• 2018.10.01
FinSum2018: justInCase appeared in panel discussion at "INSURTECH INNOVATION: JAPANESE INSURANCE INDUSTRY AND ITS PERSPECTIVE"

Kazy Hata, our CEO presented “INSURTECH INNOVATION: JAPANESE INSURANCE INDUSTRY AND ITS PERSPECTIVE” in FINSUM2018, on September 28th.

 

 

Japan has 97 small amount and short-term insurance companies. And we are the 97th, the newest of small amount and short-term insurers. What we made, in the beginning, was Apps. Not insurances. I studied and made apps by myself by learning Swift. We are a technology company which deals in insurances.

 

First and foremost, I would like people to know about insurance. We launched smartphone insurance business this July. We are wastefully using so many technologies for that. The scores are calculated by you treat your smartphone, then renewal premiums will be decided in three months based on the score. Our Insurance premiums are incredibly cheap and easy. I am tapping technology like that. 

 

I also want to create insurance for daily risks. As is clearly stated in the insurance calculation method filing, while ensuring the fairness of the contract by the insurance business law, we use the big data, measure the gravitational acceleration of smartphones being dropped, and count the number of times of falling. All those things are enabled by programming.

 

 

Q: How do you measure the market size? I can understand the smartphone insurance but is the weather insurance for traveling feasible?

 

Everyone uses smartphone, so I’m sure we have a market to cover them. We do not make a choice of markets; in other words, we do everything. This is our strategy. The percentage of engineers in our company is 70 to 80 %. In general, it takes more than a year to develop products for normal insurers, but we have our own engineers, so it does not take that long.

 

We are not afraid of making errors. We are going to make typhoon insurances, flu insurances, and whatever rather than swinging for the fences. Plus, our knowledge will be open to everyone.

 

Q: Isn’t it difficult to make a profit in the small market?

 

We will try various things as an insurer. I think that the saddest things of our life is death, on the other hands, I’m happiest when I do something together with people. I want to make insurances that spread virally among friends.

 

 

Q: I think that the procedure of licensing for new ideas are difficult part for companies. How is the speed of government’s work.

 

I started work with Kanto Finance Bureau about a year ago. They are very nice and helped us a lot. I feel like they supports insurtech. We are going to develop 3-4 new products per a year. Also the spelling of insurtech recently became stable. We will do our best.