Japan Post Insurance, one of the county’s largest insurers, has partnered with Plug and Play, a global innovation platform headquartered in Silicon Valley.
The partnership, according to a statement by Plug and Play, will give it the opportunity to explore new ventures in insurance in the Japanese market.
“Our customers’ needs are getting more diverse, so innovation and the latest technology are necessary to meet their needs,” said Michinori Imaizumi, head of the digital services acceleration department at Japan Post Insurance. “We are looking for solutions with [such] technology, such as making digital touch points and reforming business procedures.”
“Plug and Play is one of the most powerful accelerators with a worldwide network, and provides a great partnership program,” Imaizumi said. “It’s the best innovation platform for us, in large part because we do not yet have a substantial presence in Silicon Valley.”
“Insurtech is an evolving sector in Japan, and we’re excited to see how our new partnership with Japan Post Insurance helps us stay ahead of the curve. We look forward to discovering new start-ups from the region that can expand the global market for insurance technology,” said Ali Safavi, global head of insurtech at Plug and Play.
In 2018, Plug and Play announced its first batch of start-ups from its Singapore innovation hub, as well as partnering with several insurance powerhouses in the region, including MSIG and Willis Towers Watson.
Since its inception 2016, Plug and Play has provided a vast innovation platform for over 75 corporate partners and has made over 40 investments in insurtech start-ups. Plug and Play Insurtech has recently expanded internationally to Beijing, Munich, New York, Singapore, and Tokyo.
