Japanese insurance and reinsurance giant Sompo has announced the establishment of Sompo Light Vortex, Inc., designed to expand sales of digital solutions to outside parties in the future.
Sompo Light Vortex will be 100% owned by its parent, Sompo Holdings, which has set “creation of new customer value” as one of its primary strategies over its mid-term management plan (FY2021-2023).
In 2016, Sompo established its Digital Strategy Planning Department in Tokyo and Silicon Valley, and launched a subsidiary in Tel Aviv in 2018.
The re/insurer has been actively forming alliances with partners such as startups with digital technologies in an effort to promote digital transformation within the group and develop new digital businesses.
In doing so, Sompo says it has recognised opportunities to expand sales of digital solutions, and in order to strengthen the creation of attractive content for customers by commercialising the digital domain, has elected to establish its new digital subsidiary, subject to the approval of relevant authorities.
Sompo Light Vortex is described as a business that will undertake the planning, development, and sales of products and services using digital technology.
With a planned date of establishment set for July 2021, the new entity will be led by Koichi Narasaki as Chief Executive Officer (CEO), and launches with a capital base of 10 billion JPY (USD 91.3mn).