Tokio Marine Holdings has announced a strategic investment in Simplesurance, an Allianz-backed insurtech firm based in Berlin, Germany. The investment has been made via Tokio Marine’s wholly owned subsidiary Tokio Marine & Nichido Fire Insurance and will grant Tokio Marine access to Simplesurance’s technological offerings. It plans to use this technology in the Japanese and Asian markets in order to bring new innovative digital solutions to market.
“As Simplesurance’s strategic partner we will be able to use its technology and platform in order to speedily provide clients with tools that will allow them to easily sell insurance such as Overseas Travel Insurance and Personal Accident Insurance through their websites or apps,” said Tokio Marine. “Our customers will benefit from our new hassle-free insurance application procedures that will allow them to easily purchase insurance at the same time as buying a product or service from an electronic commerce site without having to re-enter their personal details.”
Earlier in 2018, Simplesurance raised US$24 million in a Series-C funding round led by Allianz. The insurtech said that it was hoping to expand into the Asian market, among others, making the new partnership a boon for both entities; Simplesurance has also stated that it has plans to develop cyber protection solutions in the future.