Tokio Marine, Japan’s largest property/casualty insurance group, is bringing its services and operations into the Metaverse. The group, which employs more than 39,000 people worldwide, will allow its users to review and purchase insurance products on the virtual world platform, with real employees acting as clerks in the virtual world.
Tokio Marine will provide insurance in the Metaverse
While gaming, social, and technology companies were the first to embrace the Metaverse as a concept, other companies are now also entering the available Metaverse platforms. Tokio Marine, Japan’s largest property and casualty insurance group, has announced that it will begin offering insurance services in the Metaverse. The company will offer insurance and other types of policies in a digital world in January, employing real staff who will be represented by avatars.
According to the Yomiuri Shimbun, interested users will be able to interact with shop assistants, ask for details on each product on offer, as well as send and fill out forms and even sign contracts in the Metaverse.
The company will offer these services on Virtual Akiba World, a metaverse platform that has been built as a digital representation of famous Japanese stations and the town of Akihabara. Regarding the reasons for expanding these services into the virtual world, the company stated:
By using Metaverse, we will provide a new customer experience, reduce the psychological burden of insurance consultation, and make insurance consultation and consideration possible.
Additionally, the company will allow users to take flying car lessons in the metaverse to help it determine how consumers prefer to drive and familiarize them with the advantages that insurance can bring to a particular driver.
Other Japanese companies in the Metaverse
Asian and Japanese companies have been pioneers in the metaverse, and several have invested in developing virtual technologies to target this new frontier. One such company is MUFG, one of the largest banks in the country, which has announced that it will start offering banking services in the Metaverse by 2023.
In October, NTT Docomo, Japan’s leading telecommunications operator, announced a $412 million investment in its own metaverse division, and in November more than 200 employees were dedicated to these tasks.
What do you think of Tokio Marine bringing its business to the Metaverse? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as a latecomer, entering the crypto space in December 2017 when prices were rising. With a background in computer engineering, living in Venezuela, and affected by the cryptocurrency boom on a societal level, he offers a different perspective on crypto’s success and how it helps the unbanked and underserved.
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