Meritz Fire joining hands with KT

South Korea’s top-tier financial firm Meritz Fire & Marine Insurance has teamed up with telecom carrier KT to jointly develop AI technologies aimed at driving innovation across the financial and insurance sectors.

The two companies signed a strategic research agreement on Nov. 6 at KT’s headquarters in central Seoul, marking a major step toward combining KT’s AI capabilities with Meritz Fire’s financial and insurance data expertise.

The collaboration seeks to establish a new model for AI-based financial services and accelerate the digital transformation of the industry, according to Meritz Fire.

During the meeting, executives from both companies discussed plans to develop insurance- and finance-specific AI models and explore AI-based technologies that can enhance customer experience.

The project will focus on building AI systems capable of automatically recognizing and analyzing insurance claim and medical documents, improving the accuracy of data analysis, and enabling automation in claims processing.

KT will provide the necessary research infrastructure and computing resources, including its advanced Korean-language recognition program and proprietary optical character recognition (OCR) solution.

The system is expected to allow AI to automatically identify and analyze insurance claims, simplifying administrative tasks and enabling faster, more accurate customer service through AI-powered agents.

Meritz Fire will contribute both structured and unstructured data related to finance and insurance to train and evaluate the AI models, improving their accuracy and adaptability for practical use.

The company will also combine its accumulated business know-how and insurance logic with strong data protection and security frameworks to enhance the professionalism of its AI-based claims system and improve overall service quality.