DB Insurance Accelerates 'Open Innovation'… Industry's First Open Platform Unveiled
Providing Insurance Services in Fintech Based on OpenAPI
[Asia Economy Reporter Oh Hyung-gil] DB Insurance has introduced the first open platform service in the insurance industry. DB Insurance, which has led the development of 'Insurtech (insurance + technology)' such as AI-based standard settlement calculation systems and automobile insurance video consultation services (v-system), has now taken its first step toward fostering an open financial ecosystem.
According to the insurance industry on the 9th, DB Insurance has been operating its own open platform based on an open application programming interface (API) since the 5th.
A DB Insurance official explained, "Through the open platform, we plan to provide the highest level of insurance services in Korea to fintech companies so that customers can use DB Insurance's services anytime and anywhere."
To use DB Insurance's open platform, one must first propose a partnership business model, and after analyzing the business model, sign an API usage contract.
Through the open API, DB Insurance plans to provide products and services to new partner companies and build a stable financial data infrastructure by integrating IT systems and diversifying sales channels with partners.
If emerging fintech companies use DB Insurance's API, it will be easier for them to enter the insurance market, and in the long term, it is expected to promote competition among fintech companies and support innovative growth. The open API platform is expected to provide a foundational environment that allows services offered by companies to be publicly accessible to various users and supports the rapid and easy creation of new services.
Open API platform provision is actively carried out in public institutions and the IT industry. For example, using portal site map APIs to attach maps to personal web pages or utilizing price comparison APIs to implement price comparison functions in personal shopping malls.
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In the financial industry, movements to utilize open APIs are also active. Open banking is a representative example. The 'Open Banking Joint Business System,' a payment network based on open API, was fully opened in December 2019, allowing fintech and other user institutions to access the entire banking payment network through this system. Emerging financial service fields such as MyData and MyPayment are also being promoted based on open APIs.
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