DB Insurance-NHN Godo, Personal Information Liability Insurance Business Partnership

Lee Chang-su, Executive Director of DB Insurance (left), and Kim Jong-seung, General Manager of NHN Godo Solution Business, signed a business agreement for the development of a personal information liability insurance service on the 2nd at the NHN Godo main conference room located in Guro-gu, Seoul.

[Asia Economy Reporter Oh Hyung-gil] DB Insurance announced on the 3rd that it has signed a comprehensive business agreement (MOU) with NHN Godo to provide insurance services.

The two companies will offer a service that allows NHN Godo members to easily subscribe to the legally mandatory Personal Information Liability Insurance.

Personal Information Liability Insurance covers legal liability for damages caused by leakage, loss, theft, forgery, alteration, or damage of personal information. Subscription has been mandatory since June last year under the Act on Promotion of Information and Communications Network Utilization and Information Protection.

The mandatory minimum subscription amount ranges from 50 million KRW to 1 billion KRW depending on the number of users and sales revenue, and from this year, violations will result in fines of up to 20 million KRW.

DB Insurance provides NHN Godo with a simplified subscription system for Personal Information Liability Insurance developed in collaboration with E2L, an insurtech company specializing in corporate insurance, enabling members to subscribe with one-click non-face-to-face enrollment.

A DB Insurance official stated, "We will establish an active and continuous cooperative system between the two companies to successfully settle Personal Information Liability Insurance and to develop and provide various insurance services for NHN Godo’s small business owners in the future."

This content was produced with the assistance of AI translation services.