Korea Fire Insurance Association to Use AIoT for 'Pre-diagnosis' of Fire Risks

[Financial News] The Korea Fire Insurance Association is setting out to establish a data-based risk management system that diagnoses fire risks in advance by utilizing AIoT technology, which combines artificial intelligence (AI) and the Internet of Things (IoT).
The Korea Fire Insurance Association announced on the 10th that it plans to progressively advance its system, ranging from the discovery of AIoT technology to demonstration and verification, data accumulation and analysis, risk prediction and diagnosis, and insurance utilization. The vision is to move beyond one-time on-site inspections and transition to continuous and predictive risk management by utilizing continuously accumulated data.
To this end, we have signed business agreements with AIoT safety technology companies such as HL Mando, All Light Life, and FOCUS AI Co., Ltd., and are verifying field applicability and risk reduction effects.
The Korea Fire Insurance Association’s affiliated Disaster Prevention Testing & Research Institute has also established an integrated testbed for the continuous demonstration of AIoT technology. Utilizing the institute’s diverse fire testing environments, it verifies the operational characteristics and performance of equipment in actual fire situations and systematically secures related data.
The testbed will utilize HL Mando's arc detection sensor 'e-HAECHIE', All Light Life's wireless fire detectors and air-sampling detectors, and FOCUS AI Co., Ltd.'s AI fire monitoring CCTV solution. The association plans to accumulate and analyze the timing of fire detection, alarm accuracy, detection signals, and alarm history along with test conditions.
In the future, we plan to objectively verify technical performance in conjunction with the FILK certification of the Disaster Prevention Testing & Research Institute and develop it into a predictive diagnosis system by combining test data and field risk diagnosis information.
We are also reviewing its application in the insurance sector. If the risk reduction effects of AIoT technology are proven by data, we plan to utilize it in insurance companies' underwriting and risk management services, and in the long term, pursue integration with insurance products, such as premium discounts.
An official from the Korea Fire Insurance Association stated, "The integrated testbed is a foundation that goes beyond the simple demonstration of AIoT technology to enable the continuous accumulation and analysis of data," adding, "We will advance the system to utilize verified technologies and data in the fields of risk management, predictive diagnostics, and insurance."
The Korea Fire Insurance Association plans to expand the scope of AIoT safety technology discovery and demonstration, and establish a predictive risk management system based on field and test data.

[email protected] Hong Ye-ji Reporter