[DigitalToday reporter Chi-gyu Hwang] AI transformation (AX) specialist InnoAX said on Monday it has completed building Samsung Life’s insurance product rate efficiency system.

The company stressed the project is the first case applying its rate calculation automation solution, InnoPAS (Pricing Automation System), which it launched last year.

InnoPAS shifts existing document-based work to a data-driven approach, the company said. It supports integrated management of formulas for base product information data needed to set insurance rates and enables linkage from calculation to verification.

InnoAX plans to enhance the system using AI technologies, including AI profitability analysis, AI-based automated document generation and comparison, and automated verification of rate calculations.

InnoAX CEO In-soo Jang (장인수) said, "Thanks to our collaboration with Samsung Life, we were able to complete the first InnoPAS project as a model case." He added, "Building on this achievement, which made a tangible contribution to strengthening customers’ product development competitiveness and market responsiveness, we will continue to upgrade the solution and strengthen innovation in the domestic insurance industry."