Kyobo Life Insurance announced on the 10th that it is launching the second phase of its open innovation program, "InnoStage," and will collaborate with startups.
[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 10th that it is launching the second phase of its open innovation program 'InnoStage' and will collaborate with startups. InnoStage is an open platform launched last year to discover new businesses in the insurance sector.
Last month, Kyobo Life Insurance recruited participants for the second phase of InnoStage and selected five startups specializing in artificial intelligence (AI), life care, and B2B services from over 350 applicants.
The selected startups are FrontTrip (a host-based leisure activity platform), D-Time (a comprehensive HR management cloud service for small and medium-sized enterprises), Things (a women’s lifestyle-based health management platform), Lomin (an AI-based unstructured text recognition (OCR) service), and Jejemimi (a platform for automatic management of children’s photos and creation of growth videos).
Kyobo Life Insurance will develop joint business models with these companies and provide the selected startups with business development funds and co-working spaces. Additionally, the accelerator Krypton will offer one-on-one mentoring in areas such as legal affairs, patents, marketing, and investment attraction.
Yoon Yeol-hyun, CEO of Kyobo Life Insurance, stated, "If last year was the inaugural year for open innovation, this year we will accelerate digital innovation through a more substantial program operation. We will create a win-win environment that supports growth by providing startups with opportunities to fully showcase their technologies and business models through collaboration."
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