Korea Insurance Institute's AI joint venture draws industry scrutiny
An artificial intelligence (AI) joint venture pushed by the Korea Insurance Institute has drawn criticism from insurance industry officials, with questions raised over its legality and business rationale, according to officials, Wednesday. Since Ha Tae-keung, the former lawmaker, took over as president in 2024, the institute has developed three AI-based education tools: a sales coach for training…
The Korea Insurance Institute's AI joint venture has come under scrutiny from insurance industry officials, who have raised concerns about its legality and business rationale. The venture, which aims to develop AI-based education tools such as a sales coach for insurance agents and an AI-powered learning experience platform, initially sought to establish a subsidiary to commercialize the technology.
However, the Financial Services Commission (FSC) did not approve amendments to the institute's articles of association that would have provided a legal basis for the new entity and its investment. Consequently, Ha Tae-keung, the institute's president since 2024, shifted to a joint venture model, with the proposed venture having a capital of 2.5 billion won ($1.77 million), with the institute and Taiwan-based WisdomGarden as partners.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
