What were the biggest opportunities and trends you saw in the market that influenced the decision to build justInCase?
Japan is the second largest insurance market in the world and its size is much bigger than most of the European countries, say 2x of Germany’s size in terms of total premiums. However, back then or even now, there have been only less than 10 insurtech companies, compared to over 130 in Germany. The development of insurance technology in Japan has been lagging behind and there is an increasing number of overseas insurtech startups targeting Japan. Instead of relying on imported technology, I strongly believe that Japan has the potential to build its own technology base which fits the local market.
Given the continuous rising trend of the use of smartphones, new or used, as well as the push for turning into a cashless society from Japanese government, justInCase launched its first product which was the smartphone insurance in 2018. Not only was it the first insurance in Japan which can be enrolled, managed and claimed through mobile app, it is also embedded AI-based technology which is applied to analyze actions that may cause smartphone damages and reflect the corresponding risk by scoring. The higher the score user has, the higher premium discount they can enjoy in the following contract period given no claims reported in the current contract period.