Social and relationship capital

To provide new solutions by utilizing the large amount of high-quality real data held by the Sompo Group, we decided to form a business alliance consisting of three companies: Sompo Holdings, Palantir Technologies Inc. (hereinafter “Palantir”), and Palantir Technologies Japan K.K., which was established last year as a joint venture with Palantir Technologies Inc. Palantir is comprised of the world’s best data analysis professionals, and its founders have a philosophy that “superior technology should be used to make the world and people happy.” The Sompo Group shares this philosophy and is convinced that it is necessary to work hand in hand with partners like Palantir to create new value to further the growth of the Group. By combining Palantir’s technology with the Sompo Group’s valuable real data, we will develop a Real Data Platform (RDP) to provide new solutions and further refine the Group’s problem-solving capabilities.

Flood damage prediction system

With the recent shift to a new normal climate, characterized by frequent major natural disasters, we believe that the Sompo Group has a responsibility to work on solving issues that will help create a disaster-resilient society. In addition to the traditional role of P&C insurance, which is to provide financial coverage after a disaster has occurred, we would like to take a more proactive approach to disaster preparedness to prevent and mitigate disasters and to help ensure a quick recovery after a disaster occurs. Furthermore, we would like to provide new services to our customers by utilizing technology, namely through AI and data. Sompo Japan Insurance has formed a business alliance with Silicon Valley-based disaster prevention start-up company One Concern, Inc. and Weathernews Inc. to jointly develop an AI-based flood and earthquake damage prediction system to contribute to the improvement of regional disaster preparedness. This system utilizes AI and a variety of data related to local disaster prevention, including data on weather and buildings, to enable damage prediction and real-time tracking of damage before, during, and after floods and earthquakes by block (parcel). Following verification conducted in Kumamoto City from March 2019, we aim to develop a disaster prevention and mitigation system unique to Japan.
In cooperation with local governments, we will strengthen our efforts to help create disaster-resilient communities by using this system.

We established the Future Care Lab in Japan in February 2019 as a place to demonstrate, experiment, and develop various technologies aimed at shrinking the supply-demand gap of nursing care personnel by increasing productivity through the use of digital technologies and ICT. The lab has conducted joint research and development that combines technologies from startup companies, major manufacturers, and research institutions with the know-how of the Sompo Group, and has evaluated and verified over 350 technologies since its establishment (as of the end of fiscal 2020). In the verification process, the lab not only evaluates the performance, but also the safety, quality of care, and workload reduction of nursing care personnel. As a result, 10 technologies have been implemented in the Sompo Group’s nursing care fascilities as of the end of fiscal 2020.
In addition, in fiscal 2020, the company was selected as a Living Lab in the Ministry of Health, Labour and Welfare’s Living Platform Creation Project, and is working to contribute to the development of society by supporting companies that wish to evaluate nursing care robot products under development and verify them in nursing care fascilities, as well as planning and implementing pitch contests for start-up companies.

In May 2021, we invested in MPower Partners Fund L.P. (hereinafter “MPower”), the first ESG (Environmental, Social and Governance) focused venture capital fund in Japan. The fund aims to support entrepreneurs aiming to solve social issues with the power of technology and promote sustainable growth by integrating ESG into their strategies. The key investment areas are the healthcare and wellness, fintech, next-generation workstyle and education, next-generation consumers, and environment and sustainability domains.
Through our investment in the fund, we will contribute to the sound development of financial markets and society as a whole by supporting startups with growth potential to achieve sustainable growth by implementing ESG into society. In addition, we will accelerate the Sompo Group’s SDGs in Business Management to create both social and economic value through future-oriented dialogue while actively engaging with the stakeholders participating in the fund.

Note: MPower’s investment team members are as follows

*Excerpt from the press release of Interbrand Japan, Inc.

In 2019, we formulated a group brand slogan, “A Theme Park for Security, Health & Wellbeing,” which is the Sompo Group’s vision, and we are rolling it out globally.
We are accelerating Group-wide efforts to fulfill the SOMPO’s Purpose through both our management and brand strategies, with the aim of going beyond our traditional image as a conventional P&C insurance company and becoming a well-known solution provider that contribute to the security, health, and wellbeing every people fundamentally seek.
The brand value of the Company has constantly grown as a result of Group-wide efforts to enhance brand value with a sense of unity centered on our brand story. As a result of these efforts, our company name recognition in Japan has more than tripled over the past five years to nearly 80% according to an external survey commissioned by the Company.
For more information on the SOMPO’s branding initiatives, please see our branding movie.

The World Economic Forum (WEF), founded by Klaus Schwab, is a non-profit international organization dedicated to public-private cooperation to improve world affairs. In collaboration with political, economic, academic and other leaders from around the world, including heads of state and corporate executives, the WEF takes the lead in setting important global, regional, and industrial agendas.
Since 2015, we have actively participated in the annual meeting in Davos, Switzerland, held every January (commonly known as the Davos Forum) six times, and have demonstrated our global presence by participating in its activities.
The 2021 Davos Forum was held in January as a special online event called the Davos Agenda due to the spread of COVID-19. Leaders from various fields engaged in lively discussions aimed at achieving The Great Reset to build a better world. As a speaker, Sompo Group CEO Sakurada presented Japanese values and spirituality that can contribute to building a post-COVID sustainable society along with the Sompo Group’s initiatives in nursing care.
We have established a partnership with the English news magazine TIME, through which we communicate our activities at the WEF to world leaders participating in the WEF and to readers in 200 countries. In a WEF feature published in November 2020, our Group CEO Sakurada submitted an article titled "Redesign Capitalism to Incorporate Social Value” that presented a new capitalism needed after COVID-19 and the Sompo Group’s social value in the new era.

We are participating in the activities of the Centre for the Fourth Industrial Revolution (C4IR), established by the WEF in 2017. C4IR is the world’s largest multi-stakeholder platform for the responsible use of advanced technologies such as AI, blockchain, IoT, and autonomous driving, and for exploring ways to promote their implementation in society.
Through its participation in projects organized by C4IR, Sompo Holdings has been exploring appropriate management methods and effective ways to utilize personal data, including in the medical and nursing care fields, as well as conducting risk analysis for the practical application of autonomous driving technology. We have published the results of these studies in a WEF white paper.
In April 2021, our executive participated as a speaker at the 1st Global Technology Governance Summit 2021, hosted by the WEF, and communicated the Sompo Group’s efforts in creating new social value through the use of data and technology to the world.

To build a global brand, we published a book worldwide to introduce our views on management and capitalism, which underpins SOMPO’s Purpose and the social value we provide.
Sompo Group CEO Sakurada authored the book, which was published overseas in English in July 2021 and will be published in Japanese in December. By communicating mainly to global business leaders, investors, analysts, and intellectuals, we aim to increase our global recognition and presence.
This book presents a modern version of the values of Bushido, which have long been rooted in Japanese culture, based on Dr. Inazo Nitobe’s “Bushido: The Soul of Japan,” published in 1900, along with examples of our efforts. While the world is facing instability of capitalism, the book will be sent out to the world as a guidance for business leaders to reconsider the business for a sustainable future.