Artificial Intelligence Reshaping the Health Care Industry

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Infominning,  This  company specializing in artificial intelligence healthcare is on the verge of conducting business after reviewing the artificial intelligence platform business with Kyobo Life Insurance and Dongbu Life Insurance (Korea’s insurance company) in the field of healthcare. Currently, Korean insurance companies are trying to expand their work based on various artificial intelligence platforms as follows.

Insurance companies will be transformed into a “healthcare comprehensive financial platform.” A service that analyzes health status and recommends insurance using artificial intelligence (AI) will be possible. Open banking and My Payment services are also expected to open, allowing insurance companies’ apps to grow into super apps.

Ko Seung-beom, chairman of the Financial Services Commission, made the remarks at a meeting in the insurance industry at Lotte Hotel in Sogong-dong, Seoul on the 3rd. Lee Chan-woo, senior vice chairman of the Financial Supervisory Service, Min Byung-doo, head of the Korea Life Insurance Association, Chung Hee-soo, president of the General Insurance Association, Jeon Young-mook, president of Kyobo Life Insurance, Byun Jae-sang, president of Mirae Asset Life Insurance, and Cho Yong-il, president of Hyundai Marine Insurance.First of all, he said he would support insurance companies to grow into a “healthcare comprehensive financial platform.” Healthcare is the best area for insurers who have long-term relationships with customers and know their health conditions, Chairman Koh said. “Insurers will be able to serve as financial secretaries and health secretaries in their lives to find the optimal balance between financial and health assets.” Specifically, it said it would revise the “non-medical guidelines” to allow health status analysis and disease risk prediction services using AI and big data. Currently, it is a service that cannot be performed because it is not clear whether or not medical treatment is performed. He also said he would pay points according to the customer’s health care performance and allow insurance companies to pay prepaid electronic payments as well as sales so that customers can use points to purchase health products and pay insurance premiums.Furthermore, it announced that it will allow insurance companies’ apps to participate in open banking so that they can grow into one-app superapps. In December last year, the first open banking service began in the banking sector. It is a service that can process payment and remittance of customers’ financial accounts with one mobile app.Until now, insurance companies have not participated in open banking because unlike other financial products, there is no reception or payment function, and the need to inquire about contracted insurance products from time to time is low. To solve this problem, the Financial Services Commission has decided to open My Payment (payment instruction service business) to insurance companies. Insurance apps, not banks that have deposited money, will also be able to pay or remit directly.

He also stressed that regulations on “one company and one license,” which stipulate that only one non-life insurer and one life insurance company in one company, will be lifted so that the small short-term professional insurance industry specializing in pet insurance and travel insurance can be activated. However, Chairman Koh added a condition that “it should be sufficiently differentiated from existing business models by product, channel, and customer.” In addition, infectious disease insurance will be developed. Chairman Ko said, “Last month, the Korea Insurance Development Institute developed the first ‘infectious disease insurance’ risk assessment model, but I heard it is not easy to activate it. We will seek joint acquisition measures and consider ways to support insurance premiums.”The pension insurance activation task force team (TF) will also be formed to respond to changes in the demographic structure. It announced its plan to develop incremental pension insurance, which increases pension receipts as age increases, and improve the insurance Damoa system so that future expected pension receipts can be inquired for each pension product.It also revealed measures to reduce the possibility of incomplete sales. Chairman Koh said, “We will come up with measures to strengthen the sales responsibility of insurance agents to enhance the effectiveness of sanctions on GA, which violated the law,” adding, “We will focus on consumer protection such as product comparison obligations and commission systems.”

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