South KoreaFinance and insurance2018 – ongoingHanwha General Insurance
Alpha Claim automated claims assessment and payment
Hanwha General Insurance reported automatic payment of about 12% of claims using Alpha Claim
Problem
Claims required human assessment before payment. Some claim patterns were difficult to handle with fixed rules, limiting automatic processing.
Approach
Hanwha introduced Alpha Claim in 2018 after developing it with Hanwha Systems. The model learned from historical insurance payments to assess claims and predict eligibility for automatic payment. Claims meeting predefined payment conditions could be paid immediately.
Results
Takeaway
Automatic payment covered a minority of claims. Hanwha reported lower assessment fees without disclosing a monetary saving.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Finance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Partner co-development
- Evidence
- Company's own claim
Sources
Source summaries
The Korea Financial Times described Alpha Claim's use of machine learning trained on past payments. It reported that about 12% of Hanwha's claims were paid automatically and attributed faster payment and lower assessment costs to the system.
Full details are in the original sources.