Topics

Building of Real Data Platform (RDP) and development of new solutions

To achieve the SOMPO's purpose of “Creating a Theme Park for Security, Health and Wellbeing of Customers,” Sompo Holdings is building solutions and carting out digital transformation in business fields using the SOMPO Group’s strengths with partners such as Palantir Technologies Inc. In the nursing care business, we have developed software solutions to achieve high product quality and improved productivity. We have also started a collaboration with external nursing care providers to create an ecosystem (RDP business) that contributes to sustainable improvements in the long-term care insurance system. In the P&C insurance business, we are progressing initiatives using data to improve our insurance underwriting operations and make early insurance claims paid for large-scale natural disasters, to increase the value of existing businesses.

Establishment of Sompo Light Vortex, Inc, a Subsidiary for Digital Businesses

Sompo Holdings Inc. established SOMPO Light Vortex on July 1, 2021 as an operating company in the digital business. Sompo Holdings has set “new customer value creation” as one of the pillars of its core strategies in its Mid-term Management Plan starting in FY2021, and established SOMPO Light Vortex to commercialize the digital domain and to strengthen the creation of services using digital technology that appeal to customers and to capture new business opportunities. SOMPO Light Vortex aims to provide value to society and customers through the practical application and commercialization of services using digital knowledge and digital elemental technologies, such as through SMACOYA, that provides new life experiences for occupants of subscription-type smarthouses through vacant residence utilization, and the Light PASS and WiTH Health healthcare services in collaboration with local governments. Please see the SOMPO Light Vortex website for details.

Launch Online B to B Auction Business - Establishment of SOMPO AUX -

In September 2020, Sompo Holdings Inc. made SOMPO AUX Inc. a group company and has full-fledged entered B to B auction business from September 2020. Sompo Japan Insurance Inc., (Sompo Japan), a subsidiary of SOMPO Holdings, takes in and sells approximately 40,000 vehicles per year that have been involved in accidents as part of its automobile insurance business. SOMPO AUX operates an auction platform to sell these accident vehicles, and challenges the sophistication of sales channels based on data from these auctions. Increasing the ratio of vehicles that are reused as used vehicles or parts can be one of the elements to realize a recycling-oriented society. For Sompo Japan, the sale of these vehicles to the most suitable buyers at a higher price could also lead to improved profits in the automobile insurance business.

Utilization of video and image analysis technology in the mobility business

SOMPO Light Vortex Inc. is progressing the examination of technology utilization in the mobility domain in collaboration with ACES, Inc., a provider of AI software services using image analysis AI algorithms. As a first step, since May 2022, SOMPO AUX Inc. has been using ACES’ AI technology in their auction’s operation. The creation of new digital businesses for resolving social issues requires the structuring and integration of an enormous volume of non-structural data of real industries, followed by the appropriate analysis and utilization of this data, and linking it to business value. SOMPO Light Vortex will continue to strive to generate new value in the mobility business through collaborations with partner companies that possesses cutting-edge digital technology.