Japanese insurance giant Sompo expands tech footprint in Israel

Japanese insurance giant Sompo is making significant strides in the technology and innovation sector in Israel, having announced the establishment of a cybersecurity center and a software development group to enhance its capabilities in the digital domain.

Since its establishment in Israel in 2018, Sompo has been actively involved in fostering innovation through its Israel Innovation Lab. Now, the company is taking a proactive step to bolster its cybersecurity efforts by launching a dedicated cybersecurity center. This center will be headed by Rotem Matok, an expert in data security and the current head of the data security sector at the Sompo Innovation Lab.

Sompo is also focusing on strengthening its software development capabilities in Israel. The company is establishing a software development group that will concentrate on creating new growth engines, with a particular emphasis on devising solutions related to insurance and health. The development of these solutions will be driven by customer feedback, ideas generated within Sompo's business units, and collaborations with startups. Diyaa Shridi, the current CTO of the Innovation Center in Israel, has been appointed to lead this software development group.

“We are in a world rich in data and advanced artificial intelligence models. A company that knows how to analyze mountains of data and derive advanced solutions from them, creates for itself a great advantage in the market over others,” said Shridi. “Up until now we have focused at Sompo on collaborations with Israeli startups, and now we are establishing a software development team that is responsible for creating ideas for the agile development of new products according to Sompo’s specific needs.”

These expansion initiatives reflect Sompo's commitment to embracing new opportunities and fostering collaborations with startups. The company's presence in 30 countries and its listing on the Tokyo Stock Exchange with a market cap of $15 billion underscores its prominence in the international insurance landscape.

Cybersecurity in Israel

The primary objective of the cybersecurity center is to develop solutions to safeguard Sompo's products against cyber threats while catering to the needs of its various units across the globe. “Establishing the cybersecurity center and development group is part of our trend of expanding into new areas, as well as the collaborations that we are creating with various startups,” said Sompo Israel and Europe Digital Lab Head Yinnon Dolev.

As cyberattacks continue to pose a significant challenge globally, Rotem Matok pointed out the increase in cyberattacks in Japan. “In the first half of 2022, there were 7,800 attacks each day. This was double the number of daily attacks that were identified during 2019,” he said. Matok continued to note that “the Japanese language has in the past served as a barrier against cyberattacks but the substantial improvement in translation programs between

Japanese and other languages have led to a rise in the number of various cyberattack Incidents. Almost all cyberattacks on Japan are conducted from outside of the country and the main threat for organizations is ransomware attacks.” Sompo Israel’s cybersecurity center has already begun work to safeguard against these increasing threats.

The establishment of the cybersecurity center and software development group is expected to bolster Sompo's capabilities in addressing emerging digital challenges and tapping into new growth opportunities.