Insurance Companies Entering the MyData Market Next Month... What Are Their Strategies?

Opportunity for Expansion in Asset Management and Healthcare New Businesses

[Asia Economy Reporter Oh Hyung-gil] The 'MyData Era' will open this August. Insurance companies are accelerating their entry into the personal credit information management business, known as the MyData business. They are focusing on MyData as a next-generation growth engine encompassing healthcare and big data.

According to the insurance industry, five insurers have either applied for or submitted preliminary approval applications for the MyData business: KB Insurance, Meritz Fire & Marine Insurance, Shinhan Life, Kyobo Life, and Mirae Asset Life.

The MyData business, starting this August, is defined as an industry that receives dispersed personal credit information upon customers' exercise of their right to data transmission and provides integrated inquiry services to customers. MyData operators can offer comprehensive credit asset management services along with integrated inquiry services.

Kyobo Life has established a dedicated organization for the MyData business and is promoting collaboration with startups. They plan to provide socially contributive services by combining their cultural assets, such as Kyobo Bookstore and educational foundations, with the MyData business.

They are preparing financial management services using excellent startup digital content so that any customer can receive lifetime asset planning and financial consulting, as well as AI-powered guidance services to help financially underserved groups such as the elderly and disabled easily and conveniently access financial information.

Shinhan Life and Orange Life's merged entity, Shinhan Life, will continue the MyData business that Shinhan Life had been pursuing.

It is expected to combine healthcare services that provide everything from financial planning to customer health management. Previously, Shinhan Life was selected as a medical field demonstration operator in the '2021 MyData Demonstration Service Support Project' hosted by the Ministry of Science and ICT and the Korea Data Agency.

KB Insurance, the first in the non-life insurance industry to obtain preliminary approval for MyData, plans to advance the concept of asset management into comprehensive asset management based on physical health through collaboration with the medical data utilization and healthcare sectors.

In particular, KB Insurance recently received approval for the Public Institutional Review Board (Public IRB) health insurance medical information research utilization plan and is selling data such as automobile insurance on the Financial Data Exchange, a data brokerage platform operated by the Financial Security Institute. In September last year, it also became the first in the insurance industry to acquire ancillary business qualifications for 'big data advisory and sales services.'

Mirae Asset Life, which recently applied for preliminary approval for MyData with the Financial Supervisory Service, is expected to use the MyData business as a stepping stone to further strengthen its asset management services, where it holds strengths.

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