From Real Estate to My Car Price Inquiry... Kyobo Life Expands Financial MyData Services

Differentiation through 'Finance + Non-Finance'

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance, the first insurance company to obtain the full license for the financial sector's Personal Credit Information Management Service (MyData), is expanding its financial MyData platform into lifestyle-oriented services that cover everything from culture to real estate and vehicle price inquiries. The plan is to leverage the group's strengths by integrating financial and non-financial information to achieve differentiation.

According to the insurance industry on the 29th, Kyobo Life Insurance is currently pursuing business partnerships within its financial MyData platform to provide credit score inquiries as well as real estate and automobile price information. The core strategy is to diversify MyData services based on partnerships with specialized operators in each field and to enhance the market preemption effect.

Kyobo Life Insurance is strengthening its internal and external cooperation systems to promote the financial MyData business. After establishing collaborative frameworks with affiliates such as Kyobo Book Centre, Kyobo Lifeplanet Insurance, Daesan Cultural Foundation, and Kyobo Education Foundation, the company signed a strategic business agreement (MOU) earlier this month with the Korea Entrepreneurship Foundation (KoEF) to discover innovative startups and new ideas for financial MyData.

The company plans to provide systematic financial education services incorporating humanities elements based on customers' financial literacy. Earlier this year, to offer customized financial education services based on MyData, Kyobo Securities and the Seoul National University Business Research Institute jointly developed a Financial Life Index. Previously, Kyobo Life Insurance also recruited businesses to provide 'financial education infused with humanities' services.

The MyData industry involves providing integrated inquiry services to customers by receiving dispersed personal credit information upon customers' exercise of transmission rights. Kyobo Life Insurance received the full MyData license from the Financial Services Commission on the 21st.

Kyobo Life Insurance’s MyData business, encompassing both cultural (non-financial) and financial sectors, began with Chairman Shin Chang-jae’s “ambidextrous management.” This concept aims to continuously generate profits from traditional life insurance while securing new growth engines to build a future foundation.

At the management strategy meeting earlier this year, Chairman Shin declared the company as “an innovative enterprise expanding business beyond insurance into new areas such as financial investment and arts and culture, creating unique customer experiences and value that encompass both culture and finance.” Additionally, since President Pyeon Jeong-beom was appointed in March, he has taken charge of insurance and digital innovation, accelerating digital transformation.

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