Selvas AI, a specialized artificial intelligence company, signed a’MOU for the development of new insurance products and services based on big data’ with the Korean branch of Swiss Re, a global reinsurance company, and promised future cooperation. The signing ceremony was attended by Seung-Hyun Yoon, Vice President of Selvas AI Sales, Yong-Seok Kwon, and Seok-In Jeong, CEO of Swiss Re Insurance.
Through this MOU, the two companies plan to develop new insurance products and healthcare services using Selvas Group’s healthcare big data and AI prediction technology, and expand customer-specific product development and service capabilities.
Swiss Re Insurance plans to cooperate to apply Selvas AI’s artificial intelligence (AI)-based disease prediction model to its underwriting process.
Underwriting refers to the final screening process for determining whether to take over the insurance contract based on the obligation to notify the contractor in the subscription form or the result of health examination when making a life insurance contract.
In addition, using the CDM-based smart clinical trial design support system, artificial intelligence healthcare service Selvy Checkup, and OnFit, which Selvas AI is researching and developing, maximize user convenience and customized insurance using data. It plans to further enhance the service through joint research and development of products and digital healthcare.
Seung-Hyun Yoon, Vice President of Selvas AI said, “Selvas AI has been actively collaborating with the financial and insurance sectors using data analysis and AI technology.” It is of great significance to expand the portfolio to the next level by jointly developing insurance products and healthcare services based on our big data technology.”
“Since Corona 19, the importance of providing optimized insurance solutions to customers has become very important,” said Kwon Yong-seok, CEO of Swiss Re Insurance. “We will use it as an opportunity to implement a new insurance and service model based on big data.”
Noh Jin-woo, Global Economic Reporter [email protected]