NH Nonghyup Life "Accelerating Digital Transformation in Product Development Process"
[Asia Economy Reporter Changhwan Lee] NH Nonghyup Life Insurance announced on the 10th that it selected 'Mainline Co., Ltd.' as a key partner for the digital transformation of its product development process on the 7th and has started work on AI-based product development.
NH Nonghyup Life Insurance identified three core goals for this digital transformation: ▲ Innovation of the product development process ▲ Establishment of a systematic and efficient work management system ▲ Establishment of an AI-based next-generation product development methodology utilizing big data.
Currently, the product development stage involves a significant workforce for tasks such as basic document management, premium calculation, and revision and renewal of existing products. Especially due to the nature of insurance products, which require continuous management over decades, the accumulated products have led to a continuous increase in manpower and costs.
By applying Mainline's MCP (Micro Cube Platform) solution introduced through this project, the number of tasks that can be processed in real-time through automation and digitalization will significantly increase. The company plans to build a new product development process that reduces the workload caused by the increase in product development and revision cases and can respond to new product revisions and renewals.
All digitalized materials and outputs will be shared with all departments of NH Nonghyup Life Insurance as the latest data through the company's internal network work portal. Product developers are expected to focus on high value-added product planning and development tasks instead of labor-intensive work due to the system introduction.
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An NH Nonghyup Life Insurance official said, “In the future, by utilizing IT technology, it will be possible to perform text mining, natural language processing, merging, and AI deep learning on all key information of insurance product basic documents,” adding, “When developing new products, the person in charge will only need to perform business optimization simulations, and AI will carry out all other tasks such as document creation, then link with the development origin to automatically operate internal approval and disclosure. The time when such a system can be built will come.”
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