Sompo Asia reveals regional initiatives

Company’s strategy to focus on travel insurance and digital capabilities

Sompo Asia reveals regional initiatives

Insurance News

By Gabriel Olano

Sompo Holdings Asia has revealed several initiatives and goals for the Asia-Pacific region. These include gaining the number one spot in travel insurance and entering the top five in motor insurance in ASEAN, as well as attaining a profit of US$100 million by 2023.

As a member of the Sompo Holdings group, the 14 markets under Sompo Asia-Pacific contributed 5% to the group’s global gross written premiums in the year of 2018, a statement from the insurer said.

To boost its standing as a provider of travel insurance, Sompo launched a new product – Go Japan by TravelJoy – which covers travel to Japan. The company expects an increase in tourists to Japan over the next two years, especially during major seasonal and sporting events. Go Japan is currently available in Singapore and Thailand, and will be rolled out to the rest of the company’s Asian markets in 2020.

Sompo also partnered with Navitime Japan Co., a provider of navigation technology and services in Japan – to allow the former’s customers to access the full contents and features of the Japan Travel mobile app by Navitime for free. The promotion also includes Sompo Asia-exclusive coupons and travel assistance information. The multilingual app is available in English, traditional Chinese, Simplified Chinese, Korean, and Thai.

“Sompo is still a fairly new brand outside Japan for direct consumers. Therefore, we are focused on driving our brand awareness, building a strong retail platform throughout Asia, and continuing to provide solutions to our stakeholders,” said Daniel Neo, Sompo Asia CEO.

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