Japan’s largest insurance company, Tokio Marine Holdings, has partnered with Ramat Gan-headquartered Harel Insurance Group to identify Israeli hi-tech companies to integrate into their business operations.
Founded in 1879, Tokio Marine will collaborate with Harel to identify innovative technologies in sectors including health, cyber, distribution and customer experience for integration in the core businesses of both insurers.
The companies will also share information in the fields of customer service, integration of technological systems, rapid claim payment and cyber research.
“We are pursuing new values through collaboration with our diverse partners, and we are most delighted to reach the partnership agreement with a leading company like Harel, which can bridge us to Israel innovation ecosystems,” said Tokio Marine Holdings executive vice-president Makoto Okada, after signing a cooperation agreement in Ramat Gan.
“We hope that both of us will nurture our win-win relationship and will create the maximum value in this collaboration.”
Harel, the companies said, will enable Israeli start-ups to introduce themselves to investors from Israel and other countries through joint ventures managed by the new Japanese-Israeli partnership. Representatives of Tokio Marine will visit Israel in the coming months to examine Israeli technologies.
“The decision of Japan’s largest insurance corporation to choose Harel as a partner in finding advanced technologies and products is an expression of trust in Harel Insurance Group, and in its abilities to find Israeli technologies and companies that are leaders in the field,” said Harel CEO Michel Siboni. “The entry of a Japanese corporation into investments in Israeli hi-tech sectors creates vast potential for Israeli start-ups and entrepreneurs, which will develop products and services in insurtech.”
Harel’s partnership with Tokio Marine, which turned over revenues of over $42 billion last year, is a further sign of growing Japanese interest in Israeli technology and goods.
Exports of Israeli goods to Japan in 2018 reached $1.03b., according to the Central Bureau of Statistics, representing a 25% increase since 2017.