Digital payment platform Qorus Innovation in Insurance Awards 2021

[Overview] Aflac Japan has provided new fintech services for customers as an open innovation beyond insurance industries. The services consist of following 4 services; 1) online expenses management service: support household expenses management and asset building, 2) points exchange portal: guide to effectively trade various points customers have, 3) points receiving service: customers can receive deferred money with Amazon gift vouchers and 4) points payment service: customer can pay premiums using the points. These 4 services are very handy and close to policyholders daily life. Providing the services was the first step towards building an ecosystem transcends industries. [Details of initiative] To meet these social backgrounds and customer needs, Aflac Japan worked with fintech companies and managed to provide following 4 fintech services in only 6 months. ■Services 1. Online Asset Management Service In cooperate with fintech companies, Aflac Japan provided a service through a website for policyholder that can visualize financial assets with simple operations based on account information via financial institutions and registered information of loyalty program companies. 2. Points Exchange Portal Aflac Japan established a portal site that collects information on points trade to the website for policyholders and provided a service that allows their points can be traded for other loyalty programs or mileage as they like. This is the first service in life insurance industry in Japan. 3. Benefit Receiving Service Using Points Policyholders can receive benefits by points in addition to receive them by wire transfer. 4. Digital Payment Services (credit card payment, electronic money payment, point payment) Policyholders used to pay insurance premiums only by bringing paper invoices to financial institutions, such as banks or convenience stores. By collaborating with fintech companies, Aflac Japan introduced a variety of digital payment services to provide premiums by credit cards, electronic money and points. As a result, policyholders can pay insurance premiums anytime, anywhere. This is the first attempt introducing the point payment service provided by a major Japanese telecommunications company into the life insurance industry. [Future development] In order to further improving customer service, we plan to expand current digital payment services, introduce virtual currency and our own loyalty program.