Hyundai Marine & Fire Insurance announced on September 1 that it has signed a strategic memorandum of understanding (MOU) with KAIST to drive innovation in the insurance industry based on artificial intelligence (AI) technology and to establish a sustainable industry-academia collaboration ecosystem.
The signing ceremony took place at 4 p.m. on August 28 at Seoklim Hall, KAIST Seoul Campus, with representatives from both organizations in attendance. Kim Sungjae, Executive Director of the Digital Strategy Division at Hyundai Marine & Fire Insurance, and Kang Janggu, Director of the Financial Innovation Research Center at KAIST, represented their respective institutions.
On the 28th, Kim Sungjae, Executive Director of Digital Strategy Headquarters at Hyundai Marine & Fire Insurance (left), and Kang Janggu, Director of the KAIST Financial Innovation Research Center, signed a business agreement and took a commemorative photo at Seoklim Hall, KAIST Seoul Campus, Dongdaemun-gu, Seoul. Hyundai Marine & Fire Insurance
This agreement was established to systematically promote innovation in insurance industry work by bringing together KAIST, which possesses cutting-edge AI research capabilities, and Hyundai Marine & Fire Insurance, a leader in insurance digital innovation.
The two organizations will focus on three main areas of collaboration: joint research and development and practical application of insurance-specialized AI technologies; operation of training programs to nurture professionals in insurance and AI convergence; and the creation of a sustainable industry-academia collaboration ecosystem.
Kang Janggu, Director of the Financial Innovation Research Center at KAIST, stated, "Through this agreement, we will accelerate the digital transformation of the insurance industry by applying academic research achievements to the industrial field."
Kim Sungjae, Executive Director of the Digital Strategy Division at Hyundai Marine & Fire Insurance, also commented, "Through our collaboration with KAIST, we will incorporate the latest AI technologies across all aspects of our work and provide customers with more reliable and innovative services."
Meanwhile, Hyundai Marine & Fire Insurance has already shortened contract procedures through its AI automatic underwriting system (2Q-PASS). The company has also expanded the use of AI voice bots in the automobile claims sector, automating processes from accident reporting to estimated insurance payouts, repair costs, and renewal notifications.
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