Time - USA (2020-11-02)

CONTENT FROM SOMPO HOLDINGS

SOMPO COMBINES CUTTING-EDGE TECHNOLOGIES

WITH WISDOM TO BUILD “A THEME PARK FOR

SECURITY, HEALTH AND WELLBEING”.

Japan is a nation in the midst of profound and complex
change. A society caring for an aging population, coping
with rapid technological evolution, and challenged by the
existential threat of climate change, Japan is also confronting
Covid-19. No wonder people are feeling a greater need than
ever for security, health and wellbeing. As one of Japan’s
largest insurers, SOMPO is striving to meet those needs—
and not for the fi rst time.

More than a century and a quarter ago, Japan was also
dealing with disruption. The country had opened its borders
after centuries of self-imposed isolation, and its people were
adapting to new ideas from the wider world. The capital
Tokyo was an ancient city where nearly every building was
still made of wood. Fires were frequent and devastating.
And so in 1888, the company that would eventually become
SOMPO was founded as Tokyo Fire Insurance, the fi rst fi rm
of its kind in the island nation.

From its inception, the company viewed its role as more
than just paying benefi ts in the aftermath of disaster. It saw
its purpose as protecting people and society from harm.
To that end, it established the Tokyo Fire Brigade, and its
“insurance company fi refi ghters” were at the ready 24
hours a day, 365 days a year, putting their lives on the line in
the service of safety and security.

SOMPO has never wavered in its mission. As it expanded

into Property and Casualty Insurance and began opening

offi ces in other countries and continents, SOMPO strove to

improve its clients’ safety before accidents could happen. In

the 21st century, SOMPO and its 80,000-plus employees

in 30 countries on six continents realize that new risks are

arising from new sources every day. Those risks increase

with age, and Japan is a rapidly aging society. SOMPO has

entered the nursing care business in Japan and as the

country’s largest nursing home operator aims to change it

for the better. Change is more dynamic and fast-paced than

ever. In response, SOMPO is changing too.

“We are transforming SOMPO from a company that steps

in when the unexpected happens to one that actively

contributes to a more fulfi lling life. Rather than merely

assisting customers in times of injury or accident, we will be

a constant presence at their side—a partner who enhances

every day,” says Kengo Sakurada, Sompo Group’s Chief

Executive Offi cer.

To achieve that, Sakurada is leading SOMPO in building what

he calls “A Theme Park for Security, Health and Wellbeing.” In

SOMPO’s theme park, the attractions are made possible by

artifi cial intelligence, the Internet of Things (IoT), advanced

data analytics and all the technological tools of the Fourth

Industrial Revolution.

These new digital technologies are disrupting entire

industries. SOMPO has chosen to adapt to and adopt them

in reinventing itself. Digital tools deliver data SOMPO uses

to craft smarter approaches to its traditional and new

types of insurance products. In recent years, the company

has moved into agriculture and crop insurance on several

continents, and risk assessment and insurance for self-

driving vehicles.

“We create high-quality solutions that integrate powerful

digital technology. By matching these solutions to each

customer’s needs, we will become a ‘theme park’ of

possibilities and opportunities for everyone,” Sakurada says.

Japan’s Sompo Group uses data to

make positive contributions to society

No wonder people are feeling

a greater need than ever for

security, health and wellbeing.

As one of Japan’s largest

insurers, SOMPO is striving

to meet those needs—and not

for the fi rst time.