South Korean AI company Lunit has signed a licensing agreement with Taiwan-based insurance company Cathay Life Insurance to integrate the X-ray software in its AI book into the next underwriting workflow.
Why it matters
Taiwanese insurers review about 30,000 chest X-ray images each year, and this requires a solution that reduces reading time.
Two years ago, it tapped Lunit for a proof-of-concept study to show the value of his chest X-ray analysis software Insight CXR. The software was evaluated for its impact on the Cathay Life review process in terms of profitability, efficiency and accuracy.
In the study, X-ray images of about 200 books were used as samples in a previous analysis using Lunit’s software. After an internal review by Cathay Life’s resident radiologists, it was found that the AI tool showed an overall accuracy rate of 90%, with a detection rate of 83% in the positive case and 92% in the negative case.
In addition, hiring Lunit AI increases the insurance provider’s reading accuracy by up to 20% and reduces its overall reading time by up to 90%.
“Lunit’s AI algorithm accurately detects small nodules and pulmonary fibrosis, which is not easy to distinguish on chest radiographs,” added Cathy Life’s underwriting department.
“This is the first time Lunit’s AI has officially merged with the insurance underwriting process and this proves that our solutions can bring value to the workflow beyond hospital settings,” said Brandon Suh, CEO of Lunit.
The announcement follows Lunit’s latest partnership in Thailand, setting up both its Insight CXR and mammography tool Insight MMG. Bamrungrad International Hospital. Together with Fujifilm Thailand, it will provide AI solutions to hospitals using Microsoft Azure.
Lunit is set to make its debut on the Korean Exchange this month after submitting a registration statement for an initial public offering in June.
In other news, ICT provider Dr. Fujitsu and Salesforce Japan, a customer relationship management services company, have partnered to develop new digital solutions for the insurance sector. Specifically, Fujitsu will develop a personalized healthcare service to detect symptoms of specific diseases using Fujitsu computing as a service while Salesforce will use its healthcare offers such as its CRM system Health Cloud.