Sompo Japan Nipponkoa has inked a partnership agreement with ZhongAn International, part of Chinese online insurer ZhongAn Online P&C Insurance, to offer a cloud-based insurance service.
“We are particularly interested in the business model and technology of ZhongAn Insurance that got great success in China, which is a digital developed country,” Sompo said.
Under the agreement, ZhongAn International will offer Sompo an IT insurance platform tailored for the Japanese market, while Sompo will support ZhongAn International’s expansion plans in Japan.
Sompo director and senior managing executive officer Satoshi Iitoyo said: “We are very excited to collaborate with ZhongAn, the most successful Insuretech company in the world.
“We are very confident in this cooperation with ZhongAn and believe digital transformation will set us in a strong position to achieve more successes in the Japanese market.”
In addition, the two parties will work on new business models that will utilise their joint capabilities to achieve digital transformation.
The aim is to launch new insurance offerings in the first half of next year.
ZhongAn International president Wayne Xu said: “We are pleased to announce this partnership with Sompo, and look forward to unleashing our respective strengths to grow in the Japanese market and drive digital transformation.”