How sell policies in the metaverse? Balance speed, accuracy in commercial lines underwriting, Insurtech can bring insurance protection and more
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments.
on section here.
Tokio Marine & Nichido to sell policies in the metaverse
Japanese insurer Tokio Marine & Nichido Fire Insurance will start selling insurance to its customers through the metaverse.
Beginning this month, the insurer’s sales staff and customers can communicate via their virtual avatars on the Virtual Akiba World platform, the Yomiuri Shimbun reported. The platform was launched by East Japan Railway Co. and other firms in March. It is modelled after Tokyo’s Akihabara district, which is well known for its electronics retail stores and Japanese pop culture.
Tokio Marine & Nichido will be the first insurer in the market to sell insurance via the metaverse, the report said. The insurer’s entire product catalogue on its website, which includes car, fire, and golf insurance, will be available in the metaverse.
MUST READ STORIES
How to balance speed, accuracy in commercial lines underwriting
In the quest for accurate underwriting data, carriers must balance speed and accuracy to deliver precise risk evaluation. This article offers tips for appraising solutions that deliver the right combination of accuracy and speed. Read more.
Big Tech makes too much money out of insurers to compete with them
Big Tech firms have little incentive to become full-stack insurers themselves – they are making more than enough money servicing the industry to compete with it. Read more.
Insurtech can bring insurance protection to the poor and vulnerable
The global fintech boom has spread to the insurance industry, as new, disruptive “insurtech” companies rapidly innovate business models that are challenging industry norms. Insurtech uses state-of-the-art technologies, including big data, the internet of things, blockchain, machine learning, and cloud computing to improve insurance products, create new ones, and reshape the industry.
INSURTECH REPORTS
Look at the 4th edition of the Latam Insurtech Journey Report:
Recommended by LinkedIn
INSURTECH ROUNDS
Click-Ins Raises $7.5 Million in Funding
Click-Ins, a Netanya, Israel-based AI SaaS company that enables the insurance and automotive industry to accurately detect and assess all damages on a vehicle, raised a $7.5 million funding round. Read more.
UK insurtech Flock raises £31.5mn in Series B round
UK-based drone and motor insurtech Flock has raised £31.5mn ($38.1mn) in a Series B round led by Octopus Ventures, with capital from CommerzVentures. Read more.
Long-Term Care Insurtech Assured Allies Nabs $42.5M to Power Successful Aging
Assured Allies’ platform combines machine learning and predictive analytics with the latest science of aging to offer successful aging programs proven to reduce the risk of disability, and next-generation retirement products that make long-term care insurance accessible and financially sustainable.
INSURTECH DIGEST BACK ISSUES
Unlock the potential of the Silver Economy. Insurtech Digest Issue #140 is out! Finance for sustainable change, performance through people and more
Look at these Digital Marketing Ideas for Insurers. Insurtech Digest Issue #139 is out! Modernising Insurance: The Challenge of Legacy Systems, ChatGPT in insurance sector and more
Would the insurance industry benefit from Web3 adoption? Insurtech Digest Issue #138 is out! Are fintechs and insurtechs bad at PR? Why talent shortages persist in 2023 and more
Get the best of insurtech in your inbox
Hey there, hope you find this digest inspiring! So please, share on your social and tell your fellow insurtech enthusiast friends to subscribe here. ? Feel free to connect with me and keep in touch for any support concerning your startup or impact projects.
Have a nice day!
Alberto
Board Member, Advisor, Practitioner, Professor, Speaker, Author Cyber Governance | Resilience | AI | GRC | Emerging Technology | Digital Trust | Zero Trust | CMMC | Complex Program Management | M&A
1yGood stuff Alberto Garuccio. For me, the answer is simple. A huge part of the #Metaverse is what I have been calling experiential commerce. It is only a matter of time. I also suspect, the rate of adoption will be much faster than we saw from the Internet and the Cloud.
Entrepreneur & Intrapreneur within industrial digitalization & digital innovation
1yI do not think this is the perfect use case for insurance and the metaverse. It is another channel and good to be there as an insurer, but strategically there is a whole other domain insurance companies could use the metaverse for, involving proactively influencing change and awareness creation in relation to all manner of safety habits etc. So, not too excited about the approach of selling policies in the metaverse but hope that will lead to other leapfrog developments of much bigger influence for good and for safety…
Senior Business Analyst - Product Delivery
1yAlberto Garuccio - do you see extending to commercial insurance?
Advocate for financial empowerment, literacy, and independence. Advisory solutions and problem solving for businesses; risk management, business planning, building brand equity, capital raising and more.
1yVery interesting and a great round up, thanks