Nissay and Finatext to build a digital sales platform for life insurance

Nissay Information Technology, an IT strategy subsidiary of the Nippon Life Group, and Finatext, a Finatext Group company that realizes embedded finance through the provision of next-generation financial infrastructure, will collaborate on building a digital sales platform for life insurance. They will develop a system that connects the front application developed by NISSAY IT and the SaaS digital insurance system “Inspire” provided by Finatext, and jointly conduct a Proof of Concept (PoC) to propose digital insurance sales to life insurance companies.

Background of the Collaboration

Although cases of “embedded insurance,” where insurance is incorporated into digital services, are increasing in Japan, the digitalization of life insurance is more difficult compared to non-life insurance due to factors such as the complex product nature, long-term contracts requiring customer experience management, and systems that are difficult to improve swiftly.

NISSAY IT has strengths in developing IT solutions for life insurance companies, leveraging its experience in building information systems for Nippon Life Group companies, and is promoting digital transformation (DX) for various life insurance companies. This year, the company launched an “Insuretech Lab” co-creation project with companies inside and outside the group to create new businesses.

Finatext has been providing the SaaS system “Inspire” since 2020, which allows various insurance products to be easily incorporated and sold through web services and smartphone apps, with many successful cases mainly in non-life insurance. While supporting the digitalization of insurance, the company has cultivated a deep understanding of business operations and know-how in addressing system requirements, including security, and aims to enhance its offerings for the life insurance sector.

The two companies’ strengths and challenges aligned, leading to this collaboration. Through this PoC, they believe that a system implementation that better addresses user needs in digital insurance touchpoints can be achieved in a shorter timeframe.

Features of the Digital Sales Platform for Life Insurance

• By combining low-code tools such as “AWS Amplify” and “Unqork” with “Inspire,” a web application system for multi-device insurance applications can be built in a short period with minimal coding.
• Building with multiple low-code platforms allows for infrastructure configurations tailored to the life insurance company’s requirements.
• A platform suitable for hypothesis testing activities such as A/B testing can be constructed.
• Experts proficient in insurance marketing and UX design support improvements and implementation based on the insurance company’s situation.

Implementation Case: Nissay Plus Small Amount Short-Term Insurance

In the implementation case for Nissay Plus Small Amount Short-Term Insurance, “Unqork” was adopted for the customer front-end, and “Inspire” for the core system. The initial implementation took 9 months, while additional product development required only 6 weeks to 2 months for system development, contributing to a speedy business rollout.

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