Shinhan Financial Group announced Tuesday that it will invest 6.5 billion won ($4.82 million) into Habit Factory, an advanced data analysis insurance technology start-up, through the group’s strategic investment fund.

According to the financial institution, Habit Factory is a Seoul-based "insurtech" company -- a portmanteau of “insurance” and “technology” that aims to innovate the traditional insurance industry through the use of information technologies including data analysis and artificial intelligence.

In particular, Habit Factory operates its flagship insurance application called Signal Planner. Using AI technology, the app compares and recommends various customized products for users based on large database analysis, and through the results, its insurance agents provide tailored consultant services.

Through this investment, Shinhan not only plans to forge strategic partnerships with the insurance agency but also aims to collaborate across various fields such as developing customized financial products, through the sharing of expertise, and core competencies between the two parties.

“We are delighted to form a partnership with a promising startup that is leading new trends in the insurance industry,” said an official from Shinhan Financial Group. “Going forward, we plan to actively expand our footprint in the digital ecosystem by continuously collaborating with rising startups through our strategic venture capital investment.”

Earlier in June, under its affiliate Shinhan Venture Investment, the financial group debuted its megafund for digital strategic investment called “Shinhan Hyper Connect Investment Association” worth 270 billion won, with the aim of enhancing the group’s capacity in venture capital investments.

• ·Mirae Asset Securities names new CEOs
• ·“가자주민 삶 최악…한국지원 절실”
• ·대통령실 “UAE 대통령 방한 순연”…이스라엘·하마스 충돌 영향
• ·“北, 무단철거 금강산 골프장서 옥수수 건조”
• ·Congresswoman redoubles calls for support to designate Nov. 22 as 'Kimchi Day'
• ·[Herald Interview] Dyson engineer stresses potential of Korean hair care market
• ·[Exclusive] 'Game of Thrones' publisher inks deal for Korean books for first time
• ·尹 보선 첫 반응 "선거 결과서 교훈 찾아, 지혜롭게 변화를"
• ·[KH Explains] China ups OLED ante to take over Korean shares
• ·Igis launches $100m secondary fund for overseas investment
• ·Kia to expand EV lineup with mass market appeal
• ·尹 보선 첫 반응 "선거 결과서 교훈 찾아, 지혜롭게 변화를"
• ·Moon officials tried to cover up North Korea’s murder of South Korean: state inspectors
• ·혼전임신 직원에 "애비없는 애"…갑질 서기관 감싼 복지부 논란
• ·“가자주민 삶 최악…한국지원 절실”
• ·Le Sserafim to release first English single 'Perfect Night'