Hanwha Insurance Signs 'PetCloud' Business Agreement with SparkPet

Development of Diversified Business Models in the Pet Market

Im Dong-il, Head of CPC Strategy Office at Hanwha General Insurance (right), and Choi Yong-min, Head of Digital Strategy Team (left), are posing for a commemorative photo with Chu Young-ju, CEO of Sparkpet (center), after signing a business agreement.

[Asia Economy Reporter Ki Ha-young] Hanwha General Insurance announced on the 24th that it has signed a Memorandum of Understanding (MOU) for the 'PetCloud' consortium with SparkPet, a pet specialty company, to develop diversified business models in the pet market based on data.

The MOU, held at SparkPet's flagship store Nolo Square, was attended by more than 10 partner companies from six fields including pet insurance, pet food, beauty, distribution, data cloud, and medical research. Through this agreement ceremony, the participating companies pledged to ▲provide data collected by each company ▲connect with organizations and institutions ▲build cloud servers ▲offer legal advice and consulting related to business, and to contribute to establishing the PetCloud consortium as a data-intensive player in the pet market.

As the sole insurance partner among the signatories, Hanwha General Insurance plans to utilize various data collected on pet health, beauty, behavior, and consumption to discover diverse products and win-win business models that benefit both pet owners and their pets.

A Hanwha General Insurance official said, "Although the number of households owning pets is increasing and the market size is growing, the current insurance subscription rate remains low," adding, "We plan to continue collaborating with pet specialty companies like SparkPet to popularize pet insurance."

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