Iric Corporation, Sumitomo Life, and Finatext to develop AI insurance solution

Iric Corporation, Sumitomo Life Insurance Company, and Finatext have announced a joint development project to create a digital support solution for multi-carrier insurance agencies. The platform aims to enhance the quality of insurance solicitation and modernize business operations through the integration of AI and data analysis.

The solution will utilize Iric Corporation’s product database and policy analysis functions, Sumitomo Life’s expertise in compliance and solicitation management, and Finatext’s generative AI and data analysis technologies. Additionally, the project will incorporate digital insurance and customer experience (CX) expertise from Singlife, a Sumitomo Life Group subsidiary in Singapore.

Designed to address regulatory changes and industry challenges, the platform will use AI agents to assist in understanding customer intentions, proposing necessary coverage amounts, and selecting product candidates. The system focuses on ensuring neutrality and transparency to prevent biased product selection, helping agencies maintain accountability and efficient audit trails.