- 2020.01.28
justInCase Inc. (“justInCase”), as a small amount and short-term insurer, officially announces that today, we will launch Japan’s first P2P insurance, named “Warikan Insurance (わりかん保険) “, following the successful admission to the Regulatory Sandbox on July 5, 2019. justInCase partners with 8 companies as listed below to sequentially launch the product starting January 28, 2020.
List of partnering companies
(in Alphabetical order)
- Advance Create Co., Ltd.
- Crowd Works, Inc.
- DeNA Co., Ltd
- LINE Financial Corporation
- Nippon Life Insurance Company
- SBI Nihon SSI Co., Ltd
- Shinsei Bank, Limited
- Zurich Insurance Company Ltd
P2P insurance (https://p2p-cancer.justincase.jp) is an insurance product that allows a group of insureds to share their risks among themselves. The P2P model enhances the concept of mutual support and eliminates the conflict of interests between the insurers and the insureds.
The first P2P insurance we are launching covers cancer. It has the following characteristics.
- Through the use of cutting-edge technology, cheaper premiums can be achieved
- One-off benefit payment of JPY800,000
- Insurance premiums are post-paid. The amount of premiums are determined by the total benefit payment paid and the total number of members every month, illustrated by the following example.
Let’s say that in January of 2020, the total benefit payment is JPY 1,600,000 and at the end of the month there are 10,000 members. The premium for February of 2020 will be JPY 229 (JPY 1,600,000*(1-30%)/10,000), including the management fees (say 30%) received by justInCase.
Furthermore, the Financial Service Agency has granted justInCase certification to experiment with the P2P insurance through the Regulatory Sandbox based on the Act on Special Measures for Productivity Improvement. Further details can be found here.
Comment from CEO Kazy Hata
“Warikan insurance(わりかん保険) “ is what is generally referred to as a P2P insurance. Prior examples of P2P insurances can be found overseas in countries such as China, Europe and U.S. Following the success of the Regulatory Sandbox , we aim to promote a variety of P2P insurance products starting from cancer insurance. Through the P2P model, insurance becomes more transparent and available for customers sharing different kinds of risks. The system that the justInCaseTechnologies team has developed is designed to achieve seamless integration, allowing our insurance partners to apply it on their platforms. In order for P2P insurance to benefit more customers, the support and cooperation of insurance companies is essential.”
About justInCase, Inc.
As a small-amount and short-term insurer founded in 2016, justInCase aims to create value through innovation to make insurance become interactive. By utilizing Machine Learning, Artificial Intelligence and other innovative technologies, justInCase aims to offer insurance products and services around the world that are yet to exist.
(https://justincase.jp/eng)
About justInCaseTechnologies, Inc.
Established in 2019, justInCaseTechnologies provides reliable and seamless insurance API technology and digital platform solutions for justInCase, as well as other insurance and business partners in finance and healthcare fields. (https://justincase-tech.com/en/)
For any inquiries, contact:
Elaine Tung
pr@justincase.jp
1-6-1 Chiyoda Otemachi, Tokyo