[Edaily Reporter Kim Hyun-ah ] Mobility platform company SOCAR(403550)is making a full-scale entry into the insurance and financial services sectors based on its accumulated driving data. The company plans to develop customized insurance products using vehicle usage data and build next-generation insurance models in preparation for the era of autonomous driving.

SOCAR (CEO Park Jae-wook) announced on the 23rd that it has signed a strategic memorandum of understanding (MOU) with AXA General Insurance (CEO Hans Branken) to develop data-driven insurance products and collaborate on new business ventures.

Under this agreement, SOCAR users will be able to purchase driver’s insurance, travel insurance, and other necessary coverage directly within the SOCAR app during the vehicle reservation and usage process. The two companies plan to gradually expand the scope of services with the goal of launching related products in the second half of this year.

In addition to insurance enrollment, the companies intend to collaborate on improving accident claims review and operational processes to jointly enhance customer convenience and business efficiency.

This partnership is seen as the first concrete implementation of SOCAR’s mid- to long-term growth strategy, “SOCAR The NEXT,” announced last May.

Founded in 2011, SOCAR has grown into Korea’s leading car-sharing platform and has since expanded its business into vehicle commerce, including vehicle subscription services and the sale and export of used cars. Recently, the company has been pushing for a transformation into a “full-stack mobility” enterprise that combines insurance and financial services to provide the entire process—from vehicle search to usage and management—within a single platform.

To this end, SOCAR held an extraordinary general meeting of shareholders on the 4th and laid the groundwork for entering the financial sector by adding 12 business objectives—including insurance agency and brokerage services—to its articles of incorporation.

Going forward, the two companies plan to jointly develop customized insurance products that reflect individual drivers’ characteristics and risk levels by leveraging the vast amount of driving data and safe driving scores accumulated from the approximately 25,000 vehicles currently operated by SOCAR.

In particular, they will collaborate on developing insurance models geared toward the era of autonomous driving. As the liability structure for accidents and the compensation system could change significantly once autonomous vehicles become widespread, the plan is to proactively prepare relevant insurance products and risk management systems.

Park Jae-wook, CEO of SOCAR, stated, “Since insurance is an essential service in the vehicle usage process, we have focused on enhancing the in-platform experience to make it more convenient for customers.” He added, “By combining SOCAR’s mobility data with AXA General Insurance’s expertise, we will introduce customer-tailored products and jointly prepare new insurance models for the era of autonomous driving.”

It remains to be seen whether this collaboration will go beyond a simple insurance sales partnership to become the starting point for building a data-driven mobility finance ecosystem. In particular, with a platform operator possessing vast amounts of real-world driving data joining forces with a global insurer, competition in the personalized insurance market and future mobility finance services is expected to intensify significantly.