Lotte Insurance Establishes Proprietary AI Development Platform

Upgrading Existing AI Services Such as Underwriting Review and Conversational Platforms

Lotte Insurance announced on the 19th that it has established an 'AI Development and Operation Platform' to advance its existing artificial intelligence (AI) services and secure a foundation for generative AI development.

The AI Development and Operation Platform innovatively enhances the data analysis environment of services based on machine learning and deep learning previously developed by Lotte Insurance, supporting the practical adoption and utilization of AI technology.

The platform operates securely tailored to the internal environment of financial companies. Through this, a flexible development environment has been created to enable the integration of AI into various business tasks in the future.

Lotte Insurance Building. Provided by Lotte Insurance

Advanced features have also been incorporated. The 'On-Premise Code Assistant,' which automatically generates code from annotations alone, greatly improves development convenience and expands the potential for application in the field. This is expected to dramatically enhance productivity in data analysis and model development processes.

In addition to LLMs (Large Language Models) that process text input only, a foundation has been established to utilize 'Multimodal Models' capable of integratively processing various data types including text and images. This is expected to significantly increase usability.

Previously, vehicle dashboard images were used exclusively to verify driving distance for auto insurance. Now, by leveraging multimodal models, accurate recognition of driving distance information from various types of data with only a small amount of training data will enhance innovation in auto insurance.

In the future, the platform’s common functions for AI model development and operation will be expanded to various insurance services such as subscription design, underwriting review, and insurance claim processing.

Previously, Lotte Insurance automated underwriting reviews for driver insurance and simple insurance through AI models. Alongside this, AI-based services such as conversational services embedded in the insurance income platform Wonder and the lifestyle-oriented insurance platform ALICE have been operated.

A Lotte Insurance representative said, “We have succeeded in upgrading infrastructure to efficiently develop and expand various AI services applying generative AI. We will complete a concrete and feasible digital transformation across the entire insurance business process.”