Jeon Gyeong-won, Head of Team at Hanwha Life DataLAB, noted on the 29th that "insurance is an essential data industry" and that "with competition from insuretechs like Toss and the acceleration of digital transformation, securing and utilizing data is becoming increasingly important."
On the day of the event, the Head of Team delivered a lecture titled "Innovative Cases Based on Big Data of Insurance Companies" at the '2025 Future Finance Forum' hosted by ChosunBiz.
The Head of Team stated that they are utilizing big data in areas such as product development, sales, underwriting, customer service, and claims payments. He mentioned, "We are using Optical Character Recognition (OCR) technology to convert information, such as detailed medical records and prescriptions that were stored as images and could not be utilized, into data for risk information required for product development."
The Head of Team also mentioned that they developed a model to predict the risk of early cancellation and are using it in sales. He said, "We developed a model that analyzes the characteristics of clients who are at risk of early cancellation among high-value new contracts and the characteristics of agents, and by utilizing this data, we provide prior notifications to managers about contracts with high cancellation risks and go through approval processes, thus lowering the early cancellation rate."
The Head of Team stated, "When paying claims, we evaluate the risks of claims using our integrated risk assessment model and an artificial intelligence (AI) automated review model," adding, "We also identify cases with high risks of insurance fraud through data analysis and manage them."