Declaration of a Lifestyle Service Platform Against Big Tech... Samsung Fire & Marine Insurance's Bold Move

[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced that it will foster a lifestyle-oriented service platform through its newly launched direct brand, 'Chak.' The company envisions a transformation from simply signing up for insurance and filing claims to managing consumers' daily lives through insurance as a medium.

This move is interpreted as a strategic response to big tech companies like Naver and Kakao, which are expanding their financial and insurance domains based on the country's largest portal and nationwide messenger services.

According to the insurance industry on the 30th, Samsung Fire & Marine Insurance plans to use data analysis and artificial intelligence (AI) technology through Direct Chak to offer ultra-personalized products tailored to individual lifestyles.

Additionally, it will continuously launch various products that have not been attempted before, such as driver insurance that provides different benefits for those who drive less frequently.

New services are also under development. These include services that help customers develop good habits in daily life, such as safe driving and health management. At the same time, the company plans to improve core insurance services by utilizing AI technology to introduce insurance fitting services that offer optimal coverage tailored to desired premiums.

Kim Kyu-hyung, Head of Digital Division at Samsung Fire & Marine Insurance, explained, "Samsung Fire & Marine Insurance Direct will transform from an 'insurance seller' met only when purchasing insurance to a 'care mate' encountered in daily life."

Samsung Fire & Marine Insurance Direct Wear Event Photos

Choi Young-moo, CEO of Samsung Fire & Marine Insurance, stated, "We will use this as a digital business hub to expand beyond insurance into a lifestyle-oriented platform," adding, "We plan to utilize Chak as a sub-brand of Samsung Fire & Marine Insurance, similar to Samsung Electronics' Galaxy and Shinsegae's SSG, to venture into various fields."

Samsung Fire & Marine Insurance first launched direct non-life insurance that customers can purchase online in 2009. The introduction of a new brand in the direct business division, which has maintained the number one market share for 12 years since its launch, is also noteworthy.

While many insurers are accelerating digital transformation and driving innovation, Samsung Fire & Marine Insurance's launch of a new brand is seen as an unusual choice.

Other insurers are speeding up entry into new businesses ranging from healthcare to MyData (personal credit information management). They are also introducing unprecedented new products, such as selling insurance gift certificates or offering insurance that allows subscription to lifestyle services.

Samsung Fire & Marine Insurance has presented a strategy to leverage its number one competitiveness in the direct sector to gain an advantage over big tech companies.

An industry insider commented, "It is too early to make a judgment as no new business model has emerged yet, but this cannot be seen as just a simple launch of a direct brand," adding, "Depending on what lifestyle-oriented services Samsung Fire & Marine Insurance introduces, it could become an opportunity to change the concept of the insurance industry."

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