Insurance Industry and Insurtech Report — May 28, 2026
Seoul AI Hub partners with Kyobo Life and the Air Force to drive open innovation, Tomato System sees a 22.9% YoY order backlog jump, and Nigeria grants its first digital insurtech license, signaling a global shift toward digital insurance.
Insurance Industry and Insurtech Report — May 28, 2026
Domestic Insurance Industry Trends
Seoul AI Hub Pioneers Financial AI Innovation with Kyobo Life and the Air Force
Seoul AI Hub is leading a fresh collaborative model that spans major financial firms and government agencies. By partnering with organizations like Kyobo Life and the Air Force, they are expanding an AI open innovation program. The initiative supports commercialization through a "reverse pitching" approach, where internal departments present specific AI challenges and then launch proof-of-concept projects alongside startups.
Tomato System Sees Continued Growth in Digital Healthcare Orders
Tomato System, a company specializing in AI software and digital healthcare, recorded an order backlog of 23.6 billion won as of Q1 2026. This marks a 22.9% increase from 19.2 billion won during the same period last year and a 105.2% jump from 11.5 billion won two years ago. This growth highlights that medical AI technology and healthcare digital transformation are becoming key new business areas for insurers.
Itpee Selected for Major Medical AI Voucher Project
Digital healthcare firm Itpee has been selected for a large-scale project under the "2026 Medical AI Data Utilization Voucher Support Program," hosted by the Ministry of Health and Welfare and the Korea Health Information Service. As the expansion and standardization of medical AI data are directly linked to risk management and the development of personalized insurance products, this selection signals a boost for the insurance-healthcare integrated ecosystem.
Global Insurtech and Healthcare Achievements
Nigeria Grants First License to a Digital Insurtech Company
The National Insurance Commission (NAICOM) of Nigeria has officially approved CBI Partnering Insurtech Ltd as the country's first licensed digital insurtech company. This development marks an acceleration in regulatory reform and digital transformation within the emerging African insurance market. NAICOM stated that this decision reflects the ongoing evolution of the national insurance regulatory framework.
Nigeria's NEM Insurance Pays Out 41.46 Billion Naira in Claims in 2025
NEM Insurance Plc, a major Nigerian insurer, disclosed that it paid out a total of 41.46 billion naira (approximately 4.146 billion USD) in claims across its various business segments as of the end of December 2025. This underscores the stabilization of the insurance industry and the expansion of coverage systems in emerging African markets.
AI Redefines the Role of 1,000-Person Development Teams
According to a recent report by Forbes, the introduction of AI is fundamentally changing the organizational culture and workflows of large insurance companies with 1,000-person development teams. As developers shift their focus from direct coding to AI direction and orchestration, the positioning of these teams is being redefined from "executors" to "orchestrators."
Market Insights and Analysis
The convergence of AI and digital healthcare in the insurance industry currently displays three major trends.
First, the proactive expansion of collaboration between insurance and healthcare. Domestically, large life insurers like Kyobo Life are directly partnering with startups through the Seoul AI Hub, moving away from top-down tech adoption toward a bottom-up innovation model. The growth in Tomato System’s orders (up 22.9% year-on-year) proves that insurers’ investment appetite for digital healthcare is translating into real action.
Second, regulatory innovation in emerging markets is driving insurtech growth. NAICOM’s first digital insurtech license in Nigeria has provided a legal foundation for digital transformation in the African insurance market. Such reforms point toward the maturation of emerging insurance markets and the expansion of financial inclusion.
Third, internal organizational structures and development methodologies at insurance firms are being restructured around AI. The transition of development teams at large insurers to roles focused on AI orchestration suggests that AI-based automation and personalization will deepen across the board, from product development to customer service.
With the foundation laid for medical AI data-based services (as evidenced by Itpee’s selection for the voucher project), the South Korean insurance industry is preparing for a shift toward data-driven risk management and personalized product development.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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