AI inside Launches DX Solution for Life Insurance Industry

To support the development of new insurance product through OCR for semi-structured health certificates

Tokyo, January 20, 2023 – AI inside Inc., which promotes the democratization of AI by providing AI infrastructure, has launched a new DX solution that packages AI technology with consulting services. The solution can be used to assist the development of new insurance products based on data digitized via OCR for semi-structured health certificates for life insurance industry.

OCR for semi-structured health certificates adopts patented data structurization technology acquired from Omniscience Corporation in September 2022, and an AI-OCR product called “MegaOCR” based on that technology. Consulting services will also be provided to assist customers in identifying issues regarding the utilization of the data and the implementation of predictive decision-making AI.

The life insurance industry retains customer information in the form of vast numbers of health certificates, and the time is ripe for it to digitize paper documents and convert PDF files to be utilized as big data. This solution will enable AI inside to assist the promotion of DX in the industry and contribute to the development of new insurance products and optimization of underwriting criteria.

Background

The average global lifespan is continuing to rise due to factors such as improvements in food, clothing, and housing, and advances in medical science and technology. According to a survey by the Ministry of Health, Labour and Welfare^*1, the average lifespan in Japan have risen from 67.75 years for females and 63.60 years for males in the year 1955, to 87.45 years for females and 81.41 years for males in the year 2019. This trend is expected to continue. The life insurance industry faces challenges; as a result of this aging population and the need to respond to changes in the economic situation, and the demand for insurance is rising among the elderly.

The utilization of big data is attracting attention as a way to address this industry trend. Because the industry needs to keep an eye on insured persons’ health, it holds many health certificates in its customer data. It is hoped that utilizing the health-related data contained in these documents will make it possible to develop new insurance products and optimize underwriting criteria for an age where people live to the age of 100.

*1 Annual Health, Labour and Welfare Report 2020, Ministry of Health, Labour and Welfare

Details of Solution

AI inside will provide the life insurance industry with a comprehensive DX solution for converting health certificates managed as paper documents and PDF files into data from which new value can be extracted. OCR for semi-structured health certificates adopts patented data structurization technology acquired from Omniscience Corporation in September 2022, and an AI-OCR product called “MegaOCR” based on that technology. Consulting assists the customer in identifying issues regarding the utilization of the data and the implementation of predictive decision-making AI.

By adopting this DX solution, various types of medical certificate information in paper documents and PDF files, such as the date of examination, examinee information (such as examinee names), physical measurements, blood test, circulatory system test, and urine test information, can be automatically converted and output by AI with high accurary. Data output in the CSV format can then be utilized to improve existing services, such as the optimization of underwriting criteria via predictive decision-making AI, and create new businesses, such as developing new insurance products.

Comment from Kazutoshi Okada, Chief Enterprise Strategy Officer

We will expand the business domain of AI inside by assisting companies in the conversion of image data and paper documents into useful data. To increase the driving force of this initiative, we have strengthened our consulting team. By creating a system for working together with customers even more closely than before, we will be able to utilize our knowledge as a provider of AI platforms and our experience in leading the way to bring AI to various markets, including the security-minded finance industry and government agencies, to propose data utilization strategies that are tailored to the work of our customers.

Future Outlook

The hyperautomation market in Japan is expected to be worth approximately 63 billion yen^*2 by the fiscal year 2027. Globally, it is expected to be worth approximately 26 billion dollars^*3 by the year 2022 to 2027, with a CAGR of 23.1%. With these efforts in the life insurance industry, AI inside plans to accumulate expertise in the field of hyperautomation that achieves automation across multiple types of work via various technologies and tools such as AI and RPA, to ultimately provide DX solutions to all industries. The company will aim to become the leading company in the hyperautomation market and promote the realization of the “Smart X” sustainable future society that solves various societal issues by incorporating AI in all corners of the world.

*2 2022 General Survey of Artificial Intelligence Business, Fuji Chimera Research Institute Inc.
*3 RPA and Hyperautomation Market by Component (Solution, Services), Business Function (IT, Operations & Supply Chain, and HR), Deployment Mode (Cloud, On-premises), Vertical (BFSI, IT & Telecom, and Manufacturing) and Region – Global Forecast to 2027, MarketsandMarkets

About AI inside Inc. 

With our mission, “to bring AI to every being in the world and contribute to a richer future society”, AI inside aims to realize a society in which AI spreads to every corner of people’s life. We provide a platform for anyone to utilize AI easily through our services: “Learning Center,” a platform for anyone to utilize image recognition/prediction and judgment AI without code, “AI Growth Program,” a practice-based AI human resource development program, “DX Suite” to digitize various information into highly accurate data, “AI inside Cube,” an edge computing service that realizes the operation of AI in a secure environment, and “Developer’s API,” a collection of intelligence APIs. 

Company Name: AI inside Inc. 
Location: 4th Floor, 3-8-12 Shibuya Shibuya-Ku, Tokyo, Japan 
Representative: Representative Director, President & CEO (Concurrently) CPO Taku Toguchi 
Founded: August 2015 
Business details: Development and provision of artificial intelligence and related information services
HP: https://inside.ai/en/

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