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Sompo to launch digital subsidiary to sell solutions externally

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Sompo is to launch a subsidiary that will sell digital solutions to outside parties, as part of a wider strategy to accelerate its own digital transformation and create new digital businesses.

Sompo Light Vortex, which will be capitalised at 10bn yen ($94mn), will be a 100%-owned subsidiary that develops solutions for the wider industry but also creates new customer value across the group, to advance the carrier’s own digital transformation, the Japanese parent said.

Sompo will launch the business in July, subject to regulatory approval, marking the latest manifestation of plans led by its digital strategy planning department in Tokyo and Silicon Valley.

The department has been forming alliances with partners including digital start-ups to promote transformation within the group and to launch businesses.

This latest venture will see Sompo Light Vortex develop solutions and business models based on the group’s data platform. It will also be working with Palantir, Sompo's data analytics joint venture, to collaborate with start-ups in Japan and abroad.

Koichi Narasaki, whose LinkedIn profile indicates he is currently CEO of Palantir Technologies Japan, as well as being Sompo group chief digital officer, has been named chief executive of the Tokyo-based subsidiary.

The launch is part of a wider group plan, set out in a 2021-2023 strategy presentation, to create what the parent called a “theme park for security, health and wellbeing".

The group aims to realise this through various means including building its own “real data platform”, the growth of existing businesses in insurance and nursing care, promoting digital transformation and adopting a working style that promotes diversity, inclusion and job satisfaction.

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