InsureMO Releases AI-Powered Solution for Automating Insurance Product Definition

InsureMO Releases AI-Powered Solution for Automating Insurance Product Definition

InsureMO, a provider of insurance middle-office platforms originating from Singapore (Headquarters: Minato-ku, Tokyo; Representative Director: Masaru Kawakami), has successfully developed a new technology to automate product configuration. By leveraging generative AI to automatically parse product information from insurance terms, conditions, and provision manuals, the company enables the conversion into structured data and the automation of product configuration on the InsureMO platform.

With this technology, product definition tasks that previously required experts at insurance companies to spend long periods can be handled by AI, which parses terms and regulations and automatically converts them into structured Markdown format. Based on this information, it is now possible to automatically generate product database settings within InsureMO.

This solution is designed for a wide range of insurance products, whether life or non-life, and will significantly promote efficiency in product development, system implementation, and maintenance operations for insurance companies.

### Development Background

In recent years, the insurance industry has faced increasing demands for faster new product launches and rapid responses to increasingly complex product specifications. On the other hand, system configuration for insurance products requires manual interpretation of terms and specifications to be entered into product databases or contract management systems, requiring significant man-hours and highly specialized knowledge. Additionally, when revising insurance products, risks such as implementation omissions or setting errors exist, which hinder the acceleration of product development.

To solve these challenges, we have been conducting research and development on AI-driven insurance product definition automation technology.

### Technology Overview

In the technology developed, AI parses insurance terms, provision manuals, and design documents to automatically extract structural information of insurance products.

Extracted information is automatically structured as follows:

- Product Information - Coverage/Benefit Details - Rider Information - Premium Calculation Conditions - Underwriting Conditions - Contract Conditions - Payment Conditions - Exclusions - Product Rules

Furthermore, based on the structured information, it automatically converts to InsureMO's product design definitions and generates the following settings:

- Product Database Settings - Product Configuration Definitions - Data for API Integration - Rule Definition Information

This simultaneously realizes a reduction in time to product launch and improvement in configuration quality.

### Key Features

1. **Automates from Terms Analysis to Product Configuration** AI parses terms and specifications to automatically generate product definition information, significantly reducing manual configuration work. 2. **Improved Readability and Maintainability with Markdown** Managing product information in Markdown format facilitates human review, confirmation, and diff management. 3. **Applicable to Various Insurance Products** Applicable to a diverse range of products including medical, life, fire, automobile, travel, pet insurance, and extended warranties. 4. **Continuous Learning by AI** The AI continuously learns from product definitions and policy patterns, aiming to improve analysis accuracy and automation rates. 5. **Significant Reduction in Product Development Time** Automation of product definition work enables shorter time-to-market for new products and reduces maintenance and operation loads.

### Future Expansion

We plan to further strengthen our use of AI and expand into the following areas:

- Automated generation of premium calculation logic - Automated diff analysis during policy changes - Automated test case generation - Product design support via AI Agents - Promotion of STP (Straight Through Processing) for overall insurance operations

InsureMO will continue to fuse AI with insurance technology to drive digital transformation in the insurance industry.

About InsureMO

InsureMO is a technology provider for the insurance industry, originating from Singapore. Established in 2000, it operates globally with the mission of "making insurance easy." Through modern technology, it tackles the industry's challenges regarding bottlenecks in system flexibility. It has built a strong customer base of over 500 companies in approximately 40 countries and markets, including the US, Europe, and Asia. In Japan, it has been adopted by over 30 financial institutions.

Visit our website (https://insuremo.co.jp/) for details.

Company Profile

- Company Name: InsureMO Co., Ltd. - Address: Win Aoyama 14F, 2-2-15 Minami-Aoyama, Minato-ku, Tokyo - Representative: Masaru Kawakami, Representative Director