Sompo Japan Nipponkoa Insurance-Line tie up to allow insurance gifting

The policyholder can get a payout of $89 after an earthquake with an intensity of lower 6 or above hits their neighbourhood.

Sompo Japan Nipponkoa Insurance partnered with messaging app Line to provide services that will allow people to give insurance products to their acquaintances through their smartphones, reports The Japan News.

Amongst their offerings is an insurance policy which will enable people to receive a payout of $89 (JPY10,000) when an earthquake hits with an intensity of lower 6 and above in Japan’s seismic scale. At $4 (JPY500), the insurance has a one-year term and could be given as a present through the Line app.

Receivers of the product can then decide whether to subscribe to the policy. If a policyholder’s neighbourhood is hit by a strong quake measuring lower 6 or over on the Japanese scale, Line will send the policyholder a message about insurance claims a few minutes after the earthquake. The $89 (JPY10,000) worth of e-money will be paid out to the Line Pay account of the policyholder after securing a declaration of household goods or emergency purchases.