Source: Asia One

The need for service innovation in the Japanese insurance industry

In the Japanese insurance industry, innovation is expected to respond to the changes in the digital economy requirements from consumers post-COVID.

Why Smartpay and Chubb are partnering:

Sam Pemberton-Ahmed, CEO and Founder of Smartpay, says “The vision we have as partners is ’embedded insurance’. Embedded insurance allows consumers to purchase insurance that complements the products they are purchasing, such as furniture and travel packages, at the point of checkout. By integrating insurance into the customer journey at checkout and providing it in a personalized manner, users can purchase insurance seamlessly at a price that suits their needs.”

Japan’s Travel Insurance Market is estimated to be USD 678.89 Mn in 2023 and is expected to reach USD 1523.76 Mn by 2028, growing at a CAGR of 17.55%. 47% of Japanese travelers who have purchased travel insurance since the pandemic are seeking a new way to buy travel insurance different from the traditional methods. Embedded insurance is expected to lead the way in new practices to buy insurance and drive the growth of the expanding Japanese insurance market.

Chubb has a strong track record in leading digitalization and technological innovation with partnerships in the insurance industry. An example is their partnership with the Southeast Asia-based super app Grab, which started in 2018. This collaboration allowed Chubb to provide insurance products to millions of Grab users. Additionally, Chubb teamed up with Brazil’s Nubank to offer fully digitalized life insurance. This partnership enabled local customers to access a wide range of financial services.

Read full article: https://www.asiaone.com/business/japanese-fintech-leader-smartpay-partners-chubb-insurance-accelerate-digitization-japanese