Hyundai Marine & Marine Insurance announced on September 1st that it has signed a strategic business agreement (MOU) with KAIST to advance artificial intelligence (AI) applications in the insurance industry.
The signing ceremony took place at Seokrim Hall, KAIST Seoul Campus, on August 28, with Hyundai Marine’s Kim Sung-jae, Managing Director of the Digital Strategy Division, and KAIST’s Kang Jang-gu, Head of the Financial Innovation Research Center, in attendance.
Under the agreement, both parties will collaborate on three key areas:
- Joint research and development of insurance-specific AI technologies
- Training professionals in insurance-AI convergence
- Building a sustainable industry-academia cooperation ecosystem
“AI is a tool that can greatly enhance financial risk management and operational efficiency in the insurance sector,” said Kang Jang-gu. “Through this partnership, we aim to accelerate the digital transformation of insurance by applying academic research directly to industry operations.”
Hyundai Marine has already integrated AI in insurance contract management and accident handling. Its AI automatic screening system, 2Q-PASS, enables more than 40% of contracts to be signed automatically, significantly shortening processing times. Additionally, the AI voice bot streamlines accident reporting, guides policyholders on expected insurance payments, and provides renewal notifications to improve customer convenience.
“Hyundai Marine has been at the forefront of digital innovation with AI-powered contract screening and voice automation,” said Kim Sung-jae. “By collaborating with KAIST, we will enhance reliability and deliver more advanced AI solutions across all business operations.”
Related topics:
