SOMPO Japan, Japan's largest insurance company, released a next-generation system using K-software. With INNORULES' success in the highly conservative Japanese financial market, Korean companies' exports to the Japanese financial sector are expected to gain momentum.
INNORULES (CEO Kim Kil-Kon) announced on the 1st that SOMPO Japan's future innovation project's first-stage system, which INNORULES' solution is at the core of its system, has opened.
INNORULES is a B2B solution provider specializing in a 'Business Rule Engine' (BRE).
BRE simplifies complex tasks and increases system construction speed and efficiency. Many domestic insurance, securities, and financial institutions have adopted INNORULES' solutions.
SOMPO Japan has been preparing for the next-generation project since 2016. It is the first next-generation project in 30 years and is the largest ever, with an investment of 2 trillion won. SOMPO Japan came in contact with INNORULES' products while visiting Korea for benchmarking for domestic insurance companies. INNORULES is chosen as the core solution provider for SOMPO Japan's next-generation project after comparing INNORULES with other foreign companies and a benchmark test (BMT).
SOMPO Japan introduced INNORULES' products to its core business. INNORULES' 'Digital Product Information Management System' was adopted to simplify the structure from product structure to insurance sales, payment, and settlement of insurance premiums.
INNORULES contributed to improving the core system performance. Existing systems have been used for a long time, and a large amount of data has been accumulated. In the case of adding a new product, rapid development was impossible, such as having to go through the process of investigating whether the existing system was affected.
SOMPO Japan's new system uses INNORULES' DPM to standardize processes during product development and separates the development process according to product characteristics. SOMPO Japan expects to shorten the product development and revision period, which took nearly a year, by a third.
Starting with this new system, SOMPO Japan plans to transfer the entire auto and fire insurance system by 2025. INNORULES will participate in the project for the next four years with Hitachi, a Japanese information technology (IT) service company that leads the project.
INNORULES plans to advance into the Southeast Asian market as well as Japan, using the case of SOMPO Japan as a stepping stone.
Kim Kil-Kon, CEO of INNORULES, said, "It is meaningful in that INNORULES' solution has applied to the core business of Japanese company, which is well known for its conservativeness." He added, "Since the release of SOMPO Japan's new system, the stability and the technology of INNORULES is getting recognized, and the other Japanese financial companies are also inquiring about the product.
CEO Kim expressed his confidence in the global market by saying, "Many major Southeast Asian countries such as Indonesia and Malaysia are also preparing for financial projects. We expect overseas sales to grow more than 20% this year with domestic and Japanese cases at the forefront."