Habit Factory Receives 'Presidential Citation for Innovative Finance' on Financial Day

[Asia Economy Reporter Donghyun Choi] Insurtech (insurance + fintech) startup Habit Factory announced on the 26th that it received the Presidential Citation in the Innovative Finance category at the 7th Financial Day ceremony. The company was praised for contributing to the emergence of innovative financial services and enhancing financial consumers' data sovereignty through the launch of its insurance big data analysis service.

The Financial Day ceremony is held to commemorate the legal holiday "Financial Day" and awards individuals or organizations that have contributed to the development of finance. Awards are given in three categories: "Savings & Investment," "Inclusive Finance," and "Innovative Finance," with honors including orders of merit, Presidential and Prime Minister citations, and Financial Services Commission Chairman citations.

The Innovative Finance category, in which Habit Factory was awarded, is established to recognize individuals or organizations that ▲ support the inflow of funds through innovative technologies or ideas ▲ contribute to the development and competition promotion of the financial industry ▲ contribute to the firm stability of the financial market ▲ contribute to the sustainable development of financial institutions and the financial industry.

Habit Factory was the first insurtech startup selected in 2019 as a financial sector center for the big data platform and center construction project, leading the practical activation of big data. In January 2021, it obtained the full license as a MyData operator, proactively enabling customers to access credit information and thus taking the lead in exercising data sovereignty.

Additionally, through its "Medical Expense Household Ledger" insurance claim service, the company has strived to allow customers to enjoy more tangible benefits and has recorded near-perfect customer satisfaction, it added.

Since establishing its U.S. subsidiary in January this year, Habit Factory has been actively pursuing financial globalization by operating the mortgage loan service Loaning.ai. Recently, it also introduced a service that allows real-time interest rate inquiries within 10 seconds using an engine developed with its own technology. The company is preparing to expand its Signal Planner service from insurance to pension and loan sectors.

Lee Dong-ik, co-CEO of Habit Factory, said, "I believe this award is the result of comprehensive recognition of our service operation prioritizing customer value and our internal technological capabilities," adding, "We will continue to make strenuous efforts toward customer-centric finance, worthy of the award given to encourage further development of Korea's financial sector."

Habit Factory was founded in 2016. In 2021, it secured 10 billion KRW in Series B investment from domestic and international institutions. Since July, it has surpassed the monthly break-even point (BEP) based on revenue generation.

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