SEOUL, South Korea, Oct. 30, 2023 /PRNewswire/ — Linq, an AI startup, won first place in the 2023 Samsung Open Collaboration, one of the most prestigious startup competitions in South Korea. Linq showcased its AI-powered underwriting solution, which was made possible by its AI risk models and an advanced vector database management platform for large language models (LLMs) such as ChatGPT.
Previously known as Wecover Platforms, Linq secured its win after a 4-month collaboration with Samsung Life Insurance in October. Linq was a standout among the 14 startups that advanced to the final round from an initial pool of 317 participants. This AI Underwriting chat solution, trained and embedded over tens of thousands of pieces of data, not only allows underwriters to evaluate the risk associated with insuring a potential client for cancer insurance but can also explain the reasons behind its results—a feature that was not possible in prior AI-powered underwriting solutions.
For the first time, Linq has successfully demonstrated the combination of advanced AI, including Bayesian neural networks with LLMs. Linq has taken measures to backtrack the significant factors that determine the results in AI models, addressing a notable challenge that previous AI models faced. Their method reflects which factors overcome the limitations of prior AI models that could not explain the reasons for the results by AI. Jacob Choi, Founder and CEO of Linq, stated, "Working closely with South Korea’s leading insurance company gave us access to a wealth of high-quality data. This collaboration reinforced our belief in the power of LLMs to innovate in the underwriting sector." He continued, "Our goal at Linq is to make it simpler for businesses to integrate their own knowledge with large language models using our advanced vector database management platform." He also highlighted plans to incorporate multimodal embedding models to deepen the understanding of corporate documents.
Linq is dedicated to building a vector database management platform that empowers companies to harness large language models, unlocking the full potential of their internal knowledge. Linq’s precise and user-friendly API solution is starting to be used by leading legal and insurance firms in South Korea. In addition, it provides solutions for the technical support sector within the US market.
Jacob Chanyeol Choi, Founder & CEO