SUNNYVALE, Calif., May 30, 2019 /PRNewswire/ -- Japan Post Insurance, one of Japan's leading providers of insurance, announced today its partnership with Plug and Play, the world's largest global innovation platform headquartered in Silicon Valley. This partnership gives Plug and Play the opportunity to explore new ventures in insurance in the Japanese market.
"Our customers' needs are getting more diverse, so innovation and the latest technology are necessary to meet their needs. We are looking for solutions with [such] technology, such as making digital touch points and reforming business procedures," said Michinori Imaizumi, Head of Digital Services Acceleration Department of Japan Post Insurance.
Michinori went on to further elaborate on their motivation for joining: "Plug and Play is one of the most powerful accelerators with a world-wide network, and provides a great partnership program. It's the best innovation platform for us, in large part because we do not yet have a substantial presence in Silicon Valley."
"Insurtech is an evolving sector in Japan, and we're excited to see how our new partnership with Japan Post Insurance helps us stay ahead of the curve. We look forward to discovering new startups from the region that can expand the global market for insurance technology," says Ali Safavi, Global Head of Insurtech at Plug and Play.
Plug and Play Insurtech is an innovation platform bringing together corporations, startups, and investors to work on improving the insurance industry. Since inception in May 2016, they have provided a vast innovation platform for over 75 corporate partners and have made over 40 investments in Insurtech startups. Plug and Play Insurtech has recently expanded internationally to Beijing, Munich, New York, Singapore, and Tokyo.
About Japan Post Insurance The Postal Life Insurance Service, the predecessor of Japan Post Insurance, was established in October 1916 with the social mission of "providing basic measures of life with simple procedures for the people of Japan." Inheriting this social mission, we have provided simple and easy-to-understand products with smaller coverage amounts through the nationwide network of post offices, while enhancing the quality of customer services. Going forward, the Company will strive to earn an even greater sense of familiarity and credibility from customers, which constitutes its strength.
About Plug and Play Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 280 official corporate partners, we have created the ultimate startup ecosystem in many industries. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, LendingClub, and PayPal. www.plugandplaytechcenter.com.