Swedish insurtech company Greater Than is set to establish a wholly owned subsidiary in Japan to pursue business opportunities in the region.

The move was green lighted by the executive board of the company.

Based in Stockholm, Greater Than leverages artificial intelligence (AI) to provide predictive risk insights. It also helps insurance companies to set better prices.

The establishment of a Japanese arm will strengthen its presence in the region as well as add flexibility to operations to better cater to its existing customers. It will also recruit local staff to capitalise the opportunities.

The insurtech already counts Mitsui Sumitomo Insurance Group and other brands as its partners in Japan. These collaborations were established as part of its strategic initiative that aimed to sell AI Actuarial risk model, insurance and mobility products in the Japanese market.

Greater Than CEO Liselott Johansson said: “The own subsidiary allows us to support better our customers’ development of digital services based on our risk analysis platform and to be able to respond more quickly and flexibly to local requirements.

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“The trust our partners in Japan place in us is high, and this step will further strengthen that trust. Our investment in Japan underlines our commitment to our Japanese partners and the markets they operate on.”

Notably, Greater Than raised nearly SEK136m ($16.1m) through a directed share issue earlier this year to fuel its growth. Cuarto, a subsidiary in the Nidoco group, subscribed the entire share issue.