#Japan #AI Solutions #Tokyo #FWD Life #Medical Assessment

FWD Life Insurance Enhances Medical Assessments with AI Technology

FWD Life Insurance Co., Ltd., based in Chuo-ku, Tokyo, has recently unveiled a cutting-edge medical assessment support function that employs generative AI technology. This revolutionary system is designed to improve both the efficiency and quality of medical assessments involved in insurance applications. By integrating state-of-the-art optical character recognition (OCR) technology and generative AI, the company aims to streamline its medical assessment processes significantly.

This new initiative leverages a multi-agent architecture that encompasses Retrieval-Augmented Generation (RAG) and web searches, alongside a robust database of past assessment results. Early results show that the system has successfully reduced the time needed for medical assessments by an average of 30%, with aspirations to further enhance operations by aiming for over 50% efficiency in the near future.

Streamlined Processes and Enhanced Decision-Making

At FWD Life, the transition to a paperless mobile application system alongside an automated medical assessment tool allows the company to approve approximately 70% of applications without requiring intervention from assessment personnel. However, some applications demand high-level judgment from assessors, resulting in prolonged assessment periods. The introduction of generative AI seeks to mitigate these delays, offering support to assessors and standardizing various processes for improved efficiency.

Eligible Products: The newly implemented AI-based medical assessment support system currently applies to products such as FWD Medical II, FWD Income Protection, and FWD Whole Life (low surrender value type).

Key Features of the AI-Powered System

1. High Precision Information Extraction and Visualization

Utilizing advanced OCR technology, the new system digitizes medical notification forms with remarkable accuracy. By harnessing natural language processing capabilities from generative AI, it extracts only the necessary information from freely written notification details. This information is then summarized and presented in a highly readable format, significantly reducing the workload associated with document verification for assessors.

2. AI Recommended Assessment Results and Continuous Learning

The system analyzes application information and notification content in real time, offering AI-suggested assessment results. By accumulating data on past assessment judgments and their rationale, the system aims to enhance future decision-making accuracy. Assessors can rely on these AI recommendations to maintain consistency and boost operational efficiency.

3. Integration of Assessment Rules and External Medical Information

The AI learns and applies the rules within FWD's medical assessment guidelines while also conducting real-time searches of external medical information sites. This approach not only minimizes human errors but also accelerates assessment time, ensuring that judgments are backed with robust information.

Impact of the Implementation

With the implementation of this generative AI-powered assistance system, FWD Life Insurance is shifting its focus towards providing more value-added services for customers. The company is committed to enhancing the accuracy of its AI solutions and reskilling its workforce to support greater operational sophistication. Furthermore, it plans to extend AI capabilities to previously untapped areas within the organization, not only improving operational efficiency but also reinforcing governance frameworks to enhance accountability and transparency.

Ultimately, FWD Life aims to deliver reliable life insurance services that customers can trust, aspiring to be among Asia's leading insurance providers.

About FWD Life Insurance

FWD Group is listed on the main board of the Hong Kong Stock Exchange, operating life insurance businesses across ten regions in Asia. Since its establishment in August 1996, FWD Life has pursued a vision to renew the public's perception of insurance and has consistently prioritized customer perspectives. The company provides unique and straightforward products and services, currently managing over two million contracts. As part of the FWD Group, it aspires to become a representative insurance company in Asia. Notably, in the upcoming November 29, 2024 release of the 2025 edition of 'The Good Insurance and Bad Insurance' by Tokuma Shoten, FWD Income Protection has earned the top rank in best ratings for six consecutive years since its 2018 launch. For more information about FWD Life, please visit www.fwdlife.co.jp.