MegazoneCloud, an AI and cloud company, said on July 23 it signed a strategic memorandum of understanding with global reinsurer Korean Reinsurance, also known as Korean Re, to accelerate AX, or AI transformation, in the reinsurance business.

Under the agreement, the companies decided to continue a long-term partnership as 'Tech Companions' rather than pursuing a one-off system 구축 project.

They plan to cooperate on advancing reinsurance contracts and underwriting review using generative AI and data solutions, building a risk prediction system based on big data analytics, expanding companywide work automation (AI RPA) in a cloud-native environment, and developing new financial business models linked to global infrastructure.

MegazoneCloud will support work innovation by applying AI across Korean Re's end-to-end reinsurance business processes under the partnership. In addition to providing AI systems, it also plans to support change management for a broader shift to AX across the company, including governance and user training tied to AX.

MegazoneCloud CAIO Seong-bae Gong (공성배) stressed that AX in reinsurance requires the use of multiple agents to handle complex variables at the same time, making sophisticated orchestration crucial. He said that based on its experience in successfully delivering demanding AX projects for major commercial banks and securities firms, the company will act as an 'AI orchestrator' responsible for more than simple infrastructure adoption, including organic control of multiple AI models and financial security networks as well as change management.