Sompo Holdings has been steadily transforming the entire Group and each business toward its vision of becoming “A Theme Park for Security, Health & Wellbeing.” During the first half of its Mid-Term Management Plan (fiscal 2016–fiscal 2018), the Company accelerated the development of new businesses as well as products and services that go beyond the framework of existing businesses.
During the second half of the Mid-Term Management Plan (fiscal 2019–fiscal 2020), the Company will continue to transform its business portfolio and diversify its business domains and sources of revenue.
Domestic P&C Insurance
Stabilizing profit growth by raising efficiency, creating new sources of revenue
- Making up-front investments in AI, RPA, and IT systems, increasing efficiency by optimizing sales networks
- Optimizing product pricing strategy, reforming earnings structure by cutting business costs
- Utilizing partnerships and digital technology to create points of contact with new customers, creating new sources of revenue
Entry into the C2C Car Sharing Business and the Private Car Leasing Business
With the aim of creating a safe and secure consumer-to-consumer (C2C) car sharing market, DeNA Co., Ltd., and Sompo Holdings established two joint ventures in the mobility domain in February 2019—namely, DeNA Sompo Mobility and DeNA Sompo Carlife—marking the Group’s entry into the C2C car sharing and private car leasing businesses.
Test Services for Autonomous Cars
In September 2018, we opened the Connected Support Center as a research facility for responding to traf c accidents and other troubles through the remote monitoring and control intervention of selfdriving cars, with the objective of getting involved in new markets and playing new roles as an insurer, in a pivot from insurance coverage to services. In February 2019, we began to develop solution-based services for local governments and transportation providers to test services for autonomous cars, partnering with Tier IV, Inc., a developer of software for autonomous cars, and AISAN TECHNOLOGY Co., Ltd., a company that creates and distributes high-precision 3D maps.
Overseas Insurance
Driving profit growth for the Group
- Accelerating organic growth in global platforms for corporate and retail fields
- Expanding business base via bolt-on M&A that complements existing operations
- Continuing disciplined underwriting with focus on risks and returns
Accelerated Global Platform Strategy
We have accelerated the launch and global rollout of AgriSompo, a platform for agricultural insurance, and SomPro, a platform for specialty insurance, such as for financial institutions and professional occupations. In April 2018, we also launched a platform for the retail field and shared our know-how globally.
Domestic Life Insurance
Steadily expanding profits by transforming into health support enterprise
- Expanding profits by gradually increasing number of policies in force
- Developing Insurhealth® as insurance combined with services to help customers maintain and improve their health
- Rapidly improving productivity with AI and RPA
Linkx Helping Customers Maintain and Improve Their Health
Our income compensation insurance product, Linkx: Protection for You and Your Family, encourages customers to maintain and improve their health by incorporating a “Get☆Healthy Challenge!” program. This program lowers the premiums of customers who quit smoking or get healthier and provides them with a Get Healthy Bonus, equivalent to a reimbursement of the difference between the former and reduced premiums dating back to the time of policy enrollment.
Launched Sales of Linkx Egao Wo Mamoru Dementia Insurance
In October 2018, we started selling dementia insurance that pays out benefits from the mild cognitive impairment (MCI) stage of dementia, an industry first. The insurance was developed by the entire Group as a health support product. It comes with the SOMPO Egao Club dementia support platform, which provides information and introduces services that help with the early detection of MCI and dementia and the prevention of deterioration in cognitive functions.
Nursing Care & Healthcare
Improving productivity while solving social issues
- Improving profitability by using cutting-edge technologies
- Creating new sources of revenue in dementia-related services and senior citizen market
Future Care Lab in Japan
In February 2019, we opened Future Care Lab in Japan as a research lab for experimenting with the latest technologies from around the world.
SOMPO Care FOOD LAB
In March 2018, SOMPO Care FOOD LAB was opened to propose new and improved menus and to develop menus tailored to people’s ability to chew and swallow food. We are strengthening food-related operations as a new business, leveraging our knowledge about food.
New business models
Accelerate tie-ups with external partners and business collaboration
Dementia Support Program
As a group, we began offering the SOMPO Dementia Support Program to address the serious social issue of helping people with dementia. In October 2018, the Company launched the SOMPO Egao Club as a support platform for dementia along with web services that help prevent deterioration in cognitive functions. Across the Group, these offerings are provided as add-on services for insurance policies.
Entry into the Cybersecurity Business
By utilizing the know-how of the SOMPO Digital Lab we set up in Israel in November 2017, we formally entered the cybersecurity business in January 2018 to use the latest technologies to fight off cyberattacks that have become increasingly sophisticated and damaging.
