Smartpay and Chubb have joined forces to revolutionize the Japanese insurance sector by developing digital insurance products tailored to post-COVID consumer needs. The partnership aims to introduce embedded insurance, seamlessly integrated into everyday transactions, catering to evolving consumer demands for personalized and secure insurance experiences.
7 March 2024 – In a move to revolutionize the Japanese insurance landscape, Smartpay, one of Asia’s rapidly growing fintech firms, and Chubb, a global insurance leader operating in 54 countries and territories, have forged a strategic partnership. This collaboration aims to pioneer the development of digital insurance products tailored to the evolving needs of Japanese consumers in the post-COVID digital economy.
The Japanese insurance sector stands poised for innovation, driven by the shifting demands of consumers towards a more digitized experience post-pandemic. As digital transactions surge, there is a growing appetite for streamlined, personalized insurance solutions with seamless payment processes and robust data security measures.
Projected to reach a staggering 80 trillion yen by 2027, the Japanese insurance market is set to witness a significant transition towards digital purchases. Embracing this trend, Smartpay and Chubb are uniting forces to introduce pioneering concepts such as ’embedded insurance,’ wherein consumers can seamlessly purchase insurance products integrated with their everyday transactions, be it furniture purchases or travel packages, ensuring a tailored and hassle-free experience.
Sam Pemberton-Ahmed, CEO and Founder of Smartpay, underscores the vision behind the partnership, emphasizing the importance of embedding insurance seamlessly into the customer journey, offering personalized coverage at the point of checkout. With the travel insurance market in Japan projected to grow at a CAGR of 17.55%, the advent of embedded insurance is poised to reshape traditional insurance purchasing practices, catering to the evolving needs of modern consumers.
The collaboration between Smartpay and Chubb signifies a convergence of expertise and innovation. Leveraging Smartpay’s groundbreaking digital financing service, “Smartpay Bank Direct,” which enables customers to make online purchases directly from their bank accounts, and Chubb’s unparalleled insurance products, the partnership aims to deliver innovative digital insurance solutions tailored to the Japanese market.
Through Smartpay’s extensive network comprising Japan’s largest banks and credit unions, coupled with Chubb’s track record of digitalization and technological innovation, the partnership promises to unlock new avenues for seamless and secure digital insurance experiences. By amalgamating their respective strengths, Smartpay and Chubb are poised to spearhead a new era of digital insurance solutions, starting with embedded insurance in Japan.
