Non-life Insurance Services to Be Added to SuperSOL in the Second Half of This Year
Seen as an Initial Step Toward the 'New SuperSOL'
"A Process of Becoming a True Universal App"
The super app 'SuperSOL' of Shinhan Financial Group will soon include services from its affiliate, Shinhan EZ General Insurance. This move aims to strengthen synergy among group affiliates and serve as a stepping stone toward expanding into a universal application (integrated app).
According to the financial sector on June 9, Shinhan Financial Group will revise the terms of use for its 'Shinhan Group Integrated Mobile Platform' effective August 1. The main change is the addition of the group's general insurance affiliate, Shinhan EZ General Insurance, to the platform. Currently, this platform is operated through SuperSOL, which serves as the group's integrated app. SuperSOL brings together services from Shinhan Financial Group affiliates including banking (Shinhan Bank), credit cards (Shinhan Card), securities (Shinhan Investment & Securities), life insurance (Shinhan Life), and savings bank (Shinhan Savings Bank). Development of SuperSOL began at the end of 2022, and it was launched in December 2023.
Specifically, the app will offer services such as viewing Shinhan EZ General Insurance contracts, premium payments, mobile consultations regarding products, notifications of premiums and insurance payouts, integrated login for the insurance company app, searches related to the general insurance company, and non-financial services. These services are expected to be largely similar to those currently provided by Shinhan Life within SuperSOL. A Shinhan Financial Group representative stated, "It is true that Shinhan EZ General Insurance services will be added to SuperSOL," but added, "The specific services to be launched in the second half of this year have not yet been finalized."
The addition of the group’s general insurance services to SuperSOL appears to be an initial step in preparation for the launch of the 'New SuperSOL' next year. Shinhan Financial Group plans to integrate SuperSOL into its banking mobile app, 'SOL Bank,' by June next year. While SuperSOL currently provides only some functions of each affiliate, the goal is to include all functions of every affiliate in SOL Bank. This represents a shift in strategy from positioning SuperSOL as the integrated app to developing SOL Bank as the universal app. Through this change, customers will be able to handle all financial transactions of every affiliate with a single app, and the group will be able to develop new convergence products at the group level for customers to purchase.
Aside from the addition of EZ General Insurance, it is unlikely that SuperSOL will see the introduction of new systems or significant expenditures for the time being. Starting July 1, the procedure for new loan applications through SuperSOL will change. Previously, when customers applied for Shinhan Bank loan products via SuperSOL, the screening process was conducted within SuperSOL itself. Going forward, the screening will be handled in SOL Bank. This change is in response to recommendations from financial authorities to strengthen identity verification procedures. However, SuperSOL does not have the necessary functions for developing systems to enhance identity verification. Given the time and costs required to add new functions and the current trend of emphasizing SOL Bank, Shinhan Bank has decided to consolidate non-face-to-face loan applications into SOL Bank.
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