LG CNS Builds 130 Billion KRW AI Transformation System for Mirae Asset Life Insurance

Building a Generative AI Platform Based on Vast Data at Mirae Asset Life Insurance
Implementing a Multi-Hybrid Cloud for an Efficient Cloud Environment
Advancing Systems for Product Development, Contracts, Accounting, and Sales Management

Hyun Shin-gyun, President of LG CNS (right), and Kim Jae-sik, Vice Chairman and CEO of Mirae Asset Life Insurance, are signing a memorandum of understanding and taking a commemorative photo. (Photo by LG CNS)

AI Transformation (AX) specialist LG CNS announced on the 7th that it will carry out a project worth 130 billion KRW over two years for the AX of Mirae Asset Life Insurance.

Recently, the two companies signed a "Business Agreement for Next-Generation System Construction" at the Mirae Asset Life Insurance headquarters in Yeouido, Seoul, attended by Hyun Shin-kyun, President of LG CNS, and Kim Jae-sik, Vice Chairman and CEO of Mirae Asset Life Insurance. The project is valued at approximately 130 billion KRW and will be conducted over about two years.

LG CNS will undertake the construction of a generative AI platform, implementation of a multi-hybrid cloud environment, and the overall restructuring and advancement of business systems including insurance product development, insurance contracts, deposits and withdrawals, key operations, accounting, and sales management. This will enhance the work efficiency of Mirae Asset Life Insurance employees and lay the foundation for AX.

Through this project, a generative AI platform used internally by Mirae Asset Life Insurance employees will be established. The vast data held by Mirae Asset Life Insurance will be trained on a Large Language Model (LLM) to help employees quickly and easily find the information they need for their work and apply it.

For example, when employees have questions during work, they can simply ask the AI without having to check multiple internal systems, receiving optimized answers based on the company’s knowledge base. In the future, this platform will also be applied to customer consultations, assisting counselors in responding to customer inquiries, or integrated into AI voice bots to improve customer service quality.

The digital environment of Mirae Asset Life Insurance will also undergo significant changes. LG CNS will implement a multi-hybrid cloud environment that combines services from multiple cloud providers such as Amazon Web Services, Microsoft, and Google Cloud, along with the company’s own private cloud.

This will allow Mirae Asset Life Insurance to handle data-sensitive tasks within internal systems while using public clouds for other services, creating an efficient cloud environment. It will also enable the company to respond flexibly to changes in the business environment, such as financial regulation relaxations.

LG CNS will also completely revamp Mirae Asset Life Insurance’s business systems, including key insurance operations like product development, insurance contracts, deposits and withdrawals, as well as accounting and sales management, to maximize business competitiveness. In particular, a system for integrated management of product information will be established to enable the rapid launch of customer-tailored insurance products.

Previously, insurance products were developed and managed mainly around main contracts such as whole life and pension insurance and disease-related riders. Now, the system will incorporate a detailed disease classification system and corresponding payment criteria, allowing the introduction of customized products. The contract management processes, including contract signing, modification, renewal, and cancellation, will also be standardized and simplified to enhance customer convenience.

Through this agreement, the two companies also agreed to establish a cooperative framework for AI research and development. They plan to hold regular meetings to discuss the joint discovery of new business models and conduct comprehensive collaboration in the AX field.

Hyun Shin-kyun, President of LG CNS, stated, “LG CNS will mobilize all its accumulated financial IT capabilities to support Mirae Asset Life Insurance in innovating its business with an AI-based next-generation system,” adding, “We will continue to build an AX ecosystem in cooperation with Mirae Asset Life Insurance to achieve sustainable growth in the future.”