AI used in 7 out of 10 insurance plan designs... Shinhan Life upgrades LICO 2.0

[Financial News] Shinhan Life is accelerating the automation of work on the insurance sales front lines, using artificial intelligence (AI) in about 70% of all insurance plan designs. The company is expanding AI’s role beyond product recommendations to include actual plan design and modification tasks.
According to industry sources on the 18th, Shinhan Life recently launched LICO 2.0, an upgraded version of its AI-powered insurance plan design system, LICO (Life Copilot). Introduced this past February, the existing system has been improved to better fit workflows on the sales front lines, with enhanced plan-modification functions and processing speed.
LICO is a system that analyzes customer information and policy enrollment conditions entered in natural language by an insurance agent, then uses generative AI to recommend a plan direction and help prepare an insurance proposal. The upgrade allows key tasks, such as adding or removing riders and changing coverage amounts, to be completed with a single click. The speed of plan recommendations has also improved by about 35% over the previous system.
Use of the system on the sales front lines is also growing rapidly. According to Shinhan Life, the share of insurance plan designs prepared through LICO has grown to about 13 times the previous month’s level. About 70% of all plan designs are now prepared with AI support, and the average number generated per day is about 11,000.
Preparing an insurance plan requires adjusting multiple variables according to customers’ coverage needs and enrollment conditions. If a rider or coverage amount changes during a consultation, the plan must be revised and the results checked again. With AI supporting these repetitive tasks, agents can reduce the time spent processing plans and focus more on customer consultations and explaining coverage.
Shinhan Life plans to expand LICO’s use beyond insurance plan design to sales work overall. A Shinhan Life representative said, "We are focused on using AI to reduce repetitive tasks in the plan design process and enable agents to focus more on customer consultations and explaining coverage," adding, "We plan to continue expanding the use of AI across the sales front lines to improve operational efficiency and the quality of consultations."




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