|Considering the inefficiencies brought about by the underwriting process, Kyobo Life Insurance launched a real-time AI underwriting system aimed to improve underwriters’ working system and augment client satisfaction. The Best Analysis and Rapid Outcome (BARO) AI is the world’s first AI underwriting system product and transforms human work and covers all insurance products. Kyobo Life Insurance systemized its underwriters’ thinking process and designed models that reflected the factors that underwriters would consider in assessing applications.|
Inquiries are comprehended via natural language processing, which includes named entity recognition, taxonomy, user dictionaries, keywords, and various preprocessing techniques. By producing instant results, which were then evaluated by underwriters, sales consultants can accelerate and increase their sales. BARO supports its insurance product decision making through the inclusion of five key references, which sales teams can check easily so they can focus on customer service. Receiving over 400,000 inquiries in just two years, BARO has been responsible for resolving 52% of these, significantly reducing the workload of underwriters. With BARO, reviews of applications that normally took four to eight weeks were significantly shortened, with 56% of applications being approved right away based on BARO’s guidelines.