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 venture has come under scrutiny from insurance industry officials, who have raised concerns about its legality and business justification, according to officials on Wednesday. Ha Tae-keung, who became the institute's president in 2024, has overseen the creation of three AI-powered educational tools: a sales coach for training insurance agents, a platform that generates questions for insurance licensing exams, and an AI-driven learning experience platform.
The institute claims that all questions posed during an insurance qualification exam held on Wednesday were generated by their AI system. Initially, the institute sought to create a separate subsidiary to commercialize the technology, but the Financial Services Commission (FSC) refused to approve amendments to the institute's articles of association, which would have provided a legal foundation for the new company and its investment.
Following this rejection, Ha Tae-keung redirected the project towards a joint venture approach. The planned venture would have a capital of 2.5 billion won ($1.77 million), with contributions from both the Korea Insurance Institute and a Taiwan-based company called WisdomGarden.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
