South KoreaFinance and insurance2022 – ongoingLotte Non-Life Insurance
AI underwriting for driver and simplified insurance
Lotte Non-Life Insurance reported 100% automation of driver-insurance underwriting
Problem
Underwriters assessed applicants against product eligibility requirements. Routine assessments competed with complex contracts and underwriting-policy work.
Approach
Lotte began developing its own AI underwriting systems in 2022 and put them into partial use in 2023. Its AUS system checked eligibility using applicant characteristics and medical history. The insurer reported full automation of driver-insurance underwriting in 2024 and expanded automated underwriting to simplified insurance that year.
Results
Takeaway
Lotte reported complete automation for a defined insurance category. It did not disclose processing-time savings or underwriting accuracy.
Categories
- 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
ETnews reported that Lotte automated 100% of driver-insurance underwriting in 2024 and extended automation to simplified insurance. It also described a separate insurance-proposal validation system.
The report described AUS checking applicant eligibility and supporting alternative-product guidance. Lotte said development began in 2022, with some operational use from 2023.
Full details are in the original sources.