Smartpay and Chubb revolutionize Japanese insurance industry

Embedded Insurance
19/03/2024 News

Smartpay, a leading Japanese fintech firm, has partnered with Chubb Insurance to drive digital transformation in Japan's insurance sector. With Japan's insurance market set to reach 80 trillion yen (USD $500 billion) by 2027, this collaboration aims to meet evolving consumer demands in the digital age, post-COVID.

The partnership addresses the need for innovation in Japan's insurance industry, catering to consumers' desire for seamless, personalized digital experiences. Smartpay's pioneering concept of embedded insurance allows users to purchase insurance alongside other products, streamlining the process and enhancing convenience.

Sam Pemberton-Ahmed, CEO and Founder of Smartpay, underscores the vision behind the partnership: integrating insurance seamlessly into the customer journey, offering personalized purchasing experiences.

Japan's travel insurance market, valued at USD 678.89 million in 2023, is poised for significant growth. With 47% of Japanese travelers seeking new insurance purchase methods post-pandemic, embedded insurance is expected to drive this expansion by aligning with consumer preferences.

Smartpay's innovative digital financing service, Smartpay Bank Direct, launched in December 2022, has already reshaped Japan's payment landscape. This service caters to the 70% of Japanese consumers who prefer non-credit card payment methods, offering a secure and convenient payment option.

Addressing security concerns, Smartpay implements industry-leading practices such as two-factor authentication and biometric security. Chubb, renowned for its digitalization expertise, brings valuable experience to the partnership, having successfully integrated insurance products with leading platforms like Grab and Nubank.

By leveraging Smartpay's digital finance solutions and Chubb's insurance expertise, the partnership aims to deliver innovative digital insurance solutions to Japanese consumers, starting with embedded insurance. This collaboration marks a significant milestone in transforming Japan's insurance industry to meet the needs of today's digital-savvy consumers.

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