Tokio Marine, through its subsidiary Tokio Marine & Nichido Fire Insurance, has invested in German insurtech Simplesurance (SISU).
The investment forms part of a funding round that raised $11.5m and also involved the participation of German financial group ODDO BHF.
Tokio Marine will use SISU’s technology across the Japanese and Asian markets.
“As SISU’s strategic partner we will be able to use its technology and platform in order to speedily provide clients with tools that will allow them to easily sell insurance such as Overseas Travel Insurance and Personal Accident Insurance through their websites or apps. Our customers will benefit from our new hassle-free insurance application procedures that will allow them to easily purchase insurance at the same time as buying a product or service from an EC site without having to re-enter their personal details,” Tokio Marine said in a statement.
The latest funding will take the total investment secured by the insurtech to $60m.
SISU chief insurance officer Dominik Bark said: “The Japanese market is very attractive. However, digital change hasn’t arrived yet in the industry although the people are very tech-savvy.
“By using our first mover advantage for digital insurance solutions we will be able to build an entirely new insurtech market in Japan.”
SISU was founded in 2012 by Robin von Hein. The firm is backed by Allianz and Rakuten, among others, and employs around 150 staff.