• Cathay Life Insurance officially adopted Lunit’s AI solution in radiology to its underwriting workflow, increasing accuracy in identifying diseases and reducing screening time

• Lunit CEO Brandon Suh: “A meaningful recognition of Lunit’s technological competitiveness and the potential to bring value to workflows outside of hospital settings… we will continue to expand our business”

[SEOUL, South Korea, November 4, 2022] Lunit, a leading global provider of AI-powered cancer solutions, today announced that the company and Cathay Life Insurance, Taiwan’s largest insurance company, have been awarded the “Co-creation Model Award” at the FinTech Taipei Awards 2022, in recognition of their innovative collaboration to incorporate Lunit’s AI solution into Cathay Life’s underwriting workflow.

In July, Lunit and Cathay announced a license agreement to officially integrate Lunit INSIGHT CXR–Lunit’s AI solution for chest x-ray image analysis–into Cathay Life’s existing underwriting process.

The partnership marked the first time Lunit’s AI was applied in an insurance underwriting process outside the hospital setting, drawing considerable attention within the industry.

FinTech Taipei, which hosted the awards, explained that Lunit and Cathay Life were selected as the best co-creation case in recognition of their innovative efforts to successfully improve both accuracy and efficiency when reviewing chest x-ray images for insurance subscriptions.

FinTech Taipei was established in 2018 as Taiwan's largest international fintech conference directed by Taiwan’s Financial Supervisory Commission (FSC) and the Taiwan Financial Services Roundtable (TFSR). This year, it held the first FinTech Awards ceremony to acknowledge the most innovative solutions and business success stories within the fintech sector.

In 2020, Lunit and Cathay Life launched a proof-of-concept (POC) to demonstrate the value of Lunit’s AI solution. Through the POC, the insurance provider, which reviews 30,000 chest x-ray images annually, deployed Lunit INSIGHT CXR to evaluate the impact of the software, in terms of profitability, efficiency, and accuracy. Scoring an overall accuracy rate of 90%, the AI showed to reduce overall ready time by up to 90%.

“The ‘Co-creation Model Award’ is a meaningful recognition of Lunit’s technological competitiveness and the potential to bring value to workflows outside of hospital settings,” remarked Brandon Suh, CEO of Lunit. “We will continue to expand our business so that Lunit’s AI can continue to play important roles across diverse markets.”