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Korean Re partners with MegazoneCloud to embed AI in reinsurance workflows
The memorandum signed July 22 would use generative AI, big data, and cloud tools to support functions like rate setting and underwriting, aiming to cut costs and boost productivity.
Korean Reinsurance Company, South Korea’s only domestic professional reinsurer, has partnered with MegazoneCloud to accelerate its AI transformation across reinsurance operations. Reinsurance News reports the firms signed a strategic memorandum of understanding on July 22 to combine expertise in generative AI, big data, and cloud technologies. Under the agreement, the companies plan to create a long-term “Tech Companion” partnership beyond one-off system implementations. MegazoneCloud will support operational innovation by integrating AI across the full set of Korean Re’s reinsurance workflows.
The AI will not be limited to infrastructure management, but instead embedded into key insurance functions including rate setting and underwriting, with the effort designed to optimize Korean Re’s return on investment. The outlet says the approach is also intended to deliver concrete advantages such as decreased costs and enhanced productivity. Korean Re’s CIO, Jae Moon Lee, linked AI capability to future competitiveness given the role of large-scale data analysis in reinsurance decision making. The partnership also includes change management support such as enterprise governance and user training, and work on a secure internal generative AI network to meet regulatory security and network separation requirements.