Shinhan Financial Group Invests 6.5 Billion KRW in Insurance Startup 'Habit Factory'

Investment through Shinhan Hyper Connect Investment Association No. 1

Shinhan Financial Group announced on the 10th that it has invested 6.5 billion KRW in Habit Factory, a data-driven insurance sales startup, through the group’s digital strategic investment (SI) fund, ‘Shinhan Hyper Connect Investment Association No. 1.’

Habit Factory is an insurtech startup operating Signal Planner, an insurance comparison and recommendation app. Using artificial intelligence (AI) to recommend customized products based on data for each customer, it aims to enhance customer-centric insurance sales and agent productivity by having full-time planners conduct thorough consultations, leading to rapid growth.

Through this investment, Shinhan Financial plans to collaborate with Habit Factory in various areas, including insurance agency partnerships and the development of customized products by sharing know-how and core competencies between the two companies.

A Shinhan Financial Group official said, “We are pleased to form a partnership with a promising startup leading new trends in the insurance industry,” adding, “Shinhan Financial will continue to lead the expansion of the digital ecosystem through investment-based collaboration with various promising startups.”

Meanwhile, in June, Shinhan Financial transferred the SI fund from Shinhan Capital to Shinhan Venture Investment to focus the group’s venture investment capabilities and established the Shinhan Hyper Connect Investment Association No. 1 fund with a total size of 270 billion KRW.