Tokio Marine & Nichido to start insurance sales in metaverse

The Yomiuri Shimbun

13:27 JST, December 29, 2022

Tokio Marine & Nichido Fire Insurance Co. will start selling consumer insurance in the metaverse in January, with customers and sales clerks communicating via avatars.

Sales clerks will explain insurance policies to customers, who will be able to complete forms, receive or send policy documents and conclude contracts in the metaverse.

Tokio Marine & Nichido will be the first Japanese company to sell insurance on such a platform.

The company will utilize Virtual Akiba World, a metaverse platform modeled after Tokyo’s Akihabara district that was launched by East Japan Railway Co. and other firms in March.

All of the consumer insurance policies offered on the company’s website will be available in the metaverse, including car, fire and golf insurance.

Metaverse customers will be able to communicate directly with sales clerks when selecting a policy, unlike with website insurance applications.

The metaverse generated ¥74.4 billion in fiscal 2021, according to Yano Research Institute Ltd. The Tokyo-based institute predicts that figure will surpass ¥1 trillion in fiscal 2026.

MUFG Bank Ltd. is among other financial institutions seeking ways to provide over-the-counter services in the metaverse.