Insurance Giant Tokio Marine to Offer Its Services in the Metaverse

Tokio Marine, the biggest property/casualty insurance group in Japan, is taking its services and operations into the metaverse. The group, which has more than 39,000 employees all over the world, will allow its users to review and purchase insurance products on a metaverse platform, using real employees as clerks in the virtual world.

While gaming, social, and tech companies have been the first in embracing the metaverse as a concept, other companies are now also entering available metaverse platforms. Tokio Marine, the biggest property and casualty insurance group in Japan, has announced that it will start offering insurance services in the metaverse. The company will offer insurance and other kinds of policies in the digital world in January, employing real clerks that will be represented as avatars.

Interested users will be able to interact with the clerks and inquire about the details of each one of the products offered, as well as send and complete forms and even conclude contracts in the metaverse, according to reports from Yomiuri Shimbun.

The company will host these services on Virtual Akiba World, a metaverse platform that has been built as a digital representation of the famous station and town of Akihabara in Japan. About the reason for the extension of these services to the virtual world, the company stated:

By using the metaverse, we will provide a new customer experience that reduces the psychological burden of insurance consultations and enables casual insurance consultations and considerations.

Furthermore, the company will allow users to run a course with a flying car in the metaverse to help it determine the style of driving the consumer prefers, as well as to familiarize it with the advantages that insurance could bring to specific drivers.

Asian and Japanese companies have been pioneers in the metaverse field, with several investing in the development of virtual tech directed to target this new field. One of these companies is MUFG, one of the largest banks in the country, which has already announced it will start offering banking services in the metaverse by 2023.

In October, NTT Docomo, a leading Japanese telecom carrier, announced the launch of its own metaverse division with an investment of $412 million, having more than 200 employees focusing on these tasks in November.

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