ECOMOTION BOOKLET 2020 - Breaking Through Mobility Innovation

PLATINUM PARTNERS

The rise of newmobility services like ridesharing and autonomous Robo-taxis are forcing the traditional insurance industry to adjust its way of thinking and current business models. Insurance underwriting and claims management will evolve to serve the evolving mobility market together with offering added value services to its customers. Furthermore, the incredible impact of COVID-19 has lent additional insights on our commuting behaviors and preferences, challenging all logistics and supply chains, that requires us to recalculate our business routes. As a leading insurance company, SOMPOhas beenon a journey of exploring innovation that will keep up with the present and future challenges of its customers. SOMPO is the major P&C insurance company in Japan with a 30% market share of which 70% of the revenues are generated by auto insurance. Using its long-accumulated insurance design know-how and partnering with technology companies like Tier IV, Inc., SOMPOdevelops and nowoffers automated driving insurance that covers a wide range of risks during automated driving pilot tests, in addition to proposing safe, secure, and innovativeways to use cars via Peer-to-Peer car-sharing business and the private vehicle lease business. SOMPODigital Lab Tel Aviv is one of threeworldwide innovation centers, which aim to serve as a local operational branch of SOMPO’s digital division and to expand a wider range of services for security, health, and wellbeing. Our mission is to supports SOMPO and its clients with Israeli cutting-edge technologies in the fields of Insurtech, Mobility, Cyber Security, Digital Health, Elder Care, Industry 4.0, Smart Cities, Agritech, and more. Our innovation program helps startups scale by launching joint services in new verticals, as well as enhancing insurance operations. We also perform equity investments as strategic investors alongside venture capital partners.

117