Chubb and Smartpay to develop insurtech for Japan
Chubb Insurance has partnered with fintech firm Smartpay to develop digital insurance products for the Japanese market
The business partnership, between the Japanese subsidiary of Chubb Group and the Tokyo-based tech firm, will focus on providing “innovative digital insurance solutions in the future”. In particular, the partners are expected to focus on embedded insurance.
Sam Pemberton-Ahmed, CEO of Smartpay, explained: “Embedded insurance allows consumers to purchase insurance that complements the product they are purchasing, such as furniture and travel packages, at 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,” he added.
Smartpay stated that digital purchases are expected to add ¥80 trillion to the Japanese insurance market by 2027 – noting that 47% of Japanese travellers who have purchased travel insurance since the end of the Covid-19 pandemic sought coverage through non-traditional methods.
This shift is being driven by demand for a “more efficient and smoother digital user experience”, “personalised purchase processes, and “real-time support”.
Chubb also recently announced a new developer portal for its Chubb Studio embedded insurance solution.