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27 September 2018Insurance

Chinese insurtech ZhongAn strikes technology deal with Sompo Japan

ZhongAn International, a subsidiary of China's first internet-based insurer ZhongAn Online P&C Insurance, has entered into a technology deal with Japanese re/insurer Sompo Japan Nipponkoa.

The announcement comes shortly after Japanese investor SoftBank Vision Fund invested $100 million in ZhongAn to expand its technology solutions businesses in overseas markets with an initial focus on Asia.

Under the partnership, ZhongAn will provide Sompo Japan Nipponkoa with an IT insurance platform, customised for the Japanese market, and in turn, Sompo will support the expansion of ZhongAn International in Japan.

Jointly, the companies will explore a suitable business model for the Japanese market, particularly for digital transformation, aiming to provide new insurance products and services by the first half of the year 2019.

"We have been actively promoting collaborations and alliances with startup companies to create new value," Sompo said in a statement. "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."

ZhongAn International was established in Hong Kong in December 2017 to explore international business development, collaboration and investment opportunities in the areas of fintech and insurtech in overseas markets. ZhongAn insurance is an online-only insuretech company in China.

If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims.  Find out more here.

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More on this story

News
18 October 2018   Japanese conglomerate Softbank Group continues to hunt for ways to accelerate the digital upheaval in the insurance industry, including tie-ups with unspecified reinsurance players, said David Thevenon, dealmaker of the company’s Vision Fund, according to a Reuters Oct. 16 report.
Insurance
21 August 2018   ZhongAn International, a subsidiary of China's first internet-based insurer ZhongAn Online P&C Insurance, has received a strategic investment from the Japanese investor SoftBank Vision Fund.