South KoreaFinance and insurance2020 – ongoingHanwha Life
Machine-learning and reinforcement-learning claims adjudication
Hanwha Life introduced an AI claims system developed using 11 million historical claims
Problem
Employees maintained the rules governing insurance payouts. Hanwha Life said this approach struggled with varied claims and changing conditions.
Approach
Hanwha Life introduced a cloud-based claims system using machine learning and reinforcement learning. It learned decision rules for payment, rejection or investigation from historical claims. The company intended routine claims to move through automated review so staff could focus on difficult cases.
Results
Takeaway
Deployment was reported, but the proposed increase in automated reviews and financial savings had not been established as results.
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
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
Hanwha Life announced an AI claims system developed using 11 million historical claims. Higher automation and cost savings were described as goals or expectations.
Full details are in the original sources.