companies," adding, "To this end, each insurance company must establish generative AI promotion strategies and plans, build generative infrastructure considering the characteristics of the insurance industry, and internalize generative AI promotion capabilities within the financial company."

He particularly emphasized that generative AI should be designed to be efficiently utilized by employees across the entire insurance company operations rather than being introduced as a single unit task. CEO Go suggested that a generative AI utilization infrastructure capable of redesigning and executing company-wide processes is necessary. Furthermore, he stressed that it should not become a method where tasks are simply outsourced to a dedicated AI department.

Following this, Choi Hong-jun, Vice President of Upstage, pointed out that companies are developing generative AI businesses based on the data they possess. He explained, "Each company is actively developing language models based on their data, and various businesses such as data acquisition, sales, copyright, and data preprocessing are being actively carried out."

Vice President Choi also explained that there are many factors to consider when introducing AI technology suitable for financial institutions. He said, "A strategic approach is needed to select AI technologies with a high return on investment (ROI) by considering cost and efficiency," and suggested, "Depending on the purpose, general models and purpose-trained models should be appropriately utilized."