Direct Insurance (IDI) and the Japanese insurance company MSI (Mitsui Sumitomo Insurance), have signed an agreement to establish a joint innovation laboratory (HUB), which aims to identify and promote innovation in the field of Insurtech, while finding innovative products and solutions for both groups.
The HUB will focus on locating startups, technology companies, ideas and entrepreneurs, in order to develop advanced products, solutions and technologies for the world of direct and digital insurance.
The HUB will be managed in Israel, under the auspices of Bituach Yashir and its offices, under the management of Raz Bartov, VP of Technology and Innovation, and as a joint venture with MSI. ) Technological feasibility in a short period of time, while also accessing MSI’s technological infrastructure and leading marketing channels in Japan, East Asia and the world.
Both sides have assigned senior and skilled teams to the venture, and will share costs and investments equally. The HUB’s Japanese team is scheduled to arrive for a permanent stay in the country as soon as possible, when the corona restrictions are lifted.
Direct Insurance CEO Kobi Haber sees the cooperation as an important strategic move. “Direct Insurance leads the world of digital and innovation among insurance companies in general, and directly in particular, so we are constantly looking for innovations in technology and DATA, and invest many efforts to continue to create differentiation and competitive advantage in the field, for the benefit of customers and the company.
The collaboration with the MSI Group is strategic in this regard because it institutionalizes the detection processes, allows us to reach a wider range of technologies, test and produce PoCs faster, thus increasing the chance of finding solutions that will allow us to develop additional competitive advantages.
MSI is one of the largest and leading insurance groups in Japan, and there is no doubt that this cooperation will bring us additional benefits, in the areas of the group’s work and without a doubt also in benefits for the Israeli economy. “On this occasion, we thank Batya Tuktali for the acquaintance between the parties and for leading the cooperation,” said Haber.
Ponbiki Shinichiro, Board Director, CDO, MSI Vice President, emphasizes that the establishment of the co-parent between Direct Insurance and MSI is an important milestone in MSI’s digital globalization process. “We are vigorously developing the digitization of the company, in Japan and around the world.
As Israel is one of the leading innovation centers in the world, Bituach Yashir is the most suitable partner, in order to enable us to test the most advanced technology and digital efficiency for us, and to assimilate these capabilities in the MSI Group in the best and most efficient way.
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