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Mirae Asset into the MyData business

Bytomasian

Sep 20, 2022

As Mirae Asset Life Insurance’s entry into the MyData business (in-house credit information management business) is imminent, the industry is drawing attention. It is expected to increase customer convenience in the insurance payment review and insurance payment process and compete fiercely in the asset management market in the future.

According to the financial sector on the 14th, Mirae Asset Life Insurance is expected to be able to obtain permission for the MyData business within this month. Mirae Asset Life Insurance has currently received preliminary approval and is preparing for its MyData business plan after obtaining its own approval.If Mirae Asset Life Insurance enters the MyData business in earnest, it will be the third in the insurance industry after Kyobo Life Insurance and KB Insurance.

MyData business is a business that collects scattered financial transaction information and provides customized financial services such as proxy exercise of personal information self-determination rights, analysis of financial and consumption patterns, and investment advice.

From the perspective of financial companies, not only customers’ information on their transactions but also all financial transaction data can be secured, so customized customer convenience services can be provided or new products can be developed based on this.

Mirae Asset Life Insurance plans to use MyData first to develop services that enhance customer convenience. The plan is to improve insurance payment, insurance claims, insurance policy loans, and termination of insurance contracts, which are the processes after subscribing to insurance products, so that customers can conveniently use them.

Some predict that it will expand its business area to healthcare business and asset management services in the future. An industry official said, “Life insurers need to expand the product market, but the situation is not easy, so they are in trouble,” adding, “We understand that they are trying to expand their business models using MyData in the process of finding new food.”

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