Sompo and Speee to launch renovation JV focused on disaster recovery

Sompo Holdings and Speee have signed a memorandum of understanding to establish a joint venture aimed at digitizing the renovation and repair sector, with a focus on supporting policyholders following natural disasters.

The initiative builds on an existing partnership between Sompo Japan and Speee, which began in 2022 with the launch of “Minna no Repair,” a service connecting customers with vetted repair contractors. A nationwide trial in 2023 showed improved recovery times and more consistent claims outcomes.

The new entity will combine Speee’s contractor network and renovation-focused digital tools with Sompo’s customer base. The goal is to streamline how policyholders access repair services, reduce disputes with contractors, and address issues tied to inflated or improper insurance claims.

Speee will spin off its renovation DX business into the joint venture, including platforms such as contractor matching services and renovation comparison sites. Sompo will invest in the new company following the spin-off.

The venture plans to operate a matching platform for homeowners and contractors, develop productivity tools for repair providers, and support policyholders with contractor referrals after disasters.

The move reflects Sompo’s broader push to extend its role beyond claims payouts into post-loss recovery, including helping customers navigate repairs and rebuild faster. A final agreement is expected by May 2026, with the joint venture set to launch by September.