Smartpay and Chubb partner to revolutionise Japanese insurance industry

Japanese fintech leader Smartpay has partnered with Chubb Insurance to accelerate the digitisation of the Japanese insurance industry.

Japanese FinTech leader Smartpay has partnered with Chubb Insurance to accelerate the digitisation of the Japanese insurance industry.

Anticipated to Surge to 80tn Yen ($500bn) by 2027, the Japanese market is seen as an untapped vein in the insurance realm.

In the wake of COVID-19, the Japanese insurance industry is gearing up for a wave of innovation tailored to meet the changing needs of consumers in the digital age.

With a focus on elevating user experiences, advancements are expected in personalised purchase journeys and fortified digital security measures across the space.

By joining forces, Smartpay and Chubb aim to offer pioneering digital insurance solutions in Japan, starting with embedded insurance, leveraging Smartpay’s domestic achievements and Chubb’s expertise in the insurance sector to achieve this.

Sam Pemberton-Ahmed, CEO and Founder of Smartpay, said, “The vision we have as partners is ’embedded insurance’. Embedded insurance allows consumers to purchase insurance that complements the products they are purchasing, such as furniture and travel packages, at the point of checkout. By integrating insurance into the customer journey at checkout and providing it in a personalised manner, users can purchase insurance seamlessly at a price that suits their needs.

“We are honoured to collaborate with Chubb’s world leading team and insurance products to integrate with our Japanese leading payment and digital finance solutions.”

Smartpay stands out as the sole payment company in Japan to have forged partnerships with the country’s top 20 banks and over 200 credit unions, thus extending its accessibility to 90% of the Japanese population with bank accounts.

Notably, Smartpay Bank Direct was developed in collaboration with the Japan Electronic Payments Promotion Organisation (JEPPO), underscoring its commitment to advancing digital payment solutions.

Chubb boasts a distinguished record in spearheading digitalisation and technological innovation within the insurance industry.

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