NAVER Pay Launches “My Insurance Analysis” Leveraging on MyData
NAVER Pay Launches “My Insurance Analysis” Leveraging on MyData
NAVER Pay Launches “My Insurance Analysis” Leveraging on MyData
- From health to auto insurance, it offers a comparative and multidimensional analysis of insurance premiums and coverages based on peer average data from MyData
- With data-driven objective insights, users can independently analyze insurance coverages without requiring agent support or recommendations
October 26, 2023
NAVER Pay (CEO Park Sang-jin) announced on October 26 that it has launched “My Insurance Analysis,” a feature that leverages the MyData service to compare and analyze users’ insurance premiums and coverages—from health to car insurance—against those of their peers.
“My Insurance Analysis” is a revamped version of the previous “All-in-One Insurance Overview,” where you could view all your insurance products and coverage details in a summary. “My Insurance Analysis” allows for a more comprehensive and objective analysis of insurance premiums and coverages against those of your peers. Comparisons are conducted based on the insurance product data registered in NAVER Pay’s “My Assets.”
Utilizing visually intuitive data representations like graphs, users can easily compare and analyze their insurance premiums and coverages. On the NAVER app > NAVER Pay Financial Products > My Insurance page, users can find graphs of ▲their total monthly premiums and ▲premiums by type of insurance such as life, accident, and health compared to average peer premiums. Additionally, it offers insights into where a user’s premiums stand relative to a broader percentile of peer groups.
NAVER Pay has also updated the “Coverage Summary” tab to “My Coverage.” This enhanced feature allows for a graphical comparison of essential insurance coverages, like cancer, brain, and heart conditions, against peer groups. Additionally, it provides a consolidated view of all individual coverages, such as diagnostics, hospitalization, and surgery, under the “Total Coverage” section.
Users who have registered their vehicles in “NAVER MyCar,” a vehicle management service, can also compare and analyze car insurances. Based on the average premiums of “My Assets” users in NAVER Pay, it allows for predictions on future premium adjustments, comparisons against peers, and insights into the average premiums associated with popular car models.
The service is available to users who have integrated their insurance data to NAVER Pay “My Assets,” the MyData-based asset management service. Existing users who already connected their insurance information can seamlessly transition to using the upgraded “My Insurance Analysis” service without any additional procedures.
By searching for “NAVER Pay Insurance” on NAVER , users can easily access the service. New users must go through a one-time MyData authentication during the initial integration, and no additional authentication is required afterward. The service does not solicit marketing consent, allowing users to compare and analyze on their own whether they have insufficient or unnecessary coverage compared to their peer groups without any agent contact or additional policy recommendations.
A NAVER Pay spokesperson said, “Previously, the service was designed to motivate users to stay aware of and be engaged with their insurance plans, rather than overlooking them after purchase. Now, the service has evolved, allowing users to independently compare and analyze their insurance premiums and coverage. Going forward, we plan to provide various services to help users utilize their insurance more easily and proactively.”
