ExaWizards and Sumitomo Life Insurance Formed a Business Tie-up in the “Well-being Tech” Field
Part of Shares Acquired by “SUMISEI INNOVATION FUND”
ExaWizards Inc., a company that develops AI-enabled services to solve social issues (Headquarters: Minato-ku, Tokyo; President & CEO: Ko Ishiyama; hereafter, “ExaWizards”), today announced that it has formed a business tie-up with Sumitomo Life Insurance Company (Director, President & CEO: Yukinori Takada; hereafter, “Sumitomo Life”). In addition, “SUMISEI INNOVATION FUND”, the CVC fund of Sumitomo Life has acquired part of shares from the existing shareholder of ExaWizards.
In this business tie-up, ExaWizards, pursuing implementation of artificial intelligence in society with the mission of “solving social issues through Artificial Intelligence for future generations” and Sumitomo Life, aspiring to be an “indispensable” company to society by contributing to “each and every person’s better life = well-being (*1)” develops new businesses and services in the Well-being Tech (*2) field.
Sumitomo Life has built a WaaS (Well-being as a Service (*4)) ecosystem centered around the “Vitality Program” (*3), insurance intended to promote health and fitness of customers. By connecting with customers through a variety of well-being services and using various data obtained from these connections, Sumitomo Life strives to provide more suitable service and optimal protection for each and every customer. By taking advantage of its experience in implementation of AI for various companies, ExaWizards will develop a variety of well-being services with Sumitomo Life as its partner in charge of data analysis and AI utilization.
(*1) Well-being: A new “health” value that has emerged in the matured society with a 100-year lifespan. It is a “state of feeling happiness in terms of physical, mental, social and economic conditions”, or “to actively pursue behaviors, choices and lifestyle to achieve such a state”
(*2) Well-being Tech: New businesses and services enabled by the use of artificial intelligence and data for the realization of society-wide well-being.
(*3) The health and fitness program to reduce the risk itself through the system “to evaluate respective efforts such as exercises and medical checkups by rewarding points”
(*4) WaaS（Well-being as a service): A service ecosystem that contributes to well-being.
☑ Outline of collaboration
a. Project to realize the WaaS concept
In addition to supporting the promotion of the health of customers, Sumitomo Life is aiming to realize a WaaS ecosystem that links a variety of well-being related services, including the service for “Disease Management” to live your own life to the fullest, even with a disease, the “Well-Aging” service, so that you can enjoy a long “senior” period, and the service for “Wellness Life” to live your life to the fullest, while facing various issues head on as they come up with “aging”. By combining ExaWizards’ assets including the AI technologies and expertise and Sumitomo Life’s abundant customer base and data, as well as the services of various partners, we will promote the well-being tech and develop various well-being services together.
As a first step of the collaboration, we will develop the new AI-enabled service in the mental health field.
b. Project to evolve the sales representative structure
By analyzing various data including activity data of the sales representatives and using AI, we will adopt approaches and perspectives that are different from conventional ones to increase values to be delivered to customers, sophisticate the business management, and improve the activity, education and job satisfaction of the sales representatives. Through these initiatives, we will further evolve the sales representative structure so that they can continuously serve customers well in the future and support the customers’ better life = well-being with a core of “Vitality” of Sumitomo Life.
c. Project to develop an AI-based insurance recommendation system
ExaWizards and Sumitomo Life have jointly developed the “AI-based diagnosis for perfectly matching insurance”, AI-based insurance recommendation system under the theme of appealing to the Millennials and enabling to select optimal insurance for each customer, and carried out the verification experiment on the website of Medicare Life Insurance Co., Ltd., a group company of Sumitomo Life. In the future, we will further evolve the AI-based insurance recommendation system to contribute the customers’ better life = Well-being.
d. Project to enhance the data analysis system
While advancing collaboration in the well-being tech field and development of insurance-related services by using AI, ExaWizards also serves as the data strategy advisor to support the various data analysis projects in Sumitomo Life and enhance the data human resources in the company.
☑ Comments from both companies
Yukinori Takada, Director, President & CEO, Sumitomo Life Insurance Company
Sumitomo Life intends to deliver more suitable service and optimal protection for each and every customer by establishing a WaaS (Well-being as a Service) ecosystem centered on the Vitality program, connecting to customers through a variety of “well-being” services and utilizing the various data obtained from them. By forming a business tie-up with ExaWizards, which has abundant experience and knowledge in the AI and data utilization, we will create the new businesses and new services in the Well-being Tech field, adopting non-conventional approaches and perspectives.
Ko Ishiyama, President & CEO, ExaWizards
ExaWizards has been working to solve various social issues in the super aging society for future generations. Especially in the nursing care, medical care and health care fields, we develop the AI-enabled services to realize vigorous lives based on the challenges that each individual faces. With this business tie-up, ExaWizards will pursue Sumitomo Life’s vision of “an era to live a long, healthy and happy life of your own” together and further focus on the development of services using AI and data to contribute to well-being of each individual with the power of technology.
[About ExaWizards Inc.] https://exawizards.com/
With the mission of “Solving social issues through Artificial Intelligence for future generations”, we are developing and commercializing AI products in various fields such as nursing care, medical care, HR, robotics, finance, and cameras, in order to solve industry and society-wide issues identified from individual company issues, while working on solving issues in each department and company-wide use of AI. Our members include AI engineers, software and hardware engineers, strategy consultants, UI/UX designers, domain experts in nursing care and other fields, researchers, policy experts, and other cross-disciplinary personnel. In Japan’s super-aging society, we are developing our business with a thorough understanding of the needs and issues in each field.
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Public Relations Department, ExaWizards Inc.