MegazoneCloud and Korean Re Sign Agreement to Advance AI Transformation in Reinsurance

MegazoneCloud and Korean Re have signed a memorandum of understanding to accelerate AI transformation across reinsurance operations, according to a press release.

The agreement was formalized at Signature Towers in Seoul, where the companies committed to combining expertise in generative AI, big data, and cloud technologies. The collaboration aims to improve operational efficiency and identify new business opportunities in reinsurance.

MegazoneCloud will integrate AI into Korean Re’s core functions such as underwriting, rate setting, and risk prediction. The company will also support automation initiatives through AI based robotic process automation and assist with change management and employee training to promote company-wide adoption.

Korean Re previously created an AI Innovation Task Force and is working with MegazoneCloud on developing an AI assistant for commercial insurance rate calculation. The project was designated as an Innovative Financial Service by the Financial Services Commission earlier this year.

Both firms plan to co-develop secure AI infrastructure compliant with financial sector regulations, including an internal generative AI network to ensure data protection and network separation.