Dongyang Life Insurance, a subsidiary of Woori Financial Group, is expanding the use of artificial intelligence (AI) and digital technology across its insurance services, from pre-application assessments to claims processing and payouts. This initiative aims to automate repetitive tasks and reduce customer inconveniences when using insurance services.
As of September 29, the insurance industry reports that Dongyang Life has implemented a 'pre-assessment system' that allows customers to check their eligibility before completing their applications.
Previously, customers had to finish their application design, fill out the application form, and undergo an underwriting review to determine their eligibility. This process often required customers to restart their application if they were denied or if conditions changed during the review.
With the pre-assessment system, customers who have provided prior consent can view underwriting results during the application design phase. This allows them to identify any difficult-to-insure items or conditional approvals before applying, enabling them to adjust their application design according to their circumstances.
In the claims process, Dongyang Life utilizes AI optical character recognition (AI-OCR) technology. This technology automatically classifies submitted claim documents, reducing repetitive document verification and processing tasks, thereby shortening the time required for claims handling.
AI is also applied in the claims assessment process. The 'Claims Risk Detection System' (CRDS) analyzes claims data and accident histories to detect potential insurance fraud. Dongyang Life reports that the introduction of CRDS has improved fraud detection efficiency by 63% and increased the automatic review rate from 22% to 45%.
Dongyang Life's digital and AI innovations are closely tied to the competitiveness of the upcoming integrated insurance company. Sung Dae-kyu, CEO of Dongyang Life, emphasized the importance of differentiating customer service and enhancing sales competitiveness through AI during a recent town hall meeting with Woori Financial Group's CEO, who announced the merger with ABL Life.
A representative from Dongyang Life stated, "Our digital strategy aims to innovate the entire insurance process, from application to payout, making it faster and more convenient for customers. This will lead to a differentiated competitive edge for the future integrated insurance company."
* This article has been translated by AI.
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