AIZEN x SAMSUNG Open Collaboration 1st Place
Mar. 11. 2020본문
We are delighted to share that AIZEN has won the 1st ‘Samsung Open Collaboration’ project amongst 51 startups, with Samsung Fire & Marine Insurance on AI claim analysis.
Last September, Samsung Venture Investment and Samsung’s Finance units(Samsung Marine & Fire, Samsung Life Insurance, Samsung Credit Card and Samsung Securities) have launched inaugural ‘Open Collaboration’ competition to explore collaboration opportunities with startups with innovative ideas and technologies. Among 51 startups, AIZEN was selected as Top 2 finalist to participate in a 3-month PoC with Samsung Fire & Marine, which has more than 30%+ of market share in Korea.
With our ABACUS AutoML platform, we have successfully validated the technical feasibility of analyzing long-term insurance claims to enable quicker and more accurate claims settlement.
Some of the business values for Samsung include:
– Much faster claim handling process with individual risk-based underwriting
– Reduce claim payouts approx. by 10%
– Improve customer experience from the faster claim settlement
– Reduce employees’ burden on repetitive and manual tasks
This is a big achievement for AIZEN in the Insurance industry, and we’ll continue to innovate with more advanced business applications from product development, digital marketing to underwriting, claim management, and fraud detection.