South Korean AI firm Lunit has signed a licensing agreement with Taiwan-based insurance company Cathay Life Insurance to integrate its AI chest imaging software into the latter’s underwriting workflow.
WHY IT MATTER
The Taiwanese insurer reviews about 30,000 chest X-rays every year and needs a solution that reduces the reading time.
Two years ago, it engaged Lunit for a proof-of-concept study to demonstrate the value of its chest X-ray analysis software INSIGHT CXR. The software was evaluated for its impact on Cathay Life’s assessment process in terms of profitability, efficiency and accuracy.
In the study, nearly 200 chest X-rays were used as samples in a retrospective analysis using Lunit’s software. After an internal review by Cathay Life’s resident radiologists, the AI tool showed an overall accuracy of 90% with a positive case detection rate of 83% and 92% for negative cases.
In addition, using the Lunit AI was found to increase the insurer’s reading accuracy by up to 20% and reduce the overall reading time by up to 90%.
“Lunit’s AI algorithm accurately detects small nodules and pulmonary fibrosis, which are not easily distinguishable on chest X-rays,” added Cathay Life’s Underwriting Department.
“This is the first time Lunit’s AI has been officially integrated into an insurance underwriting process, proving that our solutions can also add value to workflows outside the hospital environment,” said Brandon Suh, CEO of Lunit.
THE BIGGER TREND
This announcement followed Lunit’s latest partnership in Thailand to deploy both the INSIGHT CXR and the mammography tool INSIGHT MMG in International Hospital Bumrungrad† Together with Fujifilm Thailand, it will deliver the AI solutions to the hospital using Microsoft Azure.
Lunit will also debut on the Korean stock exchange this month after filing a registration statement for an IPO in June.
Other news, ICT provider Fujitsu and Salesforce Japan, a customer relationship management services company, have partnered to develop new digital solutions for the insurance industry. Specifically, Fujitsu will develop a personalized healthcare service to detect signs of specific diseases using Fujitsu Computing as a Service, while Salesforce will leverage its healthcare offerings such as its Health Cloud CRM system.