KB Financial, Sompo Japan team up for boosting nursing care services

South Korea's KB Financial Group and Japan's Sompo Holdings announced on Friday a memorandum of understanding (MOU) to collaborate on nursing care services.

The agreement, formalized on the previous day, was signed by Yoon Jong Kyoo, Chairman of KB Financial Group, and Kengo Sakurada, Chairman of Sompo Holdings.

Sompo Holdings, which commands an impressive portfolio worth approximately 135 trillion won ($104 billion) in total assets, oversees 95 subsidiaries across life insurance, general insurance, overseas insurance, care business and digital business sectors. Key subsidiaries include Sompo Japan, the first Japanese property insurance company, and Sompo Care, a leading care service provider.

Through this partnership, KB Financial Group plans to tap into the operational prowess and product/service development expertise of Sompo Holdings. In particular, KB Financial Group plans to collaborate closely with Sompo Care on digital technology integration, utilizing Internet of Things (IoT) data to tailor care services to the specific needs of clients.

Preceding the MOU signing, Chairman Yoon of KB Financial toured several establishments within the Sompo Care network, including professional care training centers and dedicated hubs for researching digital technologies associated with care services.

Sompo Holdings provides a diverse range of care services under different brand names, matching various service levels. These services include lifestyle improvement programs for the elderly aimed at preventing cognitive decline, dementia prevention services for insurance policyholders and support for individuals straddling between professional responsibilities and caregiving roles.

Write to Bo-Hyung Kim at kph21c@hankyung.com