1、1Insurtech Report 2022We help you in every step of your innovation journeyPartnering with the largest organizations worldwide gives us a line of sight to identify the main pain points affecting each industry.We then focus on sourcing the best startups that can provide the best solutions to these cha

2、llenges.By collaborating with startups,corporations increase operational efficiencies,decrease costs,find new product lines,and become more innovative from the core.400+Corporate Partners50+Offices Worldwide50,000+Carefully curated international startups in our networkGlobal ReachOne of our greatest

3、 ambitions is to make our ecosystem accessible wherever you are.With offices across the world,were proud to be the worlds largest innovation platform by geographic reach.$12bn Plug and Plays startup community has raised$12bn in venture funding JOIN THE PLATFORM PNPTC.COM/JOINWe connectthe best techn

4、ology startups and the worlds largest corporations.MunichParisAmsterdamBeijingTokyoClevelandValenciaFrankfurtStuttgartSingaporeJakartaAbu DhabiNanjingShanghaiMadridMilanNorthwest ArkansasBangkokKyotoSo PauloDetroitNorth DakotaBen GuerirGenevaViennaTopekaOsakaJohannesburgSeoulTorontoZhengzhouChicagoS

5、henzhenBarcelonaIstanbulWuhanWuxiHamburgAntwerpCairoAlbertaSilicon Valley HeadquartersNur-SultanRiyadhHyderabadSavannahBaselModenaUzbekistanUnited KingdomIndexSpotlight on TopicsTrend of Innovation in the Changing Insurance IndustryIntroduction:Trend of Insurtech JapanInitiatives by Major Insurance

6、CompaniesInsurer x Startup Partnership Case StudiesStartups Introduction469131622Insurtech Report 2022Message:The Future of Insurtech243Insurtech Report 20222021 was the first year in history that global investment in the insurtech domain exceeded$10bn.More VC firms are covering the insurtech area a

7、nd investment activities have become more active in the past few years,with more insurance companies launching CVCs and increasing amounts of money invested in startups.As a result,the average growth period for startups from early to late stages has become shorter,and this trend is expected to conti

8、nue.Tracking such a global trend,Japanese insurtech startups started receiving funding from major VC firms and insurance companies in the past few years as well.Despite many top-tier talents still preferring to work for big corporations in Japan,an increasing number of actuaries and other talents wi

9、th experience in the insurance industry have founded insurtech startups or joined management teams at such startups.Intro:Trend of Insurtech JapanJapan Insurtech Market Size Trends and Forecasts07501,5002,2503,00020002220232,8002,4601,8801,2909Fig.1 Source:Yano Resea

10、rch Institute,Ltd,“Insurtech Market for Life Insurance in Japan:Key Research Findings 2019,2021”Est.Est.Est.(Hundred Million Yen)(Fiscal Year)Note:Based on sales of market players4Intro:Trend of Insurtech JapanInsurtech Report 2022Therefore,continuous investment of capital and attraction of talents

11、from within and outside of the insurance industry are important issues to address to enable the insurtech startup ecosystem in Japan to further develop and prosper.Meanwhile,its a tremendous opportunity for global insurtech startups to come into the Japan market and work with Japanese insurers,which

12、 we see is an increasing trend.Created by Plug and Play JapanXSpotlight on TopicsTo capture insurtech trends from multiple perspectives,we conducted interviews with major Japanese insurance companies,domestic and international startups with activities in Japan,and incubators involved in the Japanese

13、 market.Well examine trends in the insurtech domain in detail with respect to the following five themes:1.Innovation in the Changing Insurance Industry:Where Are We Now?2.Initiatives by Major Insurance Companies 3.Insurer x Startup Partnership Case Studies 4.Startups Introduction 5.Message:The Futur

14、e of InsurtechInsurtech Report 2022Insurtech Report 2022Charlie Sidoti leads InnSures integrated programs which are designed to help insurance professionals and organizations survive and thrive by improving their ability to respond to different forces.InnSure provides a roadmap for corporate sponsor

15、s,experienced industry talent,and outside contributors to connect and innovate to move the insurance industry forward,together.Dustin YoderSureify Labs,Inc.Chief Executive OfficerDustin Yoder is an insurtech entrepreneur dedicated to creating the next generation of insurance sales,service,and policy

16、holder engagement.He built and sold Vendus Product Labs,an enterprise product development company that served clients such as Genentech,Stanford University,and Honda.Following that success,he formed Sureify with the goal of revitalizing life insurance for the end consumer.Dustin holds a BS in financ

17、e from Cal Poly,San Luis Obispo.He lives with his wife and daughter in San Jose,CA.Charlie SidotiInnSure Corp.Executive DirectorIntervieweesNobuyuki TaninakaDaido Life Insurance Co.Director and Senior Managing Executive OfficerNobuyuki Taninaka joined Daido Life Insurance Company in 1986.After servi

18、ng as General Manager of the Internal Control Promotion and Planning Departments,he was appointed Executive Officer in April 2014,Managing Executive Officer in April 2018,and Director and Managing Executive Officer in June 2018.7Insurtech Report 2022IntervieweesTakashi Sato joined Sumitomo Insurance

19、 Company(now Mitsui Sumitomo Insurance Company)in 1996.He was assigned as the first MS&AD Insurance Group representative in Silicon Valley in 2017.He established MS&AD Ventures,the first overseas CVC of the group in 2018,which made investments in six countries in 36 companies by April 2020.He establ

20、ished the MS&AD Garage Program in January 2018,in which participants study in Silicon Valley for a short period of time to solve management issues together.37 people from 22 locations in five countries participated in this program by 2020.Yusuke ShonoWarrantee Inc.Chief Executive OfficerYusuke Shono

21、 graduated from Kyoto University in 2013 with a BA in economics.He participated in the Silicon Valley tour(Global Innovation Program 2013)hosted by the City of Osaka in March 2013.Based on that experience,his pitch for the digitalizing the warranties business was highly evaluated by investors and be

22、came the current business model of Warrantee.After returning to Japan,he established Warrantee as the first investment led by the startup fund Nippon Venture Capital,and he joined Warrantee as CEO.Takashi SatoMS&AD Ventures,Inc.Managing PartnerSatoshi NerioNippon Life Insurance Co.Nippon Life X,Dire

23、ctorSatoshi Nerio joined Nippon Life in 1999 and has served as Director there since 2021.Hes experienced in insurance system development and large-scale project management;recently he became in charge of R&D,investment planning,and human resource strategy related to fintech in the IT planning and DX

24、 department.His favorite book series is the Kosaku Shima series;he wants to innovate with flexible and bold ideas like Kosaku Shima.8Insurtech Report 2022Trend of Innovation in the Changing Insurance Industry:Where Are We NowDigitalization and innovation in the insurance industry have lagged behind

25、other industries due to a combination of business practices and industry culture built up over a long history and strict regulations,even though the risks covered by insurance,including in respect to our lives,health,and homes,are fundamental matters for people,communities,and businesses.Awareness o

26、f Insurtech in Japan began to grow around 2016.The insurance industry has changed a lot since then,both domestically and internationally.Some developments in Japan include increasing awareness of well-being that has led to the spread of life insurance policies that offer lower premiums for health pr

27、omotion efforts and automobile insurance policies that utilize drive recorders in non-life insurance.However,innovation in the insurance industry has just begun.This chapter will unravel the need for and hot innovation topics in the insurance industry.1.9Insurtech Report 2022InnSure Charlie Sidoti I

28、 think the insurance industry is behind other industries.The mindset has dramatically changed recently;although there are still some incumbents who dont necessarily appreciate the scope and scale of the changes that are coming.The scope of forces that has driven the need for innovation includes a lo

29、t of things,such as regulatory issues,the millennials,and how customers engage and want to engage.I think those trends will continue,and innovation is going to accelerate.Startups are going to continue to grow.There are some big questions about the technology sector mentality.Startups think they nee

30、d to grow and get market share and figure out how to make a profit later,which contrasts with the historical insurance industry perspective,which is that you have to maintain a strong balance sheet because the insurance industry is highly regulated,and you need capital to pay potential losses.It is

31、going to take a while to see which of those perspectives is correct,and how those two perspectives play off each other.I think from a pure technology perspective,things like autonomous vehicles,shifting from people driving cars,which the whole industry was built around,to cars driving people,which i

32、s a very different model,will affect the insurance industry;and the insurance sector needs to adapt to that.And regarding the climate area,there are a lot of new technologies being developed and introduced.People in the environmental sector looked at insurance as an obstacle to some of these new tec

33、hnologies because theyre unproven,and the risk isnt really known.The insurance industry is viewed as slow to figure them out.All those things need to be dealt with.Theres also a need to innovate around capital,like how capital comes into the industry.More capital is needed to ensure the larger catas

34、trophe risks and to support vulnerable,often overlooked populations.How that capital comes in and where it comes from are opportunities to innovate.So theres a lot going on and I think the insurtech will continue to accelerate.What youll see is that speed matters much more than size.Youre starting t

35、o see that and youll see more of that.So how fast you can develop new products and how well products support risk mitigation is important.“10Insurtech Report 2022Sureify Labs Dustin Yoder The famous saying is dont fix it if its not broken.I think that was the case for the last 100-plus years in insu

36、rance.I think COVID broke a lot of the existing systems and practices.The number one thing that got affected is the common practice of insurance only being sold through agents.Due to insurers compliance with company policies,agents were mandated to sit in front of the clients when they signed their

37、applications.Insurers could not issue policies under COVID-19 because the way of doing things was officially broken.At the same time,it was the biggest year for life insurance purchasing because people feared death more than anything,more than they had in the last 12 years of a bull market.But liter

38、ally,the insurers could not issue life insurance without first having to rewrite policies that permitted digital signatures.What people ended up finding was,that there were only some insurers that actually had the technical capability to sell digitally.I think COVID-19 also opened the door for many

39、digital insurance solutions to enable insurers.Life and annuity have barely gotten started compared to property and casualty in terms of DX and innovation.Theres still a lot of room and a lot of opportunity for change-more than the necessary changes that you would think would be made or that are jus

40、t being made by life and annuity companies.Now,when you look at where our business is going,number one,weve been continuing to grow;were growing over 100%year over year.Second,we do think one thing thats coming is digitalizing the agents capabilities.Its a big,big area.At Sureify,weve been building

41、headquarters-centric digital solutions to enable the enterprise to conduct business digitally.Weve seen a natural demand and pull for those capabilities to be extended and enabled for their agents.Most agents are still not enabled digitally;we surely think they should be in both Japan and the US.And

42、 95%+of life insurance globally is still sold through agents,so that would be a very natural step to take place.“11MS&AD Ventures Takashi Sato When I was assigned to work in Silicon Valley in 2017,Japanese insurance companies were waiting for approaches from startups that targeted insurance companie

43、s in promoting open innovation.Solutions that are easy to implement,such as adding new technologies and data to existing insurance value chains,were popular in my opinion.However,the situation has changed dramatically.The stance of major Japanese insurance companies has evolved and theyre now paying

44、 more attention to startups and are actively including startups that are outside the insurance industry.Theres also a great increase in proactive approaches from Japanese insurers to startups that go beyond the insurance domain.Insurers are particularly approaching startups with data as a strength.W

45、hile there are startups that own,process,and analyze data,there could be a lack of clear understanding about which industries they can impact the most with their own information.Aerial Imagery is one of MS&ADs focus areas related to data.Four MS&AD Insurance Group companies,GIC,and GEOSITE started d

46、emonstration experiments and joint development,focusing on disaster prevention/mitigation solutions using aerial photography and accelerating payment of insurance claims in December 2021.(For details,please refer to theme 3:Insurer x Startup collaboration)“12Insurtech Report 2022The history of insur

47、ance dates back to the ancient Orient period.As trade flourished,new risks such as natural disasters and theft arose.The origin of insurance was created to protect against losses caused by these risks.A modern insurance system was introduced to Japan in the Meiji era,and the first insurance company

48、was founded in Japan in 1881.About 20 years later,the Insurance Business Act was enacted,modeled after the German Regulatory Act.Insurance practices and products have emerged to keep up with the times,and it also serves to support new initiatives that involve risks.Automobile insurance,fire insuranc

49、e,and life insurance,all developed along with Japans economic development after World War II and have supported Japans economic growth2.That long history has contributed to legacy IT systems and conservative corporate culture in the insurance industry,which may be viewed as negative.However,the insu

50、rance industry is a business that was originally born with the DNA of innovation,and industry leaders are working to ensure that it evolves with the ever-changing times.Industries by Major Insurance Companies2.Nippon Life Insurances Initiatives in Open InnovationNippon Life created the Innovation De

51、velopment Office in 2018 in response to the diversification of customer needs.The office serves as an open innovation center for creating new business under the unified brand Nippon Life X from 2020,with activities taking place in four global locations(Tokyo,Silicon Valley,London,and Beijing).Nippon

52、 Life X is taking on the challenge of continuing to meet the expectations of customers and society by creating new insurance and non-insurance business in multiple areas,including healthcare,insurance/finance-asset management,childcare/senior care,and work styles-diversity/smart society.”13Insurtech

53、 Report 2022Nippon Life Satoshi Nerio In the non-life insurance sector,the risks covered byinsurance change rapidly with the trends of the times.Insurance companies are required to respond quickly to changing customer needs,and this has created a structure in which insurance companies are collaborat

54、ing with startups with new technologies to develop and deploy new services.In contrast,in the life insurance sector,the risks that insurance covers do not change as much,the needs of customers have diversified in recent years,and the areas where support is required in customers daily lives are expan

55、ding.Therefore,I believe that the competition in life insurance these days is not simply about discounting premiums,but about how to provide added value and support in the daily lives of customers after they purchase insurance.We established a preparatory company for a small-amount short-term insura

56、nce company in April 2021.We hope to use it as an example of our efforts to respond flexibly to the changing needs of our customers and to take on the challenge of creating new value.This year marks the fourth year of Nippon Life X,and we are rethinking our purpose as an organization at this time.In

57、 the current era of 100-year life expectancy,we believe it is important to not only be a life insurance provider but also to continue to offer peace of mind to our customers through the creation of open innovation by leveraging external knowledge and expertise.Daido Lifes Initiatives in Open Innovat

58、ionThe Co-Creation Planning Office(now the Co-Creation Planning Dvision)was newly established in 2018 to improve customer experience through the use of digital technology.Daido Life focuses on creating innovations with different industries,in the areas of business innovation,management support,healt

59、hcare,etc.,which are the core of the insurance business.“DAIDO Sustainability INITIATIVE”was launched to encourage SMEs to practice sustainable management in 2021.The initiative supports SMEs to solve social issues including decarbonization,and to create business collaboration,through connecting SME

60、s that are interested in SDG initiatives with startups that have the technology and services support.“14Insurtech Report 2022Daido Life Nobuyuki Taninaka For nearly half a century,Daido Life has worked with SMEs by supporting their business through providing life insurance.The value we provide is to

61、 ensure the continuity of the companys business by paying insurance claims in times of emergency.In recent years,however,the environment surrounding SMEs has been changing and their needs are diversifying.Against this backdrop,Daido Life aims to be a partner of SMEs that assists in resolving the var

62、ious issues faced by business owners.There are so many types of SMEs,and naturally,they differ in ideas and interests.In particular,SDGs are thought to be a thing that large corporations and government agencies should work on in Japan.However,there is a rapid move toward decarbonizing supply chains,

63、particularly in the major manufacturing industries,and it seems that more and more SMEs will have to respond to this demand in the future.In addition,consumers show an increasing preference to choose sustainable products,and data shows that many employees want to work for sustainable companies.As st

64、akeholders are becoming increasingly interested in promoting SDGs and sustainability,we feel that addressing sustainability is becoming one of the major management issues for SMEs as well.According to our Daido Life Survey conducted on SMEs,about 80%of respondents indicated that they are already eng

65、aged in sustainability management or would like to do so in the future,but more than 30%were unsure of how to do so or where to start.These figures suggest that there is tremendous room for Daido Life to support SMEs in their SDGs initiatives.We hope that this program(DAIDO Sustainability INITIATIVE

66、)will provide an opportunity for SMEs that are already practicing sustainability management to further expand their efforts.We also hope that this will be an opportunity for those who are not yet involved in the SDGs to take an approach to the SDGs.15“Insurtech Report 202216There are a lot of exampl

67、es of partnerships between insurance companies and startups in Japan.Those partnerships arent limited to domestic startups,and weve started to see insurers exploring global startups which can be a good fit for the Japanese market,and we can proactively support their entry into the Japanese market.We

68、 would like to introduce both domestic and global partnerships in the insurance sector.Meiji Yasuda Life Insurance Company partners with two startups to promote customer health Meiji Yasuda Life Insurance Company(Meiji Yasuda Life below)launched a new service to promote customer health through partn

69、erships with two Japanese startups,Healthcare Systems and SUIMIN on June 1,2022.Meiji Yasuda Life launched the“Wellness for All Project”in April 2019,which is aimed at providing customers,local communities,and fellow workers(Meiji Yasuda Life employees)with ongoing assistance with their health impro

70、vement efforts.As for products,Meiji Yasuda Life released“Best Style Health Cash Back”which is a program designed to assist with health improvement.Cashback of up to one months premiums will be provided to customers depending on the results of the health checkup.As for services,customized services t

71、hat support customers health improvement are provided so that they get better health check results.In 2020,Meiji Yasuda Life met Healthcare Systems and SUIMIN through Plug and Play Japans accelerator program.Partnering with two Japanese startups enabled Meiji Yasuda Life to provide services to impro

72、ve eating habits and sleep as a part of the services within the“Wellness for All Project.”Insurer x Startup Partnership Case Studies3.Insurtech Report 202217Company name:Healthcare Systems Co.,Ltd.CEO:Yosuke Takimoto Founded:2009 Series:N/A Description:Healthcare Systems has developed at-home test k

73、its that can measure health conditions.By visualizing daily habits that tend to rely on intuition,they help people take the most appropriate actions to improve their diet and other daily activities.Collaboration with Meiji Yasuda:By collecting an at-home urine sample and mailing it in,service users

74、can easily measure their sodium intake,which is closely related to lifestyle-related diseases such as high blood pressure.The service measures not only sodium intake but also potassium intake,which promotes the elimination of salt.Additionally,it provides advice about how users can improve their die

75、t.Company name:SUIMIN inc.CEO:Masaaki Fujiwara Founded:2017 Series:Series B Description:SUIMIN is a startup founded out of IISM(International Institute for Integrative Sleep Medicine)at Tsukuba University.By diagnosing sleep disorders and effectively preventing them,the company aims to contribute to

76、 the realization of a society where people can live without sleep problems.Collaboration with Meiji Yasuda:SUIMIN evaluates sleep depth and quality by measuring brain waves while sleeping at home,which is the first-ever EEG-based sleep measurement service in the life insurance industry in Japan.The

77、service also gives advice on how to improve sleep based on the measurement results.Insurtech Report 202218MS&AD Partners with Geospatial Insurance Consortium(GIC):Support global startup entry into the Japanese market A total of six companies(four MS&AD Insurance Group companies,the U.S.startup GIC(h

78、ttps:/gic.org/),and GEOSITE(https:/www.geosite.io/),reached a basic agreement to enter a business alliance to conduct a demonstration and joint development of a loss prevention and mitigation solution and accelerated claim settlement by utilizing aerial imagery in December 2021*.Collaboration with o

79、verseas startups is challenging for Japanese insurance companies in many ways.Therefore,theyve collaborated mainly with overseas startups that are interested in expanding into the Japanese market already.However,major Japanese insurers have been organizing their financial and staffing structures,and

80、 have taken the approach of persuading companies to enter the Japanese market in recent years.Until now,many AI image analysis startups have given up on entering the Japanese market because there are no aerial images available in Japan.Nevertheless,MS&AD approached GIC,a company that takes aerial im

81、ages,to attract GEOSITE,a SaaS platform with applications for enterprise users that leverage spatial data for operations,planning,and analysis,to enter the Japanese market and led to the formation of this business partnership.*Press Release from MS&AD HoldingsBusiness alliance for loss prevention an

82、d mitigation and accelerating claim settlements by utilizing aerial imagery（https:/www.ms-ad- commodo luctus ullamcorper?Nullam ac lectus leo.Proin id egestas justo.Vivamus at sollicitudin urna.Praesent est erat,maximus sit amet efficitur ut,pretium nec diam.Aenean accumsan ligula at eros dictum,eu

83、pulvinar ipsum sodales.Quisque pharetra velit a lectus tempor condimentum.Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.Nulla rhoncus nisl libero,eget mollis enim porta eu.Aliquam fringilla magna non magna fermentum,et suscipit velit aliquam.Suspendisse

84、 potenti.Pellentesque et vehicula dui.Duis facilisis libero quis velit egestas elementum.Aretra lacus auctor,ullamcorper mi.Mauris sed odio elit?Nam et metus sed nisi tempus tincidunt non nec eros.Aliquam vel lacus in ligula faucibus porttitor.Etiam pretium felis eget lobortis lobortis.Aenean lorem

85、enim,posuere in diam id,faucibus tincidunt mi.Sed et dui erat.Donec laoreet non felis vel iaculis.Cras auctor ligula id nibh tincidunt ultrices.Morbi ultrices dolor ut ultricies congue.Quisque laoreet turpis nec enim tincidunt eleifend.Phasellus ultricies sapien in neque varius,accumsan malesuada ne

86、que porta.Some tips for collaboration between startups and large corporations Overall,insurance companies and startups differ in culture and speed.Here are some key points in promoting collaboration from the perspectives of both parties.Insurtech Report 2022Sureify Labs Dustin Yoder My three ways to

87、 have better communication with insurance companies are listening,having the correct product,and then showing the vision.It was beneficial for the growth of our company that we understood the B2B market,the way large insurance companies behave,and what they need.We also had big lessons in listening

88、and understanding the real problems of our clients.If you look at our ability to gain those initial first clients,it came from our willingness and openness to listening.Secondly,I also think that insurers and investors want to bet on a company or a team that has a forward-looking,believable,and exci

89、ting vision-one that pushes the limits of what is possible today but also shows a clear path on how to get to the vision.And third and not to be forgotten,is to show and suggest a future vision that captivates both their imagination,but also the belief of where they think the industry is going.But t

90、hen I always say,theres a three plus one.Tell me if there is another company that you believe in more and their commitment to driving the future of life and annuity technology.Tell me if there is a company that wakes up in the morning or goes to bed at night thinking about insurtech more than Sureif

91、y and if so,you should pick them.But I think what youll find with us or maybe like what you feel over the time were working with them is that we actually care about these things more,maybe more than your internal team,and thats really why you should pick us.Startup Insights“20Warantee Yusuke Shono W

92、hom you talk to is important.In the case of interacting with insurers,there is a clear distinction between companies that require a long time from the approval process to the decision-making process and those that can move faster.If a startup is collaborating with one or more companies that have a l

93、onger internal approval process,which could take almost a year just for preparatory meetings,it isimportant toalsoapproachand work withcompanies that have a faster approval process so that the startup can achieve faster progress in some of its projects.Also,if we proceed with the premise of collabor

94、ation from the beginning,the corporate side might feel uneasy because they have not verified the service yet,and we will have to start discussions from the point of whether the service will really be effective or not.However,if the service has already been commercialized,the major companies can deci

95、de to deploy the service and speed up further discussion.One way to proceed with the discussion faster is to ask for an introduction through a friend or acquaintance.In addition,in terms of connecting with people in various departments,the best way is to approach people who are dealing with the actu

96、al work that is involved with the solution provided by the startup.In terms of choosing which companies to talk to,It is easier to have discussions with companies and departments that are in ever-changing industries and with clear issues to solve.“Nullam commodo luctus ullamcorper?Nullam ac lectus l

97、eo.Proin id egestas justo.Vivamus at sollicitudin urna.Praesent est erat,maximus sit amet efficitur ut,pretium nec diam.Aenean accumsan ligula at eros dictum,eu pulvinar ipsum sodales.Quisque pharetra velit a lectus tempor condimentum.Pellentesque habitant morbi tristique senectus et netus et malesu

98、ada fames ac turpis egestas.Nulla rhoncus nisl libero,eget mollis enim porta eu.Aliquam fringilla magna non magna fermentum,et suscipit velit aliquam.Suspendisse potenti.Pellentesque et vehicula dui.Duis facilisis libero quis velit egestas elementum.Aretra lacus auctor,ullamcorper mi.Mauris sed odio

99、 elit?Nam et metus sed nisi tempus tincidunt non nec eros.Aliquam vel lacus in ligula faucibus porttitor.Etiam pretium felis eget lobortis lobortis.Aenean lorem enim,posuere in diam id,faucibus tincidunt mi.Sed et dui erat.Donec laoreet non felis vel iaculis.Cras auctor ligula id nibh tincidunt ultr

100、ices.Morbi ultrices dolor ut ultricies congue.Quisque laoreet turpis nec enim tincidunt eleifend.Phasellus ultricies sapien in neque varius,accumsan malesuada neque porta.Insurtech Report 2022MS&AD Ventures Takashi Sato While ensuring the financial success of our investments,our goal at CVC is to cr

101、eate new innovations through strategic partnerships with our portfolio companies.We invest in excellent companies and introduce them to our group business companies.In retrospect,many of the business divisions have little idea about how to connect the existing business with the portfolio companies.T

102、herefore,we created the Innovation Factory in Silicon Valley in 2021.In the“Innovation Factory”,we consider how we can create new businesses and refine existing businesses for our own company through working with Silicon Valley startups.We aim to launch new businesses by focusing on startups unique

103、business models,technologies,and data.We want to create success stories through learning from small failures and success as quickly as possible.We consider that Silicon Valley is not a place where you come to find the answer,but a place where you create the answer yourself.We gain nothing from simpl

104、y comparing different startups.It is necessary to act on our own and work together with startups to come up with the answer.Major Japanese corporations,including insurers,are good at working with inductive approaches.Since there is no time and no room for failure,the most efficient way for an employ

105、ee is to make several comparisons,select and explain the best option to his/her supervisors,and make a decision.In Silicon Valley,rather than picking up the answer,we work together to create the solution.If it doesnt work,we go back and try other methods.This iterative process is called a deductive

106、approach.We believe it is a very effective approach to collaborate with startups in a timely manner.Furthermore,when executives from Japan cometo visit startups inSilicon Valley,we make sure that allthese executivesand theiraccompanying employees are aware thatsuchvisitsarenot just courtesy visits,b

107、ut rathertheyareimportant business meetingsthathelp createsuccessful partnerships.The meetingsareplacesforrealdecision-making,andtheseexecutivesshould be prepared tomake decisionsor comewith questionsand clear goals in mind.This principle of how these visits to startups should be conductedhas been w

108、ellreceived withinMS&AD and has helpedcreate a“When you go to Silicon Valley,you get deals done”atmosphere in the company.Last but not least,we always keep in mind providing the flexibility of partnership to startups.A sudden exclusive contract proposal with a startup may ease the relationship.There

109、fore,whileconveying the attractiveness of our company,we conductPoCswith startups to prove the capability ofour company.Corporate Insights“Insurtech Report 2022As introduced in the first chapter,insurtech startups came into existence around 2016 in Japan,and currently,there are more than 15 startups

110、 in this domain.We would like to introduce a few insurtech startups that represent the insurtech ecosystem in Japan.Startup Introduction4.JustInCase(Japan https:/justincase.jp/)Founded in 2016,as one of the earliest insurtech startups in Japan,JustInCase is a licensed P&C small-amount,short-term ins

111、urer and also a tech provider through its subsidiary,JustInCaseTechnologies.JustInCase provides five pure online insurance products including AI-powered mobile phone insurance,P2P deferred payment cancer insurance(policyholders only pay the premium up to a certain amount when a claim occurs),and COV

112、ID-19 insurance.JustInCase is well known for its smooth online purchase experience.The COVID-19 insurance was launched in a month to respond to the pandemic outbreak in 2020,which was a hit in the market.However,JustInCase had to decide to reduce the insurance payments in 2022 for this product,after

113、 the pandemic spread in Japan beyond expectations.Because of this,FSA issued a business improvement order to JustInCase later.It is an example of how challenging it could be to evaluate and predict risk as an insurer,especially trying to move fast at the same time.However,we believe insurtech startu

114、ps will learn to balance speed and manage their capital and risk from this.JustInCaseTechnologies provides the SaaS solution called“joinsure.”Joinsure provides an end-to-end digital platform from sales and policy administration to claims handling.Above that,it also provides digital customer touchpoi

115、nts and marketing tools.This platform has been installed by multiple insurers in Japan.The founder of JustInCase,Kazu Hata,is an actuary.Kazu started his career at Milliman and has spent his career in the financial industry for more than 13 years at J.P.Morgan,Nomura,Munich Re,etc.He is passionate t

116、o improve the insurance industry and make his contribution to society.Insurtech Report 202223Warrantee(Japan https:/ in 2013,Warrantee provides free warranty and insurance for its users.The idea comes from the personal experience of the founder,Yusuke Shono,in his university days when he had trouble

117、 managing warranty documents and requesting coverage when he really needed to.Eventually,he came up with the idea of“free insurance.”This works via a patented system,in which Warrantee receives a sponsorship fee from the companies wishing to promote their products and services.When users face troubl

118、es,theyre insured from the sponsorship fee via Warrantee.Instead of paying premiums,users agree to provide their data to the sponsoring entities for marketing purposes in return.The innovative point in this system is how insurance and warranty can cover those who have financial difficulties as well.

119、Now,Warrantee is seeking further expansion in international markets to provide more coverage in more areas.Recently,its been reported Warrantee has publicly filed with the US Securities and Exchange Commission for an IPO on NASDAQ.FINPLANET(Japan https:/www.finplanet.co.jp/)Founded in 2019 to provid

120、e consumers with financial advice from a neutral perspective to support the build-up of their assets effectively and easily via smartphone.FINPLANET is the first startup to offer services utilizing an insurance broker license in Japan.The core of their current service line-up is:1.fints:Employee ben

121、efit service to build assets 2.DC Tsumitate:Robot advisor for defined contribution pension plans to easily optimize asset management 3.Hoken Pasha:Online reviewing service to save insurance premiums 4.Hoken Erabi:Robot advisor to help consumers choose the right insurance policy The founder and presi

122、dent,Naohiro Hasebe,has experience in sales in the financial industry for more than 15 years throughout his career in J.P.Morgan Japan,Morgan Stanley,and Prudential during which he saw how the financial industry seems extremely complex for consumers.FINPLANET was established to solve such complexity

123、 and make finance clearer and more familiar for consumers.Insurtech Report 202224Message:The Future of InsurtechMunich Re,a Munich-based reinsurance company,has a motto of“not if,but how.”As this message implies,its important to focus on how innovation can be done,not if it can be done.Its easy to f

124、ind various challenges in innovating the insurance industry,such as business practices and corporate culture that have taken root in the long history of the industry.However,the achievements that have laid the foundation of the insurance industry and spread over the years are remarkable,and insuranc

125、e has protected individuals and companies against difficult risks.The challenges the insurance industry faces today may be smaller compared to the many barriers the insurance industry has overcome so far.Theres still much room for a challenge to make insurance more convenient and accessible to custo

126、mers and to provide insurance services that reflect their needs.5.Insurtech Report 2022Sureify Labs Dustin Yoder Changing the insurance space is not a short tail dream,and I would go as far as to say,I wouldnt get into insurance if you really want to do something fast.However,I think meaningful chan

127、ge is a little bit more interesting to me than fast money.There are two helpful things to be aware of to make a startup successful.The first is recognizing that the mountain you want to climb has a very good value and a very clear problem to solve.Because when you lose the reason why youre doing som

128、ething,that can be disheartening.And the second thing is,you dont usually survive if you dont have little wins,or if you dont know how to celebrate those.We had it just along the way,always at the right time.We had encouraging or promising wins that ended up inspiring us and it kept us going.That ca

129、n come in the form of a client,partner,or even a team member joining us.And then obviously,at those moments in time when a new investor believes in you to pump in more fuel into the tank.All of those things were part of the encouragement path.“25Insurtech Report 2022Warrantee Yusuke Shono We establi

130、shed offices in Singapore in 2020,and in Silicon Valley and New York in 2022.Sales in 2020 were almost all from the domestic Japan market,but from 2022 we have gradually received revenues from overseas as well.We would like to further expand sales in the Japanese market and also aim to go public in

131、the U.S.in the future.After moving to Singapore,I realized that insurance premiums in Japan are relatively lower than abroad.Insurance premiums are high in foreign countries,imposing a burden on households.We consider that if insurance could be provided for free,that would be beneficial for househol

132、ds.Also,as there are large markets in Indonesia,Thailand,and their neighboring countries,and mainland China with large populations,we think being based in Singapore and expanding our services to Southeast Asia or Asia in the future would be a good idea.The original idea of Warrantee came from a terr

133、ible personal experience buying appliances.When I just entered college,I bought an electric appliance that quickly broke and I couldnt use the warranty because I had thrown away the proof of warranty.From this experience,I launched a service to digitize warranties,and upon graduating from college,I

134、pitched to investors in Silicon Valley,which received positive feedback.This led me to believe that free insurance could be expanded overseas.We plan to offer a free-of-charge Extended Warrantee for BtoC services and goods in the U.S.in the future.And we would like to expand the concept of free insu

135、rance into other areas such as medical insurance.26“Insurtech Report 202227Nippon Life Satoshi Nerio In a rapidly changing world,what we consider meaningful and what our customers want may not always match.That is why we need to keep our eyes on and be aware of,changes in customer values.To this end

136、,we will continue to actively exchange information with Plug and Play and other partners.We would also like to continue to collaborate with startups that are in the Plug and Play ecosystem from a wide range of areas to deepen our understanding of essential customer needs and consumer behavior throug

137、h the use of data.We have had the valuable experience of creating new value within a wide network,such as our relationship with notable insurance startups including JustInCase through Plug and Play Japan.We would like to continue to interact with startups in various areas and continue to take on cha

138、llenges that lead to innovation in the insurance industry.InnSure Charlie Sidoti Insurers historically focused on competitive analysis,so everybodys looking at what their peers are doing and there are blind spots to outside ideas coming in.So having the techs and insurers come together is important.

139、We consciously make sure not to have industry people mentor emerging people.Our model is a two-way street;people work together to co-create something and we think co-creation is very different from insurance people mentoring and helping the young kids build their solutions.Were both going to learn f

140、rom each other and we try to create that environment.It requires mutual contribution for mutual benefit and people like it.“MS&AD Ventures Takashi Sato Insurance companies need to promptly calculate the exact amount of loss after an accident or disaster occurs and immediately pay out claims in order

141、 to quickly restore the stability of customers lives.This is certainly the fundamental social responsibility of an insurance company,but I believe that we can expand the means to deliver more security and safety to the world.For example,if a customers wallpaper is damaged by a typhoon,the insurance

142、claim will be paid according to the policy terms.However,this isnt the key solution to the customers problem.Not everyone is knowledgeable about wallpaper repair or has a wallpaper repair professional on standby,so even if a claim is paid out,the issue of a quality solution persists.So to truly solv

143、e the customers pain,the customer needs to be provided with the right information and repair resources.I think theres still room for improvement for insurance companies in the pre and post-accident service delivery.I believe this is especially true in the pre-claim services to prevent accidents.For

144、example,if we can utilize disaster prevention programs and leverage predictive analytics and data models,we can potentially warn customers,“based on tomorrows expected rainfall,theres a high possibility of landslide damage in the area around your home,so please evacuate.This could create a new indus

145、try of hazard forecast.”It may seem like an endless mission,but we believe its necessary to continue to make steady efforts to improve each and every one of these things.I also believe that insurance companies can make better use of data in a world where data is abundant.I believe that there are man

146、y ways to prevent accidents from occurring,and if accidents do occur,there are still ways to reduce their impact in order to realize our management philosophy of,providing security and safety through our global insurance and financial services business,and supporting the development of a vibrant soc

147、iety and a healthy future for Earth.”We feel theres a path that needs to be pioneered.I would like to work with startup companies to solve social issues one by one while fully using the data related to safety and security generated every day.Insurtech Report 202228“Insurtech Report 2022291.“Announce

148、ment of Financial Results,etc.of the Company in Relation to Listing on the Tokyo Stock Exchange Mothers”.Finatext.2021/12/22.https:/www.jpx.co.jp/listing/stocks/new/nlsgeu000005zzh1-att/12FinatextHoldings.pdf 2.“The Structure and History of Insurance”.Aflac.2016/6.https:/www.aflac.co.jp/soudan/guide

149、/contents/base/history.html 3.Merger FAQ.Singlife with AVIVA.https:/ 4.Zego eyes up European insurance market as it rolls out expansion plans.City A.M.2022/1/19.https:/ for Breast,Cervical and Uterine Cancer Recurrence”.MICIN.https:/products.micin-insurance.jp/6.“Fertility Concierge Service”.Aflac.h

150、ttps:/www.aflac.co.jp/service/ninkatsu_service.htmlReferenceshttp:/ and Play Japan was established in 2017,as a subsidiary of Plug and Play which is a global innovation platform headquartered in Silicon Valley.We aim to build a world-class platform that drives innovation and connects industry-leading corporations with domestic and international startups in order to support them in expanding their possibilities from Japan to the world,and from the world to Japan.For inquiries about this ebook contact-https:/ https:/ https:/