SBI Holdings establishes new insurance business harnessing AI capabilities

Maria Nikolova

The new entity will engage in insurance sales and consultation business utilizing AI and big data analytics solutions of German fintech company wefox.

SBI Holdings Inc (TYO:8473) has teamed up with wefox Germany Gmbh and is setting up a new business that will leverage artificial intelligence (AI) and big data.

SBI Holdings today announces that it has established SBI wefox Asia Co., Ltd., a new entity that will engage in insurance sales and consultation business utilizing AI and big data analytics solutions of wefox Germany Gmbh. wefox Germany is a subsidiary of FinanceAPP AG, which has been invested through the Fintech Fund managed by the Company’s wholly owned subsidiary SBI Investment Co., Ltd.

SBI will sign an exclusive business alliance agreement for business development in East and Southeast Asia regions with wefox Germany, and initially localize “wefox platform” in order to develop insurance agency businesses in Japan through SBI wefox Asia.

The “wefox platform,” developed and provided by wefox Germany, offers various functions that utilize AI, big data analytics and cloud computing, for the use of customers, insurance brokers and insurance companies. The platform is already adopted by more than 1,000 insurance brokers in Germany, Switzerland and Austria.

Let’s recall that about a year ago, SBI Investment Co., Ltd., a subsidiary of SBI Holdings Inc announced the establishment of SBI AI & Blockchain Fund. As its name suggests, the fund will invest in promising venture companies in AI and blockchain fields. The launch of the AI & Blockchain fund, with a target commitment amount of JPY50 billion, followed the success of the FinTech Fund (total commitment amount: JPY 30 billion) which SBI Investment established in December 2015, endeavoring to make investments in promising venture FinTech companies.

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