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The biggest Insurance Japan, Sombo Japan, started operation for the next-generation system with Korean software. As domestic software companies succeed in entering the Japanese financial market, which is highly conservative, it is expected that Korean companies' exports to the Japanese financial sector will gain momentum.
Innorules (CEO, Gilgon Kim) announced on the 1stof July, that it had opened the first-stage system by supplying products to Sombo Japan's future innovation project.

Innorules is a professional developer of 'Business Rule Engine' (BRE) solutions. BRE simplifies complex tasks and increases system building speed and efficiency. Many domestic insurance, securities and banks have adopted Innorules products.

Sombo Japan has been preparing for the next-generation project since 2016. This is the first next-generation project in 30 years, and it is the largest ever with an investment of 2 trillion KRW. Sombo Japan came in contact with Innorules products while visiting Korea for benchmarking for domestic insurance companies. After comparing Innorules with other foreign products and performing a benchmark test (BMT), Innorules was chosen.

Sombo Japan adopted Innorules products to its core business. Innorules' 'Digital Product Information Management System' (DPM) was introduced to simplify the structure from product to insurance sales, and payment and settlement of insurance premiums.

Innorules contributed to improving the performance of the system, the core of the project.Existing systems have been used for a long time, resulting in a large amount of data accumulated. In 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.

The system opened this time used Innorules DPM to standardize common processing for product development, and used independent development process according to product characteristics. Sombo Japan expected to shorten the product development and modification period, which took nearly a year, by a third.

Starting with this new system, Sombo Japan plans to transfer the entire auto insurance 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 Sombo Japan.

Gilgon Kim, CEO of Innorules, said, “It is meaningful in that we supplied products to core business among the most demanding Japanese financial companies.It has been recognized for its stability and technology for many years. Because of this, we are getting many requests from other Japanese financial corporations”
Gilgon Kim also said, “Many countries in Southeast Asia, such as Indonesia and Malaysia, are preparing for financial projects. We are preparing to enter the market with our portfolio from Korea and Japan. We expect overseas sales to grow by more than 20% this year compared to last year.”
By Staff Reporter Jisun Kim (