Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Hanwha Life's AI services recognized as innovative financial services
Headquarters of Hanwha Life in Seoul / Courtesy of Hanwha Life
By Lee Yeon-woo
Hanwha Life said Thursday that its artificial intelligence (AI)-powered services, including a translation tool and AI agent for insurance planning, were recently designated as innovative financial services by the Financial Services Commission.
Innovative financial services aim to improve consumer convenience and support job creation. Designations are based on innovation, consumer benefits and consumer protection measures.
Hanwha Life's AI translation service was recognized for its role in breaking down language barriers between insurance planners and customers. By enabling multilingual document translation, the tool is expected to improve operational efficiency and enhance competitiveness.
Hanwha Life anticipates that the service will be widely used in consultations with its non-Korean financial planners, as Korea's foreign resident population continues to grow.
By providing insurance-related materials in multiple languages, planners will gain a clearer understanding of products and procedures, strengthening their sales capabilities and customer service skills.
Foreign customers, in turn, will benefit from receiving information in their native languages, improving comprehension and boosting overall satisfaction.
Additionally, the AI insurance planning agent integrates AI into the insurance design process, enabling the quick delivery of accurately customized plans.
The service shortens the average insurance planning time from over nine minutes to under one minute, allowing human planners to focus more on client consultations and strategic planning. Customers benefit by receiving tailored plans free from unnecessary riders or excessive costs.
"AI translation and AI agents are innovations born from field needs and customer expectations," a Hanwha Life spokesperson said. "Aiming to launch the service in the second half of this year, we plan to strengthen our core insurance competitiveness while driving innovation in customer experience."
Hanwha Life has invested in AI research since 2014. Moving forward, the company plans to expand its AI-based solutions to lead the digital transformation of the insurance industry and evolve into a comprehensive life solutions partner, supporting customers throughout their lives.