Kyobo Life Insurance announced on October 23 that its average claim payment time in the first half of this year was 0.24 days, approximately three times faster than the industry average of 0.71 days. Based on an 8-hour workday, this means it takes about 2 hours from the time a claim is filed to when payment is made. The average payment time refers to the duration from the receipt of claim documents to payment within three business days.
This achievement is attributed to the integration of artificial intelligence (AI) and digital technology into the claims payment process. Kyobo Life has enhanced its AI-based automated review model and implemented an optical character recognition (OCR) system for claim documents, establishing a system that allows for immediate payment after review completion.
In 2020, the company introduced an AI automated review system for accident insurance claims. Since then, it has expanded the range of automatically recognized documents to include various claim forms such as medical certificates and hospitalization records. By utilizing machine learning technology, the company has improved processing speed and accuracy by assessing the complexity of claims and the feasibility of automated reviews.
Kyobo Life has also strengthened its service that informs customers about claim payment results. Since June of this year, it has provided detailed notifications via messaging services, outlining payment amounts by coverage type, treatment details, and exclusions along with reasons. Customized messages previously offered to customers receiving cancer and death benefits have now been extended to those receiving benefits for brain and cardiovascular diseases. The company also provides health management content necessary for treatment and recovery.
At the claims filing stage, Kyobo Life enhances customer convenience through its 'Lifetime Assurance Service,' introduced in 2011. This service allows financial planners to regularly review customers' coverage details and assist with identifying and filing unclaimed benefits. The company supports approximately 500,000 claims annually, with an average monthly claim support amount of 48.5 billion won. As of the end of last year, the cumulative number of customers using this service exceeded 2.01 million.
Kyobo Life explained that these service improvements align with the customer protection philosophy emphasized by Shin Chang-jae, the company's CEO and chairman. During the 'The Race Kyobo Run' marathon event held in April, Shin highlighted the role of life insurance companies and planners as 'pacemakers' in helping customers overcome adversity and complete their life journeys.
A Kyobo Life representative stated, "Claim payments represent the most critical moment in fulfilling our promise to customers and showcase the core value of life insurance. We will continue to enhance the speed and accuracy of claim payments using AI and digital technology, while consistently improving the protection services that customers can feel."
* This article has been translated by AI.
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