Ky­obo Life im­ple­ments ‘AI-based’ un­der­writ­ing

The Korea Times - - FINANCE - By Lee Kyung-min [email protected]­re­atimes.co.kr

Ky­obo Life In­sur­ance said Wed­nes­day that its ar­ti­fi­cial in­tel­li­gence-based un­der­writ­ing sys­tem Best Anal­y­sis and Rapid Out­come (BARO) is in full oper­a­tion, pro­vid­ing real-time ser­vices to sales con­sul­tants and cus­tomers.

Com­bined with the firm’s un­der­writ­ing man­ual, BARO fa­cil­i­tates the on­line un­der­writ­ing process via instant com­mu­ni­ca­tion with sales con­sul­tants and un­der­writ­ers whose role has now be­come more fo­cused on as­sess­ment of higher-risk, higher-stakes in­sur­ance con­tracts.

“BARO is de­signed not only to have the same ra­tio­nal thought process like hu­man be­ings but also process word-spe­cific in­quiries,” a Ky­obo of­fi­cial said. “This helps sales con­sul­tants save time in re­view­ing in­sur­ance sub­scrip­tion requests.”

The sys­tem can deny or ap­prove sub­scrip­tion requests following an el­i­gi­bil­ity re­view based on screen­ing cri­te­ria such as pre-ex­ist­ing con­di­tions or med­i­cal his­tory, among many other terms and con­di­tions.

If the re­quest can be ap­proved de­pend­ing on cer­tain con­di­tions, it of­fers five pos­si­ble op­tions with fre­quently used key­words to help sales con­sul­tants take the next step.

Dis­tin­guished by ma­chine-learn­ing tech­nol­ogy that can process text used in a way that does not fit nor­mal speak­ing pat­terns, BARO’s most dis­tinc­tive fea­ture is its nat­u­ral lan­guage pro­cess­ing, with the ap­pli­ca­tion of com­pu­ta­tional tech­niques to the anal­y­sis and syn­the­sis of nat­u­ral lan­guage and speech.

Pre­vi­ous sim­i­lar un­der­writ­ing sys­tems im­ple­mented by some for­eign in­sur­ers were mostly rule­based, which had clear lim­i­ta­tions in pro­cess­ing requests in­volv­ing com­pli­cated prod­ucts.

“Ear­lier ones were un­able to pro­duce re­sults that fell out­side the pat­tern gov­erned by a pre-set rule,” the Ky­obo of­fi­cial said. “BARO, on the other hand, is a self-learn­ing, ac­cu­racy-im­prov­ing sys­tem that can process highly com­pli­cated requests with spe­cial terms and con­di­tions ap­plied.”

The sys­tem is ex­pected to en­hance the work ef­fi­ciency of sales con­sul­tants and cus­tomer sat­is­fac­tion while help­ing ad­vance the firm’s ini­tia­tive to lead a dig­i­tal trans­for­ma­tion.

Courtesy of Ky­obo Life

Ky­obo Life Chief Op­er­at­ing Of­fi­cer Yun Your-hyun, left, holds the Tech­nol­ogy Ini­tia­tive of the Year award at the 23rd Asia In­sur­ance In­dus­try Awards 2019 in Sin­ga­pore Tues­day (lo­cal time).

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