SOMPO Holdings, Sompo Japan, Navitime Japan, and LayerX Announce Partnership

Serving as a leading insurance firm in Japan, SOMPO Holdings has entered into a strategic partnership with Sompo Japan Insurance, Navitime Japan, and LayerX to launch a blockchain-powered MaaS solution. The project will run a field trial on August 18 to derive the anticipated results from the system. The renowned firms will put in their joint efforts to bring about a revolution in the insurance sector to ease the operational facilities for the users as well as the insurance entities.

According to the official blog post, each participating firm of the collaboration has been entitled to work upon an individual sub-division of the project. SOMPO Holdings will manage the overall operations of the new project. Sompo Japan Inc. will survey the requirements of the demonstration test monitors. Navitime Japan will procure the monitors and offer APIs, and LayerX will help in the planning and development of the MaaS solution.

Yoshiaki Tsurusawa stated, Assistant Manager of Digital Strategy Department, SOMPO Holdings,

The prime objective of the MaaS project is to streamline the processes involved in the insurance sector. The solution is aimed to automate the detection and disbursement of insurance money to the policy holders. The firm will automatically detect the lapses or delays on the JR Utsunomiya, Takasaki, and Saikyo lines. There will be automatic issuance and delivery of digital coupons to test monitors that get affected by the delays depending upon their location inputs.

Daisuke Kezuka quoted, General Manager of Media Business arm and Travel Business section, Navitime Japan,

LayerX facilitates the digitalization of economic functions by using the expertise of blockchain technology and other modern-day technologies. It aims to encourage the social implementation of blockchain technology and special emphasis on ‘Smart City’ as one of the chief research and development exploration units. With the partnership, LayerX helps to promote the digitalization of economic operations in the insurance sector.