Lomin Builds Document AI Agent to Automate Korean Re Insurance Rate Setting
TECHWORLD ·
✦ AI Summary
Lomin said it supplied its Document AI agent, "Lomin," for Korean Reinsurance's "Specialty Insurance Rate Setting AI Assistant Development Project."
The project aims to apply AI to specialty insurance underwriting rate-setting work.
Lomin said it classified and parsed documents such as RQ forms and questionnaires into structured data, and automatically extracted and consolidated page-level information with a multi-page document extraction AI model.
Lomin said on the 9th that it has supplied its Document AI agent, "Lomin," for Korean Reinsurance's "Specialty Insurance Rate Setting AI Assistant Development Project." The goal of the project is to apply AI to specialty insurance underwriting rate-setting work.
Before the system was introduced, underwriters reviewed documents such as rate request forms (RQ) and questionnaires, searched historical data manually, and then entered related information by hand after setting rates.
After the AI assistant was built, the entire process from document intake to information extraction, historical data search and reference, and rate setting has been automated.
Lomin handled the RAG preprocessing for the rate-setting AI assistant. Specifically, it classified and parsed intake documents such as rate request forms and questionnaires, extracted the necessary information, and converted it into structured data.
Lomin said it developed and applied a multi-page document extraction AI model for rate request forms spanning multiple pages. The company said the model automatically extracts and consolidates information spread across pages, with a focus on reducing the individual verification and compilation work performed by underwriters.
Kang Ji-hong, CEO of Lomin, said the key to applying generative AI and AI agents to actual work in finance, including insurance, lies in accurately structuring complex and diverse documents into data. He added that the company has experience structuring document data in large-scale AI projects for major insurers, banks, and securities firms, and said it will use that experience to drive leadership in Document AI for generative AI and AI agents in the financial sector.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406749
References
This article was produced with the help of an automated content generation algorithm.
Source: TECHWORLD
View originalThis article was summarized and organized by BizCrush based on the original article from TECHWORLD. For exact quotations and full details, please refer to the original article.