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Japan’s insurance industry is undergoing major evolution
The Japanese insurance industry has witnessed significant changes in recent years. Digitization and market consolidation are adopting new business models and developing new trades and insurance services. The Japanese insurance industry aims to further develop various new transaction methods to meet the needs of consumers.
Major trends in the Japanese insurance industry include digitization and mobility. From a certain time, digitization has started to be incorporated into the insurance industry, and moreover individual companies are doing business through branch networks. Such a branch network has made it possible to provide new services that meet customer needs.
In addition, smart trading methods that utilize AI (artificial intelligence), which is expected to expand rapidly in the future, are also being developed. For example, there are services such as “online insurance” that allows you to conclude insurance contracts on the Internet, and services that allow you to make automobile insurance contracts from your smartphone.
The integration of the insurance industry is now accelerating further. Along with this, the number of customers who carry out branding and advertising is increasing. If such cooperation is realized, further evolution and benefits for the removal industry can be expected.
In addition, accessibility has been improved and new insurance services utilizing the ecosystem are being provided. In the quarter of 2016, LINE announced “Line Insurance”, and through JA Co., Ltd., the use of applications and platforms is expanding, such as providing insurance products for the field.
The Japanese insurance industry is currently undergoing rapid transformation. Starting with digitization and mobility, various forms of change are expected, such as a flat-rate system for social media advertising, insurance transactions using AI, and cooperation.
Going forward, the Japanese insurance industry will aim to leverage more efficient processes to meet customer needs, innovate further, and provide a safe and comfortable trading experience.