"Capture the Big Data Market"... KB Insurance Sets Its Sights on the 'Data Business'

Registered as the Only Insurance Industry Product in the Financial Data Exchange
Demand Expected to Increase with Future Aging and Healthcare Service Expansion

[Asia Economy Reporter Ki Ha-young] KB Insurance is actively entering the data business among insurance companies, establishing a leading image.

According to the 'Financial Data Exchange,' a data brokerage platform operated by the Financial Security Institute on the 10th, KB Insurance has registered and is selling a total of 8 data products. Besides KB Insurance, Samsung, Hanwha, Kyobo, Shinhan Life, and Lotte Insurance are registered as suppliers, but KB Insurance is the only company in the insurance sector currently providing actual data.

Earlier, in September last year, KB Insurance became the first in the insurance industry to obtain the subsidiary business qualification for 'big data consulting and sales services.' This refers to combining customer credit information held by the company with external data in a de-identified form to provide consulting services such as commercial district analysis by industry through big data analysis and related data.

Accordingly, the data currently registered on the Financial Data Exchange is focused on automobile and medical data. Representative examples include automobile accident and breakdown types by region and time in Seoul, hospital industry usage status by customer attributes, and hospital patient usage and churn data. Using this data can help analyze sales or commercial districts for places like car centers or hospitals. KB Insurance, which has been promoting the discovery and registration of data products once a month since this year, plans to focus on the data business by promoting the combination of heterogeneous data in the future.

KB Insurance expects to enhance brand value and strengthen digital capabilities by leading the data industry in the insurance sector. It is already showing results, such as being selected as a pilot project operator for the customized DB of the Korea Credit Information Services big data open system. In particular, it aims to take the lead in new businesses such as MyData, considered a future growth engine, through the combination of heterogeneous data. Currently, KB Insurance has applied for the second preliminary permit for the MyData business from financial authorities and is awaiting the results.

A KB Insurance official said, "The data business is still in its early stages, so no sales have been generated yet, but demand is expected to gradually increase due to aging and the expansion of healthcare services," adding, "We expect to play a leading role in the insurance sector."