Innovative corporate and social problem-solving service through a data ecosystem that goes beyond the provision of insurance

In recent years, with the increase of various risks such as natural disasters and other social issues, there is a need for contributions that go beyond the provision of insurance, such as not only compensation in the event of an accident, but also support for the entire business of a company from the prevention of accidents and disasters and the identification of signs of accidents. In order to respond to these needs, Mitsui Sumitomo Insurance (MSI) envisioned new services utilizing data and launched RisTech (Risk × Technology) in May 2019 as the industry's first new service, forming and utilizing a data ecosystem with client companies and partners regardless of industry.
Data scientists from MSI and its partners will visualize, predict, and prevent risks in advance, in real time, and after the fact by utilizing data held by its business partners, as well as data acquired from IoT sensors, in addition to its own accident data. This will provide new value in risk management that goes beyond existing insurance. By partnering with location-based and IoT-based startups in Japan and overseas, we will manage risks that could not be approached in the past, and protect companies, communities, and the earth from accidents and natural disasters to realize a hazard-free world. For example, by analyzing the data held by client companies on the causes of accidents and malfunctions that occur, preventive measures can be considered together with the client companies. The target is not limited to specific industries. In addition to contributing to the core business of insurance by understanding the issues and needs of all industries and companies and providing appropriate services, MSI aims to expand future earnings by solving corporate and social issues. In addition, MSI is considering the use of the data analyzed and knowledge gained through this initiative to develop new products and services, which is expected to make a significant contribution to the main business of insurance.
To date, MSI has made proposals to over 400 companies in various industries, leading to an increase in premiums of over 20 billion yen (185 million USD). Currently, we are considering launching a fee-based business and global expansion as a data service business to solve industrial and social issues in various fields such as smart mobility, smart cities, and climate change risks.