Claims management specialist Crawford & Company has rolled out a new claims management service called Japan Connect, specifically designed for Japanese insurers and companies with operations across Asia.
This model is intended to address claims in a manner consistent with Japanese business culture, practices, and etiquette, providing a specialised approach to handling claims outside Japan.
The Japan Connect initiative is tailored to meet the expectations of Japanese firms by ensuring that their claims across Asia are managed according to Japanese business norms.
Mamoru Tanouchi (pictured), managing director of Crawford Japan, said Japan Connect was developed in direct response to the needs of their Japanese clients who require claims handling that mirrors Japanese philosophies.
“For example, a loss that’s insured by a Japanese-based insurer may take place in Singapore or Taiwan. Our local Crawford team in those countries will assess the loss, supervised by Crawford Japan,” he said, adding that Crawford Japan will provide instructions on managing the claim, including a guide on Japanese customs.
“Our internal processes mean Crawford Japan always has full knowledge of the status of the claim and our client receives all information and correspondence via Crawford Japan in Japanese,” Tanouchi said.
Japan Connect is overseen by Satoshi Yamazaki, head of Japan Connect (ASEAN), and Masakazu Nagumo, head of Japan Connect (Greater China).
According to Scott Reichelt, president of Crawford Asia, the Japan Connect team is composed of professionals with diverse expertise, including insurance, surveying, and IT.
“[The Japan Connect team members] are highly trained to tap into our global Crawford loss adjusting teams to manage large and complex losses across areas including commercial business interruption, cyber, marine, liability, product recall, and commercial property,” he said.
He also said that Japan Connect has been piloted over the past several months, receiving positive feedback from Japanese clients.
“It’s always fulfilling to watch something become highly valued to the Japanese insurance industry so quickly,” he said.
Crawford recently released its financial results for the fourth quarter and the full year ending December 31, 2023. It recorded a slight increase in fourth-quarter revenue, driven by favourable foreign currency exchange rates.
Revenues before reimbursements reached $292.7 million, reflecting a 1% increase compared to the previous quarter, but a 9% decline from the fourth quarter of 2022. The net income attributable to shareholders, on a non-GAAP basis, amounted to $3.3 million, down from $11.4 million in the same period in the prior year.
For the full year 2023, Crawford reported consolidated revenues before reimbursements of $1.280 billion, representing an 8% increase compared to 2022. The net income attributable to shareholders, on a non-GAAP basis, increased to $47.0 million, up from $33.4 million in the previous year.
