Insurance for the New Possible was joined by Ryota Hayashi, Founder and CEO of Finatext Holdings and Isabella Carvalho, Digital Head, Overseas General Insurance at Chubb.
Some of the insights they shared included:
- The drive to innovate within Japan’s InsurTech sector primarily stems from industry professionals rather than consumers. This is somewhat atypical compared to other markets where consumer demand can often dictate the pace and direction of technological adoption.
- While Japan is often seen as lagging behind in terms of adopting new technologies, once the momentum starts, whole industries moves in unison, creating powerful industry-wide shifts. This synchronized movement can be a strategic advantage, ensuring that when innovations are implemented, they are done quite thoroughly and effectively.
- There is an optimism about the potential for regulatory bodies to play a more active role in fostering innovation and how the recent openness of Japan’s Financial Services Agency (FSA) to engage with startups and innovators could be a game changer.
- How the global FinTech revolution significantly influenced the InsurTech space in Japan. The emergence of companies like TransferWise highlighted the stark contrast between the dynamic FinTech scene in London and the static financial landscape in Japan, underscoring how global trends and cross-pollination of ideas are crucial in sparking innovation in local markets.
- How one of the most formidable barriers to InsurTech innovation in Japan is the deep-rooted presence of legacy systems. These systems are not only technologically outdated but are also heavily integrated into the corporate culture and operational workflows of Japanese insurance companies.
- The drive to innovate within Japan’s InsurTech sector primarily stems from industry professionals rather than consumers. This is somewhat atypical compared to other markets where consumer demand can often dictate the pace and direction of technological adoption.
- While Japan is often seen as lagging behind in terms of adopting new technologies, once the momentum starts, whole industries moves in unison, creating powerful industry-wide shifts. This synchronized movement can be a strategic advantage, ensuring that when innovations are implemented, they are done quite thoroughly and effectively.
- There is an optimism about the potential for regulatory bodies to play a more active role in fostering innovation and how the recent openness of Japan’s Financial Services Agency (FSA) to engage with startups and innovators could be a game changer.
- How the global FinTech revolution significantly influenced the InsurTech space in Japan. The emergence of companies like TransferWise highlighted the stark contrast between the dynamic FinTech scene in London and the static financial landscape in Japan, underscoring how global trends and cross-pollination of ideas are crucial in sparking innovation in local markets.
- How one of the most formidable barriers to InsurTech innovation in Japan is the deep-rooted presence of legacy systems. These systems are not only technologically outdated but are also heavily integrated into the corporate culture and operational workflows of Japanese insurance companies.
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