Samsung Financial Companies Select Four Startups for Business Collaboration Partnership

Samsung Life Insurance and other Samsung financial affiliates announced on the 5th that they will collaborate with four startups on business ventures.

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance and other Samsung financial affiliates announced on the 5th that they will collaborate with four startups.

They revealed that the final winning teams of the startup competition "Samsung Financial Open Collaboration," held by Samsung financial companies since last September, were Wheeld, Aizen Global, Whatsup, and Tickle. Each team will receive a prize of 30 million KRW and opportunities for business cooperation.

Samsung financial companies also plan to explore various partnership options with the other six companies that advanced to the finals, which demonstrated outstanding ideas and capabilities. Samsung Venture Investment is also considering equity investments in startups with excellent business performance and growth potential.

Wheeld, selected by Samsung Life Insurance, proposed a "home training" app that uses smartphone-based motion recognition technology to provide easy and accurate exercise coaching at home. It is expected to offer a customized exercise management solution for customers.

Aizen Global, selected by Samsung Fire & Marine Insurance, proposed a solution that uses artificial intelligence (AI) to analyze long-term insurance claim cases, assess their difficulty, and assign them to appropriate personnel. Their model for calculating appropriate insurance payouts and predicting disease codes, demonstrated during the insurance claim document analysis process, achieved an accuracy rate exceeding 99%, earning high marks.

Whatsup, selected by Samsung Card, proposed an integrated management app that allows users to compare and search subscription services and make payments. Synergies are expected in expanding the big data-based personalized subscription service recommendations and the recurring payment (RP) market. Tickle, selected by Samsung Securities, presented the idea of a service that automatically invests spare change into financial products.

A representative from Samsung financial companies said, "We hope startup representatives will knock on Samsung's door as partners to commercialize new ideas," adding, "Through collaboration, we aim to promote mutual growth with startups and become a financial company that leads digital innovation in the evolving financial ecosystem."

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