Samsung F&M‘s patents insurance underwriting software

[Photo by MK DB]

Seoul-based insurance company Samsung Fire & Marine Insurance Co. said on Monday that it recently patented its underwriting software for long-term care insurance.

The software, which works on machine learning algorithms, is designed to efficiently determine the most suitable collateral for insurers to underwrite by assessing the insured individual’s health condition. It analyzes customer disclosures and claims history and even approves applications.

Traditionally, individuals seeking health insurance coverage are required to disclose any pre-existing medical conditions to insurers, who then verify these conditions before approving the application.

But the software goes beyond traditional methods by enabling artificial intelligence to swiftly screen customers, including those with a history of past claims, and ensure a more inclusive approach to insurance.