SOMPO Digital Lab Opens in Tel Aviv

Oct 24, 2018

In October 2018, SOMPO Holdings held an opening ceremony for their new SOMPO Digital Lab in Israel. This is their third base, following Tokyo and Silicon Valley in the US (established in 2016).  It is the first time that a Japanese insurance company established a base in Israel. Their purpose in launching an innovation lab in Tel Aviv is to focus on investments in technology startups and serve as a “one-stop platform” to offer several services including risk recognition, early detection, recovery of losses and improved risk tolerance by supporting cyber security.

At the opening ceremony, Mr. Koichi Narasaki, the Executive Officer and Chief Digital Officer (CDO), announced that they plan to focus mainly on startups operating in the following six fields: insurtech (insurance technology), elder care, autotech and smart mobility, cyber, blockchain, and home IoT. SOMPO will be looking for potential investment targets, as well as looking to partner with academic institutions in the region in order to find technologies that will help it improve their current insurance products.

They originally announced their intention to set up in Israel in November 2017. They officially registered as a corporate entity and began recruiting local staff in 2018. They are planning to bring Japanese staff to the Tel Aviv Hub in 2019.