Nippon Life to Up Investment in Health, AI, Fintech Startups

Economy Science Technology

Tokyo, Jan. 7 (Jiji Press)--Nippon Life Insurance Co. plans to bolster investment in health and artificial intelligence startups, as well as fledgling companies developing fintech, or financial services using information technology.

The major Japanese life insurer will increase its investment quota for such startups from the current 10 billion yen to 30 billion yen in April, aiming to use target firms' technologies to improve its operational efficiency and develop new insurance products and related services.

"The combination of what we want to do and companies possessing technologies and ideas we don't have will help create good things," Nippon Life President Hiroshi Shimizu said in a recent interview.

The company has spent over half of the current investment quota. "By expanding the quota, we may be able to have better opportunities," he said.

Nippon Life started investing in startups in December 2018. Last summer, it poured some 300 million yen into SalivaTech Co. in the city of Tsuruoka, Yamagata Prefecture, northeastern Japan, which has a technology to detect cancer risks from saliva.

[Copyright The Jiji Press, Ltd.]

Jiji Press