Sompo Insurance Leader Opens Fintech Hub in Tel Aviv

By Tel Aviv Realestate

Sompo Holdings, Inc., one of the top three insurance holdings companies in Japan and the first to provide security diagnosis, security checking services, and security crisis response services in that nation, is the country’s cyber security pioneer. Sompo has entered the cyber security business in Tel Aviv launching the Sompo Digital Lab.

This makes it the first Japanese insurance company to set up a financial technology (fintech) hub in the city where it aims to profit from local proficiency in cybersecurity and fintech.

The move forms part of Sompo’s goal to contribute to the health, security, and welfare of its customers and society in general by delivering the highest standards in insurance and related services. The launch follows the establishment of similar labs in Tokyo and Silicon Valley in the U.S.

In a statement, the company explained that given the changes in high-tech and social environments (such as tech for connected vehicles and the escalation of the internet of things — IoT), cyber-attacks are becoming increasingly innovative and are an urgent issue that poses a substantial threat to corporate management. It adds that many companies are not taking the necessary steps to understand their own risks, protect their businesses, and counter these attacks.

Sompo Holdings chose to move into the new business to offer tailored solutions with a full array of benefits to cyber safety-related issues facing companies, kicking off with insurance firms. It is also pursuing Israeli startups for long-term investment and cooperation. Sompo is especially concentrating on startups involved in the IOT, artificial intelligence, and computing devices implanted in run-of-the-mill objects. The planned one-stop platform will comprise ultramodern technology against incessantly evolving cyber-attacks.

Sompo Holdings’ future plans comprise expanding its business primarily in the Greater Tokyo Area, possibly growing countrywide, and then inaugurating a new corporation dedicated to the cyber security business founded on market trends, performance, and other aspects. Thereafter, Sompo will carry on growing coalitions with national and foreign companies including those that have cutting-edge technologies and expertiseso as to offer optimal services for its patrons.