Aioi Nissay Dowa Insurance entered into a capital and business alliance with Mind Foundry, an AI venture from the University of Oxford, in October 2020.

Background

This collaboration was formed in response to the irreversible trend of digitalization and big data utilization, further accelerated by the new normal due to the COVID-19 pandemic. Since establishing the Data Solution Department in June 2018, the company has been working on data utilization and AI development in insurance operations. As part of this effort, Aioi Nissay Dowa Insurance conducted a proof-of-concept experiment using data from its UK subsidiary, Insure the Box Limited (ITB), in collaboration with Mind Foundry, a spin-out company from Oxford University known for its advanced AI development capabilities. The experiment evaluated Mind Foundry's technological strength and software platform performance, leading to this business alliance. The company plans to invest approximately 1 billion yen (Approximately £7m) in Mind Foundry.

Overview of Mind Foundry

Mind Foundry was established by Stephen Roberts and Michael Osborne, pioneers in the AI field and leaders of the machine learning research group at Oxford University. With a mission to solve world challenges through human-AI collaboration, the company provides a software platform that enables AI development even for non-data scientists. It boasts a team of top data scientists and engineers, primarily PhD-level graduates from the university.

Future Developments

AioiNissay Dowa Insurance aims to enhance its in-house AI development capabilities by utilizing Mind Foundry's software platform, enabling its employees to develop AI hands-on. Collaborations with Mind Foundry's AI development team and joint AI development centered around the company's data scientists will drive AI in-house development across all insurance operations, including international subsidiaries, as part of the company's digital transformation (DX) strategy. Initially, there are plans to undertake advanced AI development using big data, including telematics data, in collaboration with ITB. Additionally, the company plans to establish a data analysis environment equipped with Mind Foundry's software platform in Japan, aiming to expand AI development. There's also a focus on enhancing the expertise of AioiNissay Dowa Insurance's data scientists through talent exchange in joint AI development with Mind Foundry.