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Direction of Customer Data and AI Utilization in the Insurance Industry

  • Legal Theory & Practice Review
  • Abbr : LTPR
  • 2025, 13(2), pp.79~121
  • Publisher : The Korea Society for Legal Theory and Practice Inc.
  • Research Area : Social Science > Law
  • Received : March 31, 2025
  • Accepted : May 23, 2025
  • Published : May 31, 2025

Shin, OgShig 1,  Kim, Sang-Jin 1

1세명대학교

Accredited

ABSTRACT

The introduction of generative AI is expected to improve the efficiency of various tasks in the insurance industry. For example, in addition to the speed of contract procedures and the improvement of the accuracy of customer responses, the use of AI will enable the speed of decision-making, differentiation from competition, and the accumulation of new technologies and sales know-how, which will promote the growth of the entire industry. In addition, some companies that have introduced generative AI will be able to strengthen their partnerships with new startups in the future and provide more flexible services. In addition, it is expected that the productivity improvement through the use of AI will make it easier to create opportunities for profit improvement, and a rapid increase in the speed of insurance product development will also be expected. In particular, by utilizing the vast amount of data accumulated by AI, customer behavior predictions will become more accurate, and targeting advertisements and risk assessments will become more accurate. Recently, generative AI has been utilized in various industries, and the insurance industry is no exception. It is greatly contributing to the improvement of productivity of the entire industry by being used in various daily tasks such as improving the efficiency of customer response, sales support, and optimizing risk assessment. In addition, automation of each work process is progressing, enabling effective use of limited human resources. In this paper, we introduce current cases of generative AI utilization in the insurance industry and examine the benefits and challenges of introduction, as well as future prospects. This paper is a summary of the expected future use of generative AI by field, based on interviews with practitioners working on projects for the empirical use of generative AI in insurance. As with banking, there are cases where there is not enough confidence in the accuracy of generative AI responses, and thus there is a tendency to be cautious in using it for customer service. However, many insurance companies are already embarking on empirical projects on the premise of introducing generative AI. I hope this paper will help to organize the application areas when starting a new project to utilize generative AI in the future.

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