Shinhan Life Launches Enhanced AI-Based Subscription Design System

Shinhan Life announced the launch of LICO 2.0, an upgraded version of its AI-based subscription design system, Rico, on October 16.

Rico, introduced in February, is a natural language-based subscription design system. When insurance agents input customer information and design conditions, the generative AI analyzes this data to suggest design directions tailored to customer needs and assists in generating proposals.

The recent update focused on improving the speed of design modifications and the quality of AI responses. The speed of design recommendations has increased by approximately 35% compared to the previous version. Frequently used features, such as adding riders or changing subscription amounts, can now be handled with a single button press, reducing the steps needed for text input and AI request interpretation.

The system has also been enhanced to quickly reflect changes in customer information and product conditions, as well as any modifications during the premium calculation and review process. This aims to support insurance agents in adjusting design conditions according to customer demands and focusing on product explanations.

Since the system upgrade, its utilization in the field has significantly increased. The proportion of subscription designs conducted through Rico has surged to 13 times that of the previous month, with approximately 70% of all subscription designs now supported by AI. The average number of designs generated daily is around 11,000.

Shinhan Life plans to expand Rico's support beyond subscription design to encompass overall sales tasks, including consultation preparation and information exploration.

A Shinhan Life representative stated, "We have enhanced the system to reduce the burden of repetitive tasks in the field, allowing us to better address customer protection needs and provide thorough explanations. We will continue to pursue innovations in AI transformation to improve the quality of design and consultation."