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Insuretech Connect Asia 2024

05 Apr 2023

Collaboration, Digital Transformation and Social Responsibility: Tokio Marine's journey towards a resilient future

Vivienne Khoo

Data technologies, science and processes are rewriting the claims process and value proposition for customers. Organizations are propelled toward digital transformation to innovate and meet the evolving needs of customers.  

We had the privilege of speaking with Mr. Masashi Namatame, Group Chief Digital Officer of Tokio Marine Holdings., Inc. He sheds light on Tokio Marine’s approach to leveraging digital technology to drive open innovation and co-creation. This makes insurance more accessible and efficient for its customers in times of pressing social challenges such as disaster prevention and mitigation. 

1. Could you share how collaboration and partnership is shaping digital strategy at Tokio Marine Holdings Inc.?

At Tokio Marine, we believe in the power of collaboration to drive open innovation and co-creation for a better future. That is why we actively work with large enterprises, startups, and venture capitalists to accelerate our digital transformation on a global scale. 

Through strategic partnerships and our newly established CVC, we have invested over tens of billion yen to expand our value-creation territory and drive innovation. These partnerships provide a diverse and effective approach to address our customers' pain points and improve our services. 

Tokio Marine recently invested in a tech company called bolttech Holdings Limited, based in Singapore. They're experts in embedded insurance, and we're teaming up with them to expand the reach of embedded insurance and create more innovative insurance binding processes through a cool digital platform. 

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Our goal is to make embedded insurance available in different parts of the world, not just Japan. We're planning to offer it on digital platforms of e-commerce businesses overseas as well. And to make this happen, we'll be using bolttech's digital platform, which allows us to customize and create a brand new digital insurance enrollment process that's fast and flexible. 

2. I see that you have a strong background in investment banking and general management. Could you share more about yourself and what attracted you to the Digital Strategy team at Tokio Marine Holding?  

I joined Tokio Marine in 2018 after gaining valuable experiences at BlackRock and Visa, two industry leaders in asset management and payment technology. I also had worked at Morgan Stanley and Deutsche Bank in their investment banking. Through my work at these companies, I witnessed firsthand the powerful impact of digital technology on financial businesses and the rapid pace of digital transformation in these fields. Even insurance, with its unique characteristics, is undergoing a dynamic shift towards digitalization. 

As a global company with a presence in 46 countries and regions, Tokio Marine is well-positioned to benefit from the changes happening worldwide. I believe that Tokio Marine has enormous potential to play at the forefront of this digitalization trend and I aspire to leverage our assets around the world to achieve this goal. While we are not a tech company, there are many areas in our business we can still apply digitalization to stay competitive and to meet the evolving needs of our customers. 

3. What are some key technologies you foresee will facilitate the growth of the insurance ecosystem? 

Digital technology is transforming the insurance industry, offering new opportunities for underwriting, pricing, processing, and claims handling. From mobility and healthcare to natural disasters, technology is revolutionizing the way we approach insurance. The data generated by insurance policies is a goldmine of information that can be used to improve people's lives, but we need to harness its power effectively. 

Artificial intelligence is a game-changing tool that can help us extract valuable insights from insurance data. By using deep learning to analyze the data and identify causal relationships, we can support our customers' everyday lives and economic activities. Our mission is to be an insurance company that truly cares about its customers and is ‘always’ there for them ‘in times of need’. 

With the power of data and AI, we can achieve in five years what used to take thirty. But let's not forget that technology is only an enabler; it's the people who drive it that make the real difference. We need to envision the world as it could be thirty years from now and use the power of digital technology to make that vision a reality. 

4. Having been in the industry for almost five years, what are the key changes you have seen and how has Tokio Marine Holding managed to scale and expand? 

During the last several years, we saw many unforeseen dramatic changes in our society, and there has been, and will be, corresponding challenges emerging in our society. At Tokio Marine, we view this as an opportunity for us to contribute to society and make a positive impact. Our responsibility to society has increased, and we are rising to the challenge by expanding our value creation areas. 

To meet these challenges, we are harnessing the power of both in-house and external partners' risk data and data analytics expertise. By combining these resources, we are creating innovative solutions that address the most pressing social challenges of our time. 

1) Example of Partnership: CORE 

The disaster prevention and mitigation consortium, CORE, is an organization aimed at achieving a "resilient society that can withstand disasters" by creating and implementing solutions that contribute to "disaster prevention and mitigation" using various technologies. Our company is the initiator of this consortium, which has partnered with a total of 93 companies from diverse industries. We aim to collaborate with our corporate clients to create the highest level of disaster prevention and mitigation platform in Japan. 

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2) Example of data utilization: ICEYE 

We aim to create new value through a partnership with ICEYE, a company with advanced analysis technology for satellite images aimed at enhancing insurance payout. By leveraging this technology, we can quickly determine the extent of flood damage and water levels by analyzing various artificial satellite images and customer data such as location and property information through AI.  

Previously, it took an average of 2-3 weeks to pay insurance benefits to customers in the case of large-scale flood damage. With this initiative, we can significantly reduce the time until payment is made. We are exploring the possibility of implementing this solution on a global scale, demonstrating our commitment to enhancing customer experience and providing speedy and reliable support during difficult times. 


3) Example of data utilization of driving data: DAP 

Our company offers a drive recorder with communication function for personal use called "Drive Agent Personal (DAP)", which is a first-of-its-kind in the industry. We aim to develop an automatic accident prediction service using driving data collected from this drive recorder. By comparing actual driving data with the accumulated 15 billion km worth of data collected from DAP, we can detect abnormal driving behavior and provide notifications to prevent accidents. Our goal is to create a world without accidents. 


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