Hyundai Marine & Fire Insurance announced on May 16 that it has introduced an artificial intelligence (AI)-based work support model called 'AI Assistant' and has developed and begun operating the AI automated screening process '2Q-PASS'.
The AI Assistant is an AI-based model that understands user requests, provides information, or automatically performs tasks.
2Q-PASS is an AI-based underwriting (UW) process that selects customers who have maintained indemnity medical insurance for a certain period and have little medical history, allowing them to sign contracts immediately without the involvement of a separate underwriter by disclosing only two mandatory notifications.
This process is the result of analyzing Hyundai Marine & Fire Insurance's accumulated underwriting data using machine learning techniques to identify and apply customer groups eligible for AI automated screening.
Since April 17, Hyundai Marine & Fire Insurance has been gradually introducing 2Q-PASS to all face-to-face sales channels for the Perfect Plus and Good and Good Star products. Currently, more than 40% of eligible contracts are being signed through 2Q-PASS. The company explained that this has led to simultaneous improvements in customer service quality and underwriting efficiency, such as simplifying contract procedures and speeding up the screening process.
A Hyundai Marine & Fire Insurance representative said, "2Q-PASS is the first step in AI-based underwriting automation, and we plan to continue advancing the AI Assistant system." The representative added, "We will lay the foundation so that a data-driven AI decision-making system can operate organically across all company operations."
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