Heungkuk Fire & Marine Insurance Hosts Generative AI Competition

Finals to Be Held on the 24th

Heungkuk Fire & Marine Insurance announced on the 10th that it will hold a 'Generative AI Competition' to discover practical innovation ideas using generative artificial intelligence (AI).

A total of 30 teams and 63 participants took part in the Generative AI Competition, proposing various ideas focused on AI-based automation and problem-solving. Participants submitted their applications from the 10th to the 28th of last month and prepared practice-oriented content including idea proposals, screen flowcharts, demo videos, and key algorithms.

The first preliminary round was conducted through interview evaluations, and seven teams selected through the screening participated in a workshop on the 9th to prepare for the finals. At the workshop, external experts were invited to provide training on how to use generative AI tools, and customized mentoring was offered to help each team enhance the completeness of their submissions.

In the finals, which will be held on the 24th, each team will demonstrate and present their solutions, and the final rankings will be determined. Winners will receive ▲ Grand Prize (1st place): 2 million KRW and a 3-month subscription to ChatGPT Plus ▲ Excellence Award (2nd to 3rd place): 1 million KRW and a 3-month subscription to ChatGPT Plus ▲ Encouragement Award (4th to 5th place): 500,000 KRW and a 3-month subscription to ChatGPT Plus. ChatGPT Plus subscriptions will also be provided to the finalist teams and all participants.

Recently, the insurance industry has been accelerating the adoption of generative AI in various fields such as customer service using chatbots, AI-based risk assessment, and integration with RPA (Robotic Process Automation) technology.

Heungkuk Fire & Marine Insurance has continuously conducted experiments and attempts to apply AI technology to practical work as part of its internal digital transformation strategy. This in-house competition was planned with the goal of discovering and spreading creative solutions led by employees.

This competition goes beyond a simple contest, keeping in mind the practical use of the proposed ideas. All ideas, including the award-winning ones, will be compiled into a collection and shared with all employees through the company bulletin board. Outstanding solutions will undergo a concretization process to review their applicability to actual work.

A representative of Heungkuk Fire & Marine Insurance said, "The greatest significance of this competition is spreading AI ideas discovered directly by our employees as assets for the entire organization," adding, "We hope that the more refined solutions developed through the workshop and final stages will bring substantial changes to practical work."