Kyobo Lifeplanet Life Insurance said on the 16th that it will develop an artificial intelligence (AI)-based coverage analysis system in partnership with pan-Asian life insurance company FWD Group (hereafter "FWD").
Through this project, Kyobo Lifeplanet's proprietary technology Barun Plan will be integrated into FWD's AI-based coverage recommendation tool FitForMe. Barun Plan is Kyobo Lifeplanet's coverage analysis service that has been recognized in Korea for excellence in personalized coverage design, and the two companies aim to provide hyper-personalized insurance solutions that reflect individual needs, including analyzing customers' coverage gaps and recommending customized coverage.
For Kyobo Lifeplanet, this collaboration is expected to serve as a solid bridgehead for the global expansion of its insurtech capabilities. Barun Plan, Kyobo Lifeplanet's flagship coverage analysis service, has already proven effective in Korea by analyzing customers' diverse needs from multiple angles and proposing optimized insurance plans.
Chief Executive Kim Young-seok of Kyobo Lifeplanet said, "This collaboration is an important milestone that internationally recognizes Kyobo Lifeplanet's leading position in digital insurance technology," adding, "Together with FWD, we will pursue broad cooperation in digital innovation and make this project the true starting point for leaping forward as a global insurtech leader."