Tokio Marine transforms non-life subsidiary to insurtech
It plans to position the new insurtech as the digital R&D hub of the group.
Tokio Marine Holdings, Inc. has announced the transformation of its direct non-life insurance subsidiary, E.design Insurance Co., to an insurtech.
According to the group, E.design Insurance will be positioned as the digital research and development hub of the group. E.design Insurance will search, explore, and share within the group cutting-edge technologies and operating models of domestic and overseas startups and digital insurance companies.
The change into insurtech is part of Tokio Marine’s plans to further accelerate its digital transformation.
Tokio Marine said E.design Insurance will completely renew its existing system infrastructure in order to build a system that meets the speed of the digital age and rapid changes in customer needs which is unprecedented in Japan. The new advance insurance will be built fully in the cloud.
Other changes the new insurtech plans to incorporate are a service design to ensure smooth smartphone access, the introduction of microservice architecture, and foundation to support a data-based decision-making model, flexible collaboration within the ecosystem, and a high level of security.
“The Tokio Marine Group aims to realize a better society by promoting the use of cutting edge technology and operating models throughout the Group. We will continue to challenge ourselves to be a company that can always support our customers and society in their time of need,” Tokio Marine said.