Korea’s leading medical artificial intelligence (AI) provider Lunit announced Wednesday that it has partnered with Cathay Life Insurance (CLI), one of Taiwan’s largest insurers, to detect abnormalities through an AI chest X-ray solution . Insurance contract signed.
Lunit and Cathay Life Insurance (CLI) have signed a license agreement to officially include Lunit’s AI chest radiology solution in Cathay Life’s underwriting workflow.
This agreement ensures the incorporation of Lunit’s INSIGHT CXR software into CLI’s current insurance policies in Taiwan. Cathay took over the software after a two-year test period between the two companies. In 2020, Lunit and Cathay Life conducted a proof-of-concept (POC) to demonstrate the value of Lunit’s AI solutions.
Through PoC, the insurance provider rates the software in three main categories for profitability, efficiency and accuracy. In particular, CLI, with experience analyzing 30,000 chest X-rays per year, used Lunit’s Insight CXR to determine the software’s impact on the X-ray review process.
Approximately 200 chest X-rays were used as samples in a retrospective analysis using Lunit’s AI solution. In-house radiologists working with the CLI reviewed the cases to confirm the algorithm’s accuracy in identifying abnormalities. Consequently, the results showed that the detection rate of AI was 83 percent for positive cases (sensitivity) and 92 percent for negative cases (specificity). The overall accuracy rate was 90 percent.
In addition, the economic benefits of using Lunit AI are expected to increase reading accuracy by a maximum of 20 percent and reduce overall reading time by up to 90 percent.
“Lunit’s AI algorithm accurately detects small nodules and pulmonary fibrosis that are difficult to distinguish on chest X-rays,” Cathay Life’s underwriting department said. “In addition, the AI-assisted review process significantly reduces reading times compared to the previous manual review process.”
Lunit CEO Brandon Suh said this is the first time Lunit’s AI has been officially integrated into the insurance process. He said it proved that the company’s solutions could add value to workflows outside of the hospital environment.