Korean insurance company Hanwha Life partners with Stanford on AI study

Hanwha joined Stanford's  Financial Services program area in June

In June, The Stanford Institute for Human-Centered AI (HAI) announced that Korean insurance company Hanwha Life Insurance joined as a member of its Financial Services program area, which focuses on financial services institutions, including insurance, investments, and banks, in areas such as responsible AI, human-centered design, and human-computer interaction.

The program provides the opportunity for companies to interact with Stanford faculty and other corporate members through educational experiences, lectures, and research.

Now the two organizations are taking their collaboration a step further by conducting a joint study to analyze the current use of AI across different countries, according to a report from the Korea Times on Tuesday.

In addition, they will also look at how to prevent AI technologies from undermining human safety, privacy, equity, or ethical issues. 

The Hanwha Life AI Research Institute focuses on four areas: enhancing investment strategies, developing a “digital persona,” integrating AI into healthcare, and establishing global AI governance.

That has included the development of a personal digital persona that can preserve memories, and allow for interaction with deceased loved ones. In addition to integrating AI with the healthcare sector, it also plans to develop personalized fitness solutions and insurance-related health care services.

In addition, Hanwha has applied for AI-related patents annually since 2020 and has plans to open a global AI center in San Francisco by next month.

“Through the partnership, we aim to analyze societal impact of AI and demonstrate its value in the financial industry,” a Hanwha official told the Korea Times. “This efforts will lead to introducing AI for customer satisfaction and our competitiveness.”

(Image source: hai.stanford.edu)