Samsung Financial Affiliates, Joint System Development

Samsung Life Insurance and Fire & Marine Insurance to Share Approximately 31.6 Billion KRW Contribution

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] Samsung financial affiliates are building a joint system. It is expected that they will seek new business opportunities by establishing an integrated platform based on the data each company possesses.

Samsung Life Insurance and Samsung Fire & Marine Insurance announced on the 1st that they will jointly build and operate a system with Samsung Card. For this joint system construction, Samsung Life Insurance stated it will bear 14.269 billion KRW, and Samsung Fire & Marine Insurance will bear 17.373 billion KRW. Samsung Card, which has experience in building big data-related systems and providing services, will be responsible for the joint system construction.

Earlier, Samsung financial affiliates such as Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, and Samsung Securities formed a task force for digital cooperation from the end of last year and have been discussing the joint system.

The specific form or timing of the joint system has not been decided. They have only taken the first step toward building the joint system and plan to concretize it through future discussions. However, the industry views this as an effort to counter big tech companies that are expanding their influence in the financial market based on platforms. If big data from insurance, card, and securities are combined, various business opportunities are expected to arise.

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