November 22, 2024

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Hanwha Life headquarters in Yeouido, Seoul (Hanwha Life)

Hanwha Life, a leading Korean insurance company and subsidiary of Hanwha Group, announced Tuesday that its artificial intelligence research unit has been conducting a joint study with Stanford University's AI institute after signing a collaboration agreement.

Launched in June, Hanwha Life AI Research Institute aims to keep pace with changes in the market, focusing on four key areas: enhancing investment strategies, developing a “digital persona,” integrating AI into health care and establishing global AI governance.

With Stanford Human-Centered Artificial Intelligence, which explores the societal and human impact of AI technologies, the Hanwha institute jointly monitors global AI practices and explores ways to address safety, privacy and ethical concerns.

According to Hanwha Life, it has applied for AI-related patents annually since 2020 and now plans to open a global AI center in San Francisco by next month.

For better asset management, the Korean institute has been working to minimize investment risks and maximize returns. AI-based solutions are expected to raise efficiency in the sector.

The institute has also developed a personal digital persona, possibly linked to insurance products as a digital asset. It can preserve cherished memories, enabling interaction with deceased loved ones.

Additionally, the company has tried to integrate AI with the health care sector, as there is a close connection between life insurance and human well-being. The company plans to develop personalized fitness solutions and insurance-related health care services.

“Through the partnership, we aim to analyze societal impact of AI and demonstrate its value in the financial industry,” said a Hanwha official. “This efforts will lead to introducing AI for customer satisfaction and our competitiveness.”

By Park Min-ha (en23mp@heraldcorp.com)