Seoul-based reinsurer Korean Re has partnered with Leapstack, an AI-powered insurtech that specialises in healthcare, to support Leapstack’s expansion into the Korean insurance market.
Leapstack, which has already partnered with several of Korea’s largest insurers, aims to provide big data AI solutions for commercial insurance companies and social security management agencies.
In addition to Korean Re, the insurtech’s expansion will be helped by cooperations with Hyundai Insurance (China) and Sino-Korea Life Insurance.
“We’re glad to establish a strategic partnership with Korean Reinsurance Company,” said Jason Liou, the founder of Leapstack.
“This is a significant step for us to fuel our expansion in Asia, and together with Korean Reinsurance we will jointly develop businesses to create greater commercial value,” he added.
Leapstack offers services to medical payment institutions and regulatory bodies with risk control solutions powered by Robotic Process Automation (RPA) and AI technologies.
Its clients include national and local social security, medical insurance, auditing, commercial banking, insurance, human resources, as well as pharmaceutical firms.
The company has various solutions based on risk control models to serve its financial insurance clients for their medical payment needs, backed by automated operation, anti-fraud and anti-money laundering features.
As part of its business strategy in Asia, Leapstack plans to further expand its presence in South Korea and Japan by offering smart risk management services powered by RPA and AI technologies, in a move to boost digitalization in the insurance sectors in China and South Korea.