|Kyobo Lifeplanet Life Insurance is South Korea’s first online life insurance company and has differentiated itself with an auto-underwriting system. Given that underwriting is at the core of its business, it looked for opportunities to reduce the burden for its underwriters, increase efficiency, and accelerate the underwriting process. Using machine learning techniques and artificial intelligence (AI), it has developed an underwriting prediction model and an underwriting emanual as well as enhanced its underwriting business rule. Instigated via two major algorithms, it automated the full assessment of various items in a contract to arrive at a data-driven decision.|
With over 31 variables and 100,000 data points, the system is still evolving to improve the precision of its results. In a span of three months, the accuracy of its prediction improved from 92.8% to 98% through repetitive learning. Using a deep dive data analysis, Kyoto Lifeplanet Life Insurance extends its services to confirmed customers via registration and subscription. Because of the collaborative efforts of its IT and business departments, Kyoto Lifeplanet Life Insurance’s auto-underwriting rate has increased by 15.3% over the past year. Building on the success of this project, it plans to use the system as a reference model to promote digital transformation in the entire organization.