The plan mirrors an initiative in the United States by Facebook, which created Facebook Connect to allow logging on to multiple sites with a single identity.
Allianz, Axel Springer, Daimler, Deutsche Bank, technology think-tank Core, and location services provider Here Technologies signed a declaration of intent to establish a platform for registration, e-identity and data services, the group of firms said on Monday.
"The idea behind the cooperation is to provide a competitive, European response to the platform economy's main players," the companies said.
The group of companies said the new venture "aims to guarantee the highest standards in data security and data protection".
The European initiative is still several months away from being launched, but the group of companies is announcing its plans early in order to attract more partners.
When making purchases online, consumers using the new data store would provide a so-called master key to sellers of goods and services to unlock personal details needed for the transaction.
Christian Sewing, Deutsche Bank's deputy CEO said that Europeans must at last fully play out its strengths in digitalisation.
"The time is ripe for a platform initiative of this kind. It will increase legal certainty for clients and boost the European digital economy's growth," he said.