Auto firms to work with KB Insurance on data harvesting

Officials from founding companies hold up a memorandum of understanding on Tuesday. [KB INSURANCE]

KB Insurance, Hyundai Motor, Kia Motors, the Korea Transportation Safety Authority and Hyundai Commercial inked a memorandum of understanding (MOU) Tuesday to collect and utilize driving data and contribute to growing the mobility ecosystem.

The MOU is aimed at using big data to help drivers of commercial vehicles safely do their jobs and reduce the number of car accidents by promoting a safe driving culture.

Hyundai Motor, Kia Motors and KB Insurance will also use big data to develop new products for car owners.

Hyundai and Kia plan to use the collected data to develop smart mobility solutions, as well as provide them to other companies. KB Insurance hopes to use the data collected to come up with more intricate insurance plans.

KB Insurance hopes to "lower usage of fossil fuels and prevent car accidents through our data-based car insurance plans and put efforts to meet our Environmental, Social and Corporate Governance goals of the company".

BY KANG JAE-EUN [kang.jaeeun@joongang.co.kr]