Sompo Group Revolutionizes Non-Life Insurance with AI-Driven Radar Tool
Sompo Group, a leading Japanese insurer, is leveraging advanced technology to enhance its non-life insurance services. The company has partnered with Willis Towers Watson (WTW) to integrate Radar, a cutting-edge pricing and underwriting tool that employs predictive modelling and machine learning. This marks the first global use of Radar in Japan.
Sompo Direct, a subsidiary of Sompo Group, has already begun deploying Radar for automobile insurance pricing. The tool, overseen by executive officer Tadashi Yamanaka, allows the insurer to rapidly assess customer risk and update premiums based on market changes and individual risk profiles. This flexibility is crucial in today's dynamic stock market.
Chiaki Tanaka, divisional leader at WTW, noted that Radar enables Sompo Direct to launch new insurance products swiftly and adapt to changing customer needs. The tool supports various functions within the insurer's system, including risk analysis and rating decision-making.
Looking ahead, Sompo Group is expanding the use of Radar beyond Japan. Turkey is the next destination, with further expansion planned in South East Asia. This strategic move aims to strengthen Sompo Group's global competitiveness in the insurance sector.
Sompo Group's integration of Radar, facilitated by its alliance with WTW, is set to revolutionize its non-life insurance services. By enabling rapid premium revisions and flexible product launches, Radar is poised to enhance Sompo Direct's competitiveness and customer satisfaction. With plans to expand Radar's use globally, Sompo Group is positioning itself as a tech-savvy leader in the international insurance market.
