ajunews Wednesday,21 February 2024

Taiwan's Cathay Life signs license agreement to adopt Lunit's chest X-ray analysis software

By Kim Joo-heon Posted : July 6, 2022, 14:33 Updated : July 21, 2023, 20:58

[Courtesy of Lunit]

SEOUL -- Cathay Life Insurance, a major life insurance company in Taiwan, signed a licensing agreement with Lunit, a medical artificial intelligence company in South Korea, to adopt a deep learning-based software that helps radiologists or clinicians to better analyze chest X-ray images. 

The chest X-ray analysis solution called "Lunit INSIGHT CXR" will be used for reviewing users' health conditions when taking out insurance. This is the first time that Lunit's solution has been officially adopted for screening insurance subscriptions other than medical institution treatment.  

Since 2020, Cathay Life and Lunit have carried out research on improving the accuracy and efficiency of AI-based insurance screening. Cathay Life checks more than 30,000 chest X-ray images every year for new insurance contracts. Using Lunit's solution, the Taiwanese company determined lung diseases and detected unusual lesions with an accuracy rate of more than 90 percent. 

Lunit's X-ray analysis software can reduce the overall screening time by up to 90 percent or more. "Through two years of research, the two companies have proven that AI solutions are worthwhile outside the medical environment," Lunit CEO Brandon Suh said in a statement on July 6. "

Lunit's solution will be also deployed in Bumrungrad International Hospital, a major hospital in Bangkok using a global cloud computing platform called "Microsoft Azure." 

"Lunit's AI solution accurately detects areas of diseases that are difficult to distinguish with the naked eye," an unnamed official from Cathay Life's underwriting team was quoted as saying. "In particular, considering that it dramatically reduces the analysis time of medical staff, we hope that AI will play an important role in the diagnosis and screening of insurance subscription."

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