Real Estate to Cars Price Inquiry... Kyobo Life Insurance's Financial MyData Blueprint (Comprehensive)

Differentiated by 'Finance + Non-Finance'
Collecting Life-Oriented Data

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance, the first insurance company to obtain the full license for the financial sector's Personal Credit Information Management Service (MyData), is expanding its financial MyData platform into lifestyle-oriented services that cover everything from culture to real estate and vehicle price inquiries. The plan is to leverage the group's strengths to differentiate by integrating financial and non-financial information.

According to the insurance industry on the 29th, Kyobo Life Insurance is currently pursuing partnerships with businesses that can provide credit score inquiries as well as real estate and automobile price information within its financial MyData platform. The core strategy is to diversify MyData services based on partnerships with specialized operators in each field and to enhance the market preemption effect.

Kyobo Life Insurance is strengthening internal and external cooperation systems to promote its financial MyData business. After establishing collaborative frameworks with affiliates such as Kyobo Book Centre, Kyobo Lifeplanet Life Insurance, Daesan Cultural Foundation, and Kyobo Education Foundation, it signed a strategic business agreement (MOU) earlier this month with the Korea Entrepreneurship Foundation (KoEF) to discover innovative startups and new ideas for financial MyData.

The Korea Entrepreneurship Foundation, a non-profit foundation established with support from the Ministry of SMEs and Startups and others, conducts mentoring and youth startup support projects to assist young startups and promote entrepreneurship.

On the 31st, the phrase on the Kyobo Life Gwanghwamun Billboard in Jongno-gu, Seoul, was newly changed to welcome summer. This phrase is taken from poet Kim Kyung-in's "Summer's To-Do List" and carries the meaning of encouraging attention to those around us and supporting the recovery of daily life despite the hardships caused by COVID-19. Photo by Moon Ho-nam munonam@

Alongside this, Kyobo Life Insurance plans to provide systematic financial education services incorporating humanities elements based on customers' financial literacy.

Earlier this year, to offer customized financial education services based on MyData, Kyobo Securities and Seoul National University Business Research Institute jointly developed a Financial Life Index. Previously, they also recruited businesses to provide a "financial education infused with humanities" service.

The MyData industry involves providing integrated inquiry services to customers by receiving dispersed personal credit information upon customers' exercise of transmission rights. Kyobo Life Insurance received the full MyData license from the Financial Services Commission on the 21st.

The MyData business encompassing culture (non-financial) and finance that Kyobo Life Insurance will launch began with Chairman Shin Chang-jae's "ambidextrous management." This is a plan to continuously generate profits from traditional life insurance while securing new growth engines to build a future foundation.

At the management strategy meeting earlier this year, Chairman Shin declared, "We will expand our business beyond insurance into new areas such as financial investment and arts and culture, creating an innovative company that delivers unique customer experiences and value encompassing culture and finance." In addition, since President Pyeon Jeong-beom was appointed in March, he has taken charge of insurance and digital innovation, accelerating digital transformation.