On May 27, NH Nonghyup Property & Casualty Insurance announced that it has introduced an 'Automatic Insurance Claim Review System' utilizing artificial intelligence (AI) technology for accident insurance claim payments.
The automatic claim review system applies automated algorithms based on AI. By using optical character recognition (OCR) technology, the system automatically extracts data from receipt images submitted by customers and analyzes it in real time to determine whether the claim is suitable for automatic review and payment.
NH Nonghyup Property & Casualty Insurance has introduced an 'Automatic Insurance Claim Review System' utilizing artificial intelligence (AI) technology for accident insurance claim payments. CEO Chunsoo Song (center) is taking a commemorative photo with executives and employees. NH Nonghyup Property & Casualty Insurance
The insurance industry is facing an increasing workload due to the growing number of insurance claims each year. With the introduction of this system, a significant portion of the review process will be handled by AI. The company expects that insurance claim payments will become faster and more accurate going forward.
NH Nonghyup Property & Casualty Insurance plans to expand the proportion of claims processed through the automatic review system to up to 17% by 2028. The resulting cost savings are estimated to be approximately 3.3 billion KRW. Small claims, such as indemnity insurance, will be processed immediately through the automatic review system, while human reviewers will focus on high-risk claims, thereby strengthening overall operational capabilities.
Chunsoo Song, CEO of NH Nonghyup Property & Casualty Insurance, stated, "With the introduction of this system, we are now able to provide customers with faster claim review services," adding, "We will continue to actively utilize AI technology in various business areas to deliver a differentiated customer experience."
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