Smartpay, Chubb launch embedded insurance in Japan

Cashless payments account for 50% of consumer monthly spending in Japan.

Smartpay Corporation has announced the launch of embedded insurance products in Japan in partnership with Chubb Insurance Japan, following a year of collaboration. 

The initiative aims to modernise the traditional insurance sector, which still relies heavily on paper-based processes, by integrating digital, real-time, and personalised insurance solutions into the payment process.  

With cashless payments now accounting for about 50% of consumer monthly spending in Japan, the insurance industry is under pressure to adapt to evolving consumer preferences.

The embedded insurance market is projected to grow at a CAGR of 11.6% from 2024 to 2030, reaching $175.25b globally by 2030. 

Smartpay’s embedded insurance technology integrates coverage into the payment process, catering to the growing preference for convenience, especially amongst Generation Z consumers.