Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients.
The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer.
Kyobo Life Insurance CEO Yoon Yeol-hyun, right, receives the technology initiative of the year award at the Asia Insurance Industry Award held in Singapore on Tuesday. (Kyobo Life)
Like a human underwriter, BARO has the ability to insure or reject clients according to company standards. It may also communicate on a real time basis with a financial planner.
If the submitted applications need detailed assessment, such in the case of a conditional approval, then BARO hands over the documents to a human underwriter, after narrowing down five keywords crucial to the evaluation process.
Capable of assessing complex insurance solutions, BARO is an evolved version of the conventional rule-based system AI that is used by most overseas insurers, according to Kyobo.
Baro won the technology initiative of the year award at the Asia Insurance Industry Award held Tuesday in Singapore.
“We aim to be a life insurer that provides new possibilities for the global insurance industry through digital transformation,” a Kyobo official said.
By Jung Min-kyung (email@example.com