Qorus Innovation in Insurance Awards 2020

RisTech: Solving risks in industry and society through data ecosystems

Submitted by

Mitsui Sumitomo Insurance Group - MSIG

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10/04/2020 Insurance Innovation

About

Through a data ecosystem with partners in various industries including suppliers, we aim to visualize and minimize risks that could not be done through conventional approaches, and protect companies, communities, and the earth from accidents and natural disasters to create a hazard-free world.

Innovation presentation

Mitsui Sumitomo Insurance (MSI) has launched an initiative called RisTech (Risk × Technology) to construct and utilize a data ecosystem together with partners from various industries.

As the first new service in the industry, data scientists from MSI and our partners utilize various kinds of data including the data possessed by suppliers and partners such as in-vehicle equipment manufacturers, chemical manufacturers, in addition to accident data held by our company to offer risk analysis and reports, develop risk models to provide new value in the risk management beyond existing insurance.

We aim to visualize and minimize risks that could not be done through conventional approaches, and protect companies, communities, and the earth from accidents and natural disasters in order to create a hazard-free world. The initiative is centered on Digital Strategy Department and involves Corporate Sales Department and Product Planning Department of MSI, and more than 400 companies in various industries have been approached. In the approximately 6 months since launching, increased insurance premium revenue of more than 20 billion yen (appx.185 million USD) was achieved.

Uniqueness of the project

We comprehensively implemented an initiative for non-life insurance companies to resolve corporate and social issues by utilizing data. As a digital service which utilizes external data in addition to the insurance company data which has not been fully utilized in the past, we have immediately started making approaches and are developing services at unrivaled speed.

In addition, we also aim to utilize the data which was analyzed by this initiative to lead to insurance sales and new product development, and these activities are expected to greatly contribute to our main business of insurance business.

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