Kyobo Life Insurance announced on July 9 that, as of the second half of last year, the average period for expedited insurance payouts was 0.24 days.
This result means that, on average, insurance claims at Kyobo Life Insurance are processed and paid within about two hours from the time of filing. This is approximately three times faster than the life insurance industry average of 0.67 days and the non-life insurance average of 0.69 days.
The non-payment rate, which represents the number of unpaid claims as a percentage of total claims filed, was also below 1%, marking the lowest level among major life insurers.
These achievements are the result of Kyobo Life Insurance proactively introducing artificial intelligence (AI) and digital-based systems throughout the entire insurance payout process. The company has reduced payout times and improved customer convenience through measures such as an AI-based automated underwriting model, advanced optical character recognition (OCR) for claim documents, and an immediate remittance system upon completion of claim review.
The OCR system, for the first time in the industry, was designed to automatically recognize 13 types of claim documents, thereby increasing processing efficiency. The AI underwriting model uses machine learning to assess the complexity of claims and determine whether they can be processed automatically, which has improved both speed and accuracy.
Kyobo Life Insurance is also recognized for enhancing customer satisfaction not only in the insurance payout stage but also in ongoing contract management. A prime example is the "Lifelong Support Service," introduced in 2011 as the first of its kind in the industry. This program involves exclusive financial planners (FPs) regularly visiting customers to explain their coverage and assist with filing unclaimed insurance benefits. To date, more than 2 million customers have used this service.
A Kyobo Life Insurance representative stated, "Insurance payouts are the most fundamental touchpoint that demonstrates trust with our customers," adding, "We will continue our efforts to innovate the customer experience through AI and digital technology."
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