Sompo Japan Nipponkoa Insurance has revealed plans to establish a Sompo innovation lab in Israel. Furthermore, it will work as part of its strategy to invest in technology start-ups.

Through the Israeli hub, the Japanese insurer will invest in startups operating in insurance technology, mobility, eldercare, homecare, health and remote medical care, according to Reuters.

Additionally, the innovation lab will be used by the company to invest in blockchain technology, internet of things (IoT) and cyber security.

Sompo innovation lab

Sompo said that its Israeli centre will aim to partner with potential startups to invest besides working with them to develop new products for the Japanese and overseas markets.

According to the news agency, the Sompo innovation lab will either directly invest approximately $5m in Israeli start-ups, or it will be done through a corporate capital venture (JV) formed by Sompo and US venture capital firm TransLink Capital for investments of $1m – $5m.

During the first year of innovation lab, the insurer aims to invest in up to three firms and partner with five up to 10 companies.

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Sompo Japan Nipponkoa Insurance, formally known as Sompo Japan Insurance, offers property and casualty insurance products in Japan and across the globe.

The Israeli hub will be Sompo’s third lab after Tokyo and Silicon Valley in the US. It will also focus on promoting the company’s collaboration with academic institutions.