Samsung Financial Networks awards 4 startups for creative ideas

[Courtesy of Samsung Life Insurance]

Samsung Financial Networks, a group of five Samsung financial entities, and Samsung Venture Investment announced the winners of the fourth Samsung Open Collaboration on Thursday.

The Open Collaboration is an innovative initiative adopted by Samsung Financial Networks to take a leading position in the financial industry by cooperating with startups.

In the latest competition, held as part of the initiative, startups were asked to present their unique ideas and technology to solve the tasks announced by each Samsung financial firm and to come up with new solutions that can be realistically applied.

Of the 317 startups in the competition, which began in February 2023, 14 startups made it into the final, with the participants turning their solutions into real-world applications by working with staff members at Samsung financial companies over a period of four months.

The competition announced four startups as the Best Startup.

Samsung Life Insurance Co.’s pick, Wecover Platforms, unveiled a solution to make the insurance eligibility review process more efficient and simpler using artificial intelligence technology. A.I.Matics. Inc., chosen by Samsung Fire & Marine Insurance, developed an algorithm that calculates the risk of any traffic accident on the way to the destination after analysis of accident data.

While Samsung Card Co. chose Fairy, the developer of a real-time marketing platform using data of customer relationship management (CRM), Samsung Securities Co. praised MetaLogos, Inc. for developing the country’s first all-in-one service that gives investors easy access to public offering stock information and make investing easier.

The startups will each be offered a prize award of 10 million won ($7,374).

“I would like to thank all the startups for their participation in the competition,” Samsung Life Insurance chief executive officer Jeon Young Muk said. “Samsung Financial Networks would continue to support financial startups as they embark on their promising journey in the finance industry.”