Hanwha Life headquarters in Yeouido, Seoul / Courtesy of Hanwha Life

Hanwha Life's artificial intelligence (AI) research center is working on research collaboration projects with the Stanford Institute for Human-Centered AI of Stanford University following the signing of an industry-academia partnership, the insurer said Tuesday.

Launched in June, Hanwha Life's AI research center is focused on four research topics: AI-based optimization of asset management portfolio, development of personal digital personas using AI, integration of AI and the health care industry and research on global AI governance.

Asset management portfolio optimization, for instance, focuses on minimizing investment risks while maximizing returns.

Digital personas, meanwhile, will preserve individuals' precious memories as digital assets and seek ways for family and friends to communicate with the deceased. Such memories that have turned into digital assets can potentially evolve into services linked with insurance products.

The research center also notes that AI technology can be used to create customized health management solutions or to provide health care services linked to insurance products.

AI governance research aims to establish norms and standards for AI in its development, utilization and management, as well as exploring regulatory frameworks.

The insurer will collaborate with Stanford University to analyze the current use of AI across different countries and seek measures to prevent AI technologies from undermining human safety, privacy, equity or ethical issues.

Hanwha Life was the first Korean insurer to establish a big data task force in 2014. It integrated AI technologies such as machine learning and deep learning into the insurance industry. It launched the research center to cope with the rapidly changing market environment by incorporating AI technologies and finance.

Stanford Institute for Human-Centered AI, meanwhile, has been primarily studying the impact of AI technologies on humans and society.

"We recognized the importance of AI technology early on, which led to diverse efforts such as developing our own technologies," said Kim Il-goo, director of Hanwha Life AI Research Center.

"The collaboration with Stanford will help analyze the overall impact of AI on society and demonstrate that AI expertise is indispensable for the financial industry."

Hanwha Life has been pushing for digital innovation, including applying for AI-related patents every year since 2020. It is scheduled to open an AI center next month in San Francisco, which will serve as a base for strengthening its global AI capabilities.