Oct 14, 2020 — 3 min read
Seoul, Korea－A recent pilot project conducted by a South Korean medical AI company, Lunit, and one of the largest Taiwanese insurance companies, Cathay Life Insurance, reveals that AI can help the current underwriting process to be more accurate and efficient.
The insurance company, which reviews 30,000 chest x-ray images accepted annually as part of the requirements of new insurance contracts, deployed Lunit INSIGHT CXR to assess the impact of AI in the review process. Lunit INSIGHT CXR is an AI software developed by Lunit which detects abnormal findings via chest x-ray images.
For the assessment, nearly 200 chest x-ray images were used as samples to verify the performance of AI. These cases were internally reviewed by Cathay Life’s doctors to validate the accuracy of the algorithm. The results showed that the AI’s detection rate for positive cases (sensitivity) was 83% and for negative cases (specificity) was 92%, with an overall accuracy of 90%.
According to the doctors who participated in the validation, the AI provided great value in reducing the time spent on the overall reading of chest x-rays. In the current workflow of doctors, chest x-rays to be reviewed arrive in CDs, which the doctors manually insert to read the medical image, then again, manually write an interpretation report that is packaged along with the CD.
“The introduction of AI and digital interpretation system can greatly reduce our working time,” said Tzu-Ling, Ke, Senior VP of Underwriting Dept., Cathay Life Insurance. “The entire process of interpretation－accessing the data, the reading, the writing of the report－usually takes several minutes, and we can save 90% of reading time with AI and the digital system.”
“We are delighted to hear that our AI can be of help in not only hospital settings, but to improve the services of insurance companies,” said Brandon Suh, CEO of Lunit. “People normally go to hospitals when they are sick, which usually means that there have been symptoms and the disease is already in progress. If we can find more patients in earlier stages, without symptoms, the chance for survival dramatically increases.”
The project was part of the “Cathay Financial Innovation Lab Program” launched by Cathay Financial Holdings last year, of which nine international startups were recruited to cooperate with Cathay Financial Holdings’ subsidiaries for a proof-of-concept of six innovative financial services.
“The project showed that Lunit INSIGHT CXR, the AI software for the analysis of chest x-ray images, detected abnormal lung diseases with an accuracy of 90% and also successfully detected small nodules and pulmonary fibrosis that are not easy to distinguish,” said Tzu-Ling, Ke, Senior VP of Underwriting Dept., Cathay Life Insurance. “This helps Cathay Life Insurance accurately assess the medical condition of the insured, with enhanced diagnosis of the potential illness prior to underwriting.”
Cathay Life Insurance pointed out that it will actively evaluate the adoption of AI technology to assist diagnosis, which is expected to save the reading time and improve underwriting effectiveness through data-driven and innovative technologies.
Lunit wins Tumor Proliferation Assessment Challenge (TUPAC) 2016
Lunit to unveil data-driven imaging biomarker at RSNA 2016
Lunit to showcase AI-powered products at USCAP 2017
Lunit INSIGHT: The First-ever, Real-time Imaging AI Analytics on the Web
Cognitive biases and augmented intelligence in radiology
Lunit Returns to RSNA with Real-time Imaging Platform, Featuring Cloud-based A
Lunit Unveils “Lunit INSIGHT,” A New Real-time Imaging AI Platform on the Web at RSNA 2017
Lunit INSIGHT: Q&A with Brandon B. Suh, Chief Medical Officer at Lunit
ANNOUNCING: BRANDON SUH, OUR NEW CEO
Lunit preps Korean IPO led by NH Investment Bank
Media Advisory: Lunit at RSNA 2018
Lunit Opens “Lunit INSIGHT for Mammography” for Public Access
Lunit Brings its Newest AI Solution for Mammography to RSNA 2018
Lunit Partners with Fujifilm and Salud Digna to Provide Medical AI Solution in Mexico
Lunit announces new members in its advisory board: Dr. Eliot Siegel, Dr. Linda Moy, and Dr. Khan Siddiqui
Lunit to Introduce Medical AI Solutions at GTC 2019
Lunit to Present Abstracts on AI-powered Precision Pathology at 2019 AACR Annual Meeting
Lunit to Showcase AI Solution for Breast Cancer at SBI 2019
Lunit to Present Findings on the Predictive Power of AI Biomarker for Lung Cancer Immunotherapy at ASCO 2019
Lunit Receives Korea MFDS Approval for its AI Solution for Breast Cancer, Lunit INSIGHT MMG
Lunit Named to the 2019 CB Insights Digital Health 150 -- List of Most Innovative Digital Health Startups
Lunit Gets Korea MFDS Approval for its AI Solution for Chest X-ray, Lunit INSIGHT CXR 2
Lunit at RSNA 2019
Lunit Announces its First CE Mark for AI-Powered Chest X-ray Analysis Software, Lunit INSIGHT CXR
Lunit AI software clinically installed in global sites—to be presented at RSNA 2019
Lunit Secures $26M in Series C Funding Round, Led by Asian Investors
AI-assisted Radiologists Can Detect More Breast Cancer with Reduced False-positive Recall
Renowned Oncologist Dr. Tony Mok Joins Lunit Advisory Board
Lunit Releases Its AI Online to Support Healthcare Professionals Manage COVID-19
Lunit to Present Findings on the Predictive Power of AI-based Analysis of Immune Phenotype at ASCO 2020
Lunit INSIGHT MMG, an AI Solution for Breast Cancer Detection, Now CE Certified
AI Solution for COVID-19, Developed by Medical AI Firm Lunit, Now Has Users in More Than 10 Countries
Lunit Awarded as Technology Pioneer by World Economic Forum
Lunit at ECR 2020: Providing Virtual Exhibition and Online Presentations
Lunit Named to the 2020 CB Insights Digital Health 150 -- List of Most Innovative Digital Health Startups
Emergent Connect Partners with Lunit to Provide Cloud Based AI Solutions
AI Analysis Can Improve Lung Cancer Detection on Chest Radiographs
RSNA 2020--Lunit Collaborates with Global Giants in Presenting its AI Solution at Virtual Booths of GE Healthcare, FujiFilm, and Sectra
AI Proves Its Value in Assistance for Emergency Cases-- With Higher Accuracy and Timely Reporting Time of Chest Radiographs
Lunit Expands Collaboration with GE Healthcare to Advance AI Adoption across Healthcare Industry
AI Can Offer Fast and Reliable Examination to Triage COVID-19 Patients-- A Multicenter Retrospective Study Reveals
Recent Studies Reveal High Performance of Lunit AI in Breast Cancer Detection
South Korean Medical AI Provider and PACS Leader Enters Indonesian Market, to Help COVID-19 Screening and Diagnosis
What do the medical journals say about AI-powered mammography?
Research Using Lunit Demo Website
Lunit Presents AI-powered Pathologic Classification of Immune Phenotype that Predicts Response to Immunotherapy at USCAP 2021
What do the medical journals say about AI-powered chest x-ray interpretation?
Join our webinar with Dr. Fredrik Strand
From retrospective to prospective trials of AI in breast cancer screening
AACR 2021 - Lunit Presents Abstracts Demonstrating the Potential of its AI Biomarker in Cancer Treatment
Will AI Identify Breast Cancer Better Than Radiologists in Actual Clinical Screening?
Case of the Month | Where Is Breast Cancer?