(Image credit: Julius Silver.)
MS&AD Insurance Group, Japan’s largest insurance and financial services company, has entered a partnership with SOSA (Tel Aviv), a global technology innovation hub, and FinTLV, a Tel Aviv-based InsurTech venture capital firm.
“The insurance industry is primed for innovation,” comments Uzi Scheffer, CEO, SOSA. “As new technology is introduced and weaved into our daily lives, insurance providers are looking for ways to quickly adapt and align to meet customers’ shifting needs. It is a privilege to work with one of the largest global insurers and connect companies on a global scale.”
“MS&AD is a unique global insurance group,” comments Gil Arazi, Managing Partner, FinTLV. “Our global insurance expertise, combined with our ability to build new insurance products and pivot technologies into new insurance use cases, will enable us to provide MS&AD with the best solutions for their needs, while gaining unique investment and co-investment opportunities as a VC.”
Through the partnership, SOSA and FinTLV will connect MS&AD with its network of 150 multinational corporations and investors, and more than 10,000 startups, according to a joint statement. SOSA and FinTLV assert that they will enable MS&AD to achieve bottom-line results on its innovation investments by developing new insurance products, applying multi-vertical technologies to insurance use cases and implementing differentiating solutions.
“We’re excited to connect with the new faces of innovation around the world, thanks to the exposure that SOSA and FinTLV’s extensive networks offer,” comments Satoru Shiono, Head of Innovation Office, MS&AD Insurance Group Holdings. “The insurance industry as a whole acknowledges that old standards and applications are no longer adequate solutions for today’s world. This partnership is designed to ensure MS&AD is pushing forward, developing and implementing new technologies that will support businesses and consumers in today’s society and in the future.”
Prospect of ‘Massive Strides’ for MS&AD
As a platform for connecting companies globally, SOSA describes itself as playing an integral role in connecting corporations, governments and cities around the world to the tools required to break new ground. SOSA pitches itself as positioned to help companies within virtually any vertical to discover new growth opportunities and exceed customer expectations.
“The strong partnership and collaboration between SOSA and FinTLV, has proven results,” adds Arazi. “With the support of SOSA and FinTLV’s joint innovation network, we expect to see massive strides in the global insurance market, led by MS&AD.”