Kyobo Lifeplanet, FWD Hong Kong to collaborate on GenAI

South Korea's Kyobo Lifeplanet Life Insurance Co. announced on Friday that it signed a memorandum of understanding with Hong Kong-based insurer FWD HK to collaborate on advancing generative artificial intelligence (AI) solutions.

Kyobo Lifeplanet, a digital life insurance company that sells insurance without agents through the Internet, has been operating chat consultants to enhance the Q&A and explanations during the insurance purchase stage.

It plans to use generative AI solutions with FWD to start by supporting chat consultants and advancing to a stage where the generative AI can directly provide insurance consultations for simple product sales without human consultants.

The two companies will collaborate to utilize generative AI solutions for non-face-to-face insurance product sales in the Korean market and plan to expand into overseas insurance markets, including Southeast Asia.

Write to Mi-Hyun Jo at mwise@hankyung.com