Tokio Marine, an Insurance Titan, will Provide its Services in The Metaverse

• Blockchain Council
• September 17, 2024

Tokio Marine, Japan’s top property/casualty insurance provider, is broadening its offerings and operations by extending into the Metaverse. This firm, which boasts a global staff of over 39,000, will enable its customers to evaluate and acquire insurance policies on a Metaverse platform, with real employees acting as attendants in the virtual realm.

Users will have the ability to speak with staff and ask questions regarding the various goods offered, fill out forms, and even finalize agreements in the digital world. The company is developing these services on Virtual Akiba World, a platform created to mimic the iconic Akihabara station and town in Japan.

Explaining why these services were extended to the virtual world, the business claimed, “We will use the Metaverse to deliver a novel client experience that lessens the psychological strain associated with insurance consultations and enables informal insurance consultations and considerations.”

Furthermore, the company will offer users the opportunity to experience a simulated driving approach with a flying car in the virtual world to determine their driving style and acquaint them with the benefits of insurance tailored to their needs.

Japanese and Asian companies have been at the forefront of the Metaverse industry, investing in developing virtual technology for this new sector. One of the largest banks in Japan, MUFG, also announced plans to provide banking services in the Metaverse by 2023.

In October, NTT Docomo, a major Japanese telecom provider, declared its decision to create a Metaverse division, allocating $412 million and employing over 200 people to work on the project starting in November.

Insurance in the Metaverse is a crucial part of the ongoing digital revolution. It provides a layer of protection to people and businesses as they explore these new digital frontiers. Insurance can help reduce the risk associated with interacting with these unfamiliar environments and give people the confidence to move forward and take advantage of the growing opportunities the Metaverse offers. Such examples will motivate other insurance businesses across the globe to make their place in the new digital world.

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