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.
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