Kyobo Life Insurance has embarked on the development of blockchain-based insurance products. They are exploring ways to integrate healthcare data into insurance products through collaboration with Superwork, a web3 healthcare platform.
◇Development of blockchain insurance products begins = According to the virtual asset industry on the 17th, Kyobo Life Insurance is in discussions with Superwork regarding the development of insurance products utilizing health management data.
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Superwalk is a blockchain-based service that rewards users for their walking. It has been evaluated as having great potential for integration with insurance companies, as it allows users to utilize health management data in designing insurance products. Proground, the operator of Superwalk, has attracted initial investment from Naver-affiliated venture capital firm Springcamp and Krafton.
The two companies are already engaged in a marketing collaboration. Kyobo Life is reportedly positive about the results of this collaboration and has expanded discussions. The discussions reportedly include premium discounts based on health management data, joint marketing, and the development of digital insurance products.
◇The third-generation owner personally leads the charge = Kyobo Life Insurance's move is also in line with its interest in stablecoins and blockchain finance.
Shin Jung-hyun, head of global partnerships at Kyobo Life Insurance and the second son of Kyobo Life Insurance Group Chairman Shin Chang-jae, attended the Layer Zero Stablecoin Roundtable held the previous day and looked into industry trends.
In October, Kyobo Life Insurance was the only domestic financial institution to be listed as a partner for the 'Arc Testnet' developed by Circle, the issuer of the dollar-based stablecoin USDC.
Industry insiders are discussing the possibility that this trend could lead to future insurance payment models utilizing USDC or proof-of-concept (PoC) experiments for global insurance products. Analysts suggest that stablecoins could be utilized to simplify overseas payments and currency exchange during insurance premium payment and settlement processes.
A Kyobo Life official stated, “Currently, we are in the simple marketing collaboration phase, but we are reviewing the possibility of additional partnerships based on the services and content owned by both companies.”
- Reporter Do Ye-ri
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