Tokio Marine Asia has partnered with Singapore-based venture capital firm Arbor Ventures to accelerate innovation in the insurance industry.
Founded in 2013, Arbor Ventures is focussed on FinTech and InsurTech ventures, especially companies which leverage advanced technologies such as artificial intelligence, cloud computing, composable service offerings and blockchain applications.
The VC has offices in Singapore, USE, Japan as well as a presence in EMENA.
Tokio Marine said the partnership, which was established through its Innovation Lab in Singapore, marks its commitment to accelerating the digital transformation of the global insurance industry.
The Tokyo-headquartered insurance group has been promoting transformational digital initiatives on a global basis, leveraging on collaborations with startups and service providers with key strategic capabilities.
Tokio Marine said Arbor’s global connectivity and portfolio as well as its engagement in local markets will further enable its innovation labs, spread across seven cities, including Singapore, to collaborate broadly with synergy beyond borders.
Masashi Namatame, group chief digital officer at Tokio Marine Holdings, said, “Arbor’s target to create the future of FinTech resonates with Tokio Marine’s digital strategy. With Arbor’s network and astute scouting of startups with strong potential in the FinTech space, it will greatly complement Tokio Marine’s collaborative efforts to serve innovative products and services in insurance industry and beyond.”
Melissa Guzy, managing partner of Arbor Ventures, added, “Tokio Marine is a world-renowned leader that Arbor is proud to add as a strategic partner in building the future of FinTech / InsurTech. Arbor looks forward to building the next generation of transformational InsurTech startups together.”
Earlier this year, Tokio Marine launched the Tokio Marine Future Fund to support early stage startups across InsurTech, FinTech, mobility, healthcare, cybersecurity, AI/ML, climate risk and sustainability.
The company committed $42m to the initial fund with plans to deploy more capital into subsequent fund cycles.
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