Latecomers in the insurance industry, where is My Data’s differentiation point?

Kyobo Life Insurance, Startups Infomining, and Enabledaonsoft signed a strategic business alliance on the 5th to strengthen MyData service. Provided by Kyobo Life

While banks, financial investment, and credit card companies have started their credit information management (My Data) service in earnest, the insurance industry, a latecomer, is also spurring preparations for service launch.

According to the Financial Services Commission and the Financial Supervisory Service, 33 operators in the banking, securities, card, and fintech industries will implement MyData service from the 5th.

My Data is a service that helps with asset management and credit management, such as collecting and displaying scattered personal credit information in one place and analyzing financial status and consumption habits to recommend financial products. The banking industry, financial investment industry, fintech and information technology companies, savings banks, and mutual finance will participate in this project.

In the insurance industry, Kyobo Life, KB Insurance, and Shinhan Life are preparing for the My Data business. As insurance does not have many contact points with customers compared to banks, credit cards, and securities, the key is how differentiated services can be provided to attract customers.

Kyobo Life, which obtained the first business license in the insurance industry in July last year, plans to officially launch the service this month. It plans to provide services centered on the areas of finance, health, education, art, and culture, with an emphasis on education among them. It provides basic financial services such as integrated asset inquiry and management, health-related services, and financial education contents.

On the 5th, Kyobo Life signed a business partnership with ‘Infomining’, a startup specializing in smart healthcare services, and ‘Enable Daonsoft’, a startup that develops and operates military service community services. Together with these companies, we will provide customized health solutions to customers, develop financial education contents for military service members, and develop customized financial products for military service members.

KB Insurance, which received this license last November, plans to launch its service in March. Considering that the term and structure of insurance is difficult for general customers to understand, it is promoting an integrated analysis service for all insurance products that meets the customer’s eye level, and advancement of integrated insurance claims by insurance companies. KB Insurance also plans to provide lifestyle-related services based on small insurance such as travel, housing, and liability by analyzing the financial consumption patterns of My Data. The plan is to link customers’ lifestyles with their product subscriptions.

Shinhan Life, which received preliminary permission in June of last year, plans to apply for this license in February or March. We are currently in the stage of refining the business direction for this license application. A Shinhan Life official said, “We are discussing and organizing the specific direction of the My Data business internally.”

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