Local Centers of Excellence Leading to Global Expansion
Recai Dalas
CEO of Retail Insurance, Sompo International Holdings Ltd.
and CEO & Director, Sompo Sigorta Anonim Sirketi
Growth in Retail Insurance
For more than 60 years, the Sompo Holdings Group has been delivering personal lines, small-to-medium enterprise and corporate insurance products outside of Japan. Our retail subsidiaries and affiliates have strong track records of success, demonstrating rapid growth and achieving significant market share.
In April 2018, we launched our Retail Insurance platform and began the process of integrating all of our overseas retail subsidiaries and affiliates into Sompo International. This integration will bring new opportunities for growth, scale, and diversity to our business while creating a platform that is unique in our industry.
Our Retail Insurance platform utilizes centers of excellence drawing on the experience and expertise of our retail businesses to develop leading edge products and services, integrate them within broader consumer distribution ecosystems, and tailor our offerings to the local markets we serve. Our centers of excellence are key drivers of our success as we continue to enhance our overseas Retail Insurance platform with additional products and further geographic expansion.
Growth through Innovative Partnerships and Technology
In Turkey, for example, Sompo Sigorta’s market leading growth is driven by technical innovation including, our award-winning mobile device application supporting 24/7 service delivery by our agencies, as well as our technical insurance pricing expertise and superior marketing strategies.
In Southeast Asia, Sompo Holdings (Asia) is driving growth and expansion through a regional bancassurance distribution partnership with CIMB, one of ASEAN’s largest banking groups, supported by enhancements to our branding and digital strategies.
In Brazil, Sompo Seguros is now the No. 1 marine insurer in the country based on advanced digital analytics. We are working to tailor these modeling and analysis tools for use in additional marine markets in other regions around the world.
Further, Sompo China’s online travel alliance with ZhongAn, China’s largest Internet insurance company, demonstrates our strength in creating successful affinity partnerships built on exceptional customer service while also increasing our penetration of this fast-growing market.
In addition, we are working with SOMPO Digital Lab and InsureTech start-ups to introduce the latest digital products and services and create new distribution channels with affinity partners.
By creating a truly global integrated Retail Insurance operation, we have created a new ecosystem which will effectively share the best practices and technology across all Group operations around the globe.
