Sompo Holdings shows interest in parametric products

SOMPO Holdings has completed its proof of concept with Israeli tech company Parametrix following a collaboration that started in March 2021 to develop products for digital platformers and e-commerce businesses.

As background:

  • In Nov 2017, Sompo Holdings became the first Japanese insurance company to open a third digital strategy center in Tel Aviv, Israel, following Tokyo and Silicon Valley.
  • In Oct 2018, Sompo Holdings established a local subsidiary “SOMPO Digital Lab Tel Aviv” that looks to collaborate with startups in the areas of mobility, digital health, cybersecurity, and ‘insurtech’.
  • In Aug 2020, one of the insurtech projects selected involved Parametrix , a company founded in 2018 to detect downtime events and offer insurers its ‘SaaS downtime modeling.’

Going forward, Sompo Japan will work with Parametrix to develop and market new products in Japan, “including insurance products and supplementary services that enable prompt payment of insurance claims in the event of an accident.”

Bottom Line: Sompo Holdings and Sompo Japan aim to provide new value to society by embodying “A Theme Park for Security, Health & Wellbeing” by constantly responding to changing needs from the customers’ perspective and utilizing Parametrix’s technological capabilities .