Hanwha Life Insurance said Thursday that its AI-backed translation service and AI-powered planning agent have been designated Innovative Financial Services by the Financial Services Commission.
The FSC grants the designation to services or technologies deemed to enhance consumer convenience, create financial-related jobs and contribute to industry innovation.
Hanwha Life’s AI Translation service was recognized for breaking down language barriers between financial planners and clients, enabling smoother communication and boosting efficiency through multilingual document translation.
With foreign residency steadily increasing in South Korea, the service will be used in interactions with financial planners. They can better understand insurance products and improve customer service, while offering foreign national clients information in their native language.
Meanwhile, the AI Planning Agent applies artificial intelligence to insurance plan design, cutting the average time required from over nine minutes to under one minute.
As the service reduces repeated adjustments, financial planners can focus more on client consultation and strategy, while customers can receive optimized plans without unnecessary coverage or costs.
Hanwha Life has invested in AI research for over a decade, seeking to lead the insurance industry’s digital transformation.
“This innovation was born from the needs of the field and expectations of our customers,” a Hanwha Life official said. “We aim to launch the services later this year to strengthen competitiveness in our core insurance business while enhancing customer experience.”
hyelimchung@heraldcorp.com
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