Unveiling Insurers' MyData... "Differentiation by Integrating Healthcare"

Financial Platform Underdogs
Securing Competitiveness Through Alliances and Mergers

[Asia Economy Reporter Oh Hyung-gil] Insurance companies have become latecomers to the MyData (personal credit information management) service, which has garnered attention as a new financial service.

Unlike banks and card companies, which are based on deposits or cards closely related to everyday life, insurance companies inevitably fall behind in the competition for financial life platforms. However, they are seeking differentiation by leveraging their advantage of encompassing both finance and health.

According to the insurance industry on the 8th, Kyobo Life Insurance and KB Insurance, which have received full MyData licenses, are planning to launch their services in the first quarter.

Shinhan Life, Mirae Asset Life, and Meritz Fire & Marine Insurance, which received preliminary licenses last year, plan to enter the MyData business after passing the full license review. The MyData business is a service that collects scattered personal financial information from financial companies in one place and shows it to customers.

Kyobo Life Insurance signed a memorandum of understanding (MOU) with promising startups based on MyData to expand its financial MyData services. Infomining and Enable Daonsoft have been recognized for their innovation in different areas.

Infomining is a smart healthcare service specialist company that has proven its excellence through certifications as a technology-specialized venture company and awards in AI championships. Kyobo Life plans to jointly discover ideas and commercialize projects with Infomining to provide motivation for customer health improvement and customized health solutions through the utilization and analysis of health data.

Enable Daonsoft is developing and operating the military personnel community service ‘The Camp.’ Through this business partnership, Kyobo Life plans to develop financial education content for military personnel and create customized financial products for soldiers.

This company, which won the grand prize in the public sector at the Korea Mobile Awards, provides military enlistment information and military family community functions through its application, boasting a solid customer base with 3.6 million cumulative subscribers and 700,000 monthly active users (MAU).

Kyobo Life intends to expand the scope of its MyData services through this MOU and accelerate the launch of its official service soon.

A Kyobo Life official said, “Kyobo Life’s MyData aims to help people live healthy and proper financial lives,” adding, “We plan to create and provide a MyData service that reflects Kyobo Life’s unique identity so that customers can understand and proactively utilize finance.”

KB Insurance, which obtained the full MyData license last month, aims to open customer services within the first quarter.

Key services will include ▲Personal Financial Management (PFM) ▲Open Insurance ▲Healthcare linkage. Based on collaboration with KB Financial Group affiliates such as banks and card companies, it is expected to offer insurance coverage analysis and health management services.

Last year, KB Insurance reorganized by integrating departments under the digital IT division and establishing a new MyData department. Synergy is also expected with KB Healthcare, the healthcare subsidiary established for the first time in the insurance industry.

Kim Ki-hwan, CEO of KB Insurance, said, “We must advance from being the first in the industry to the best by fully launching the MyData business, which was the first to be licensed in the non-life insurance industry, along with the healthcare subsidiary established for the first time in the insurance industry.” He added, “We will lead the construction of a platform connecting financial and non-financial sectors and become the vanguard that upgrades KB Financial Group’s ‘Dream’ to the next level.”

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