Chinese company helps Japanese giant go digital

ZhongAn Technologies International Group Ltd, a subsidiary of ZhongAn Online P&C Insurance Co Ltd, has partnered with Sompo Japan Nipponkoa Inc to help the Japanese insurance giant digitalize.

The company will help Sompo approach digital transformation with its next generation cloud-based end-to-end insurance system. ZhongAn’s international business arm will support customization and localization for the Japanese market.

The cooperation comes as the global insurance sector moves toward the digital era and insurers are under pressure to restructure traditional systems and redesign business models to explore new business opportunities and stay competitive.

With ZhongAn’s cloud-based system, insurance companies are expected to be able to process millions of insurance policies or more per day, and launch new products within days, thereby greatly reducing costs and enhancing efficiency.

Satoshi Iitoyo, director and senior managing executive officer of Sompo, said the company was excited about the collaboration while Wayne Xu, president of ZhongAn International, said he looked forward to the unleashing of respective strengths to grow in the Japanese market and drive digital transformation.