[Asia Economy Reporter Changhwan Lee] KB Insurance announced on the 21st that it signed a data consulting and sales contract with the Korea Wellcare Industry Association (Wellcare) at its headquarters located in Gangnam-gu, Seoul.
Through this contract, Wellcare plans to combine KB Insurance's insurance data with Wellcare's medical data to develop a mini insurance product related to metabolic syndrome for the MZ generation (born from the early 1980s to the early 2000s).
KB Insurance will provide the necessary consulting services and de-identified data during this process.
Previously, in September 2020, KB Insurance was the first in the industry to obtain subsidiary business qualifications for 'big data consulting and sales services.' The company explained that this contract with Wellcare marks the first fruition of its big data business.
The company emphasized that this contract is significant in that it officially obtained subsidiary business qualifications and became the first in the industry to sell insurance company data, as well as creating a revenue model through big data consulting services.
Oh Young-taek, Head of the CPC Strategy Division at KB Insurance, said, "This contract has expanded the business scope of the insurance company," adding, "We are also expanding big data sales services to AI algorithm development companies and public institutions."
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