Japanese conglomerate ITOCHU Corporation is entering the US retail insurance distribution sector with the formation of a capital and business alliance with Churchill Innovative Holdings, the parent company of the Neo Group.
In addition, Neo Insurance, a core entity of the Neo Group, announced receiving an equity investment from ITOCHU.
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Financial terms of the transaction remain undisclosed.
The investment will power the company’s product development, partnerships, and market expansion.
The Neo Group functions as an independent marketing organisation, providing products from various insurance companies to partner distributors for sales promotion.
The group’s services include operational support for distributors, such as sales processing, customer management, and digital platform-based customer referrals.
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By GlobalDataNeo Insurance Solutions CEO Jonathan Karlin said: ”We are proud to welcome ITOCHU as a strategic investor in Neo Insurance Solutions. ITOCHU’s global reach, deep industry expertise, and long-term vision make them an ideal partner as we continue building the next generation of insurance infrastructure. Their investment is a powerful endorsement of our platform and our strategy, and it accelerates our ability to expand across key markets.”
Neo Group also centralises data from insurance companies and distributors to facilitate information flow.
Since its establishment in 2017 years ago, Neo Group has partnered with over 100 US distributors and offers products from more than 20 insurance companies.
ITOCHU retail insurance operations abroad with the sale of motorcycle and pet insurance in Thailand and investments in key non-life insurance companies in the retail sector.
The alliance will help ITOCHU share its expertise in the retail insurance sector with Neo Insurance Solutions to enhance corporate value and create trade advantages.
ITOCHU’s entry into the US insurance market through this alliance is in line with its management policy, “The Brand-new Deal – Profit opportunities are shifting downstream –”, which focuses on expanding business domains and earnings platforms.
