South KoreaFinance and insurance2024 – ongoingKyobo Life
Machine-learning claims review and document recognition
Kyobo Life reported an average claims-payment period of 0.24 days after introducing AI and digital processing
Problem
Insurance claims required documents to be read and reviewed before payment. The processing time affected customers waiting to receive their benefits.
Approach
Kyobo Life used improved optical character recognition to read submitted documents. Its machine-learning model assessed review difficulty and whether claims could be handled automatically. An immediate-transfer system sent payment after review.
Results
Takeaway
The payment period reflected a workflow combining document recognition with review and payment systems. It did not measure the isolated effect of the AI review model.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Finance, risk and legalCustomer service
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and MLComputer vision
- Adoption
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
Bizwatch described Kyobo Life's use of machine-learning claims review alongside improved document recognition and immediate transfers. It reported an average payment period of 0.24 days for the second half of 2024, compared with 0.67 days for life insurers overall.
Full details are in the original sources.