■ Meritz to Adopt Palantir AI Within the Year Maximizing Productivity Through Integrated Data Management Japan's Largest Insurer Also Saves $10 Million Annually Specialized in Detecting Financial Crimes Such as Market Manipulation Fraud Using Generative AI and Deepfakes Surging Domestic Insurers Also Exploring Their Own AI Applications
The Palantir artificial intelligence (AI) that Meritz Fire & Marine Insurance has decided to adopt is regarded not only as optimized for detecting insurance fraud but also as a tool that can maximize productivity. Global insurer AIG shortened underwriting reviews that previously took two to three weeks to just one day after adopting Palantir AI. Its contract conclusion rate also rose from 15% to 20%. Sompo Japan, one of Japan's largest insurers, is also generating annual financial gains of $10 million after using Palantir AI to manage insurance claim procedures and other tasks. Palantir AI also analyzes the causes of poor sales for underperforming products and proposes alternatives.
Recently, GNP Seguros, Mexico's largest insurance company, also decided to introduce Palantir's "AIP (Artificial Intelligence Platform)" across all its business divisions. After piloting it in some divisions starting in 2023 and confirming effects such as cost reductions, it decided to expand its use. GNP Seguros will integrate and manage all data, from underwriting reviews to insurance claims, including life and property and casualty insurance, through Palantir's Ontology. AI agents will help with insurance underwriting decisions while monitoring fraud detection risks in real time.
Palantir AIP, a model combining generative AI and data, is regarded as having dramatically accelerated decision-making for governments and companies. One of Palantir's core technologies is Ontology, which integrates and manages data scattered across multiple systems into one. AIP has shortened the setup time, which previously took more than six months, to just a few days. Ontology technology is specialized in detecting fraud crimes across the financial industry, including not only insurance fraud but also securities crimes such as market manipulation and insider trading, bid rigging, and accounting fraud. Palantir's strength lies in not simply analyzing data but also supporting rapid decision-making.
Similar results have been demonstrated at Meritz Fire & Marine Insurance. Meritz's assessment is that, beyond detecting insurance fraud, the technology is highly useful for sales and internal management decisions. For example, when the reasons for sluggish new contracts are entered along with the company's various data and performance figures, the system pinpoints the problematic items and targets with precision. A senior financial industry official familiar with Meritz Fire & Marine Insurance's situation said, "When you ask Palantir AI why new contracts are sluggish, it points out which division has what problem," adding, "I understand officials were surprised that it accomplished in 10 to 15 minutes what used to take about two to three weeks."
In the insurance industry, there is an assessment that domestic insurers' use of AI will inevitably increase, given the surge in insurance fraud exploiting generative AI and deepfake technology. According to the Financial Services Commission (FSC), the amount of insurance fraud detected last year alone was 1.1571 trillion won, and when potential undetected fraud is included, it is estimated at 9 trillion won annually. After exceeding 1 trillion won for the first time ever in 2022 (1.0818 trillion won), it has continued to increase.
Recently, as cases of using generative AI to write complaints have increased, there is an assessment that insurers' processing times have also increased by at least 1.5 times. Because AI uses false case precedents rather than accurate information, it is causing confusion on the front lines.
Given this situation, other domestic insurers are also rushing to adopt AI. DB Insurance unveiled an industry-first "fault determination system" in which AI automatically analyzes dashcam accident footage. Over the past 20 months, it has trained AI on 70,000 accidents, raising average accuracy to 92.4%. iM Life is also pushing to develop a Fraud Detection System (FDS) to advance its insurance payout review framework.
Samsung Life Insurance is also building a system that organically links automatic contract review through AI technology to insurance payout. It is working to systematize its database (DB) so that AI can determine which cases qualify for automatic review. Samsung Fire & Marine Insurance is also working to improve the efficiency of surgical benefit reviews by having AI automatically analyze vast amounts of medical data.
However, some observe that an efficiency gap could widen between Meritz Fire & Marine Insurance, which uses Palantir AI, and domestic insurers that use their own self-developed AI technology. Whether financial authorities will permit financial companies to use Palantir AI is also of interest. To fully adopt Palantir AI, a company must be selected for relaxation of network separation regulations.
Original reporting by Cho Ji-won for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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