LG CNS announced Monday that it has signed a 130 billion won ($88.8 million) deal with Mirae Asset Life Insurance to support the insurer’s artificial intelligence transformation and the development of next-generation systems.

Under the agreement, LG CNS will build a generative AI platform for Mirae Asset Life and implement a multi-hybrid cloud environment. The Korean IT services provider will also lead a full-scale overhaul and upgrade of Mirae Asset Life’s core systems, including insurance product development, contract management, payments, accounting and sales operations. The project will be carried out over the next two years, the company said.

Key executives, including LG CNS CEO Hyun Shin-gyoon and Mirae Asset Life Vice Chairman and CEO Kim Jae-sik, attended the signing ceremony held recently at Mirae Asset’s headquarters in Seoul.

“LG CNS will leverage its extensive expertise in financial IT to help Mirae Asset Life transform its business through an AI-driven, next-generation system,” said Hyun. “We aim to build a mutually beneficial ecosystem and achieve sustainable growth moving forward.”

As part of the project, LG CNS will train large language models on the life insurer’s vast data assets and establish a generative AI platform for internal use. This platform will allow employees to easily retrieve necessary information by interacting with the AI, enhancing operational efficiency. In the future, the platform is expected to be extended to customer service applications, enabling automated responses to customer inquiries.

LG CNS will also deploy a multi-hybrid cloud structure, integrating services from major public cloud providers such as Amazon Web Services, Microsoft Azure and Google Cloud, alongside the company’s private cloud infrastructure. This setup will allow Mirae Asset Life to process sensitive data in-house while leveraging public cloud services for other operations, offering both flexibility and enhanced regulatory compliance, the company explained.

The project also includes plans to revamp major operational systems, including insurance product development, contract management and payment processing. A new unified product information management system will enable faster development of personalized insurance products, LG CNS said.

Both companies also pledged to continue collaboration in AI research and development, holding joint meetings to explore new business models and innovation opportunities.

By Jo He-rim (herim@heraldcorp.com)