Insurance Giant Tokio Marine Begins Breaking Into Metaverse

Key Points:

• The largest property/casualty insurance business in Japan, Tokio Marine, is expanding its operations and services into the metaverse.
• In January, the company will start selling insurance and other types of coverage online while using real employees who will be portrayed by avatars.
• Tokio Marine will offer these services on Virtual Akiba World, a metaverse platform created as an electronic recreation of the well-known Japanese station and city of Akihabara.

The largest group of property and liability insurers in Japan, Tokio Marine, has said that it will begin providing insurance services in the metaverse. The business will start selling insurance and other types of policies in the virtual world in January, using real employees who will be portrayed by avatars.

According to sources from Yomiuri Shimbun, interested users will be able to communicate with the clerks and find out more information about each of the things on offer, mail and finish paperwork, and even sign contracts in the metaverse.

To learn more about the driving preferences of its customers and to familiarize them with the benefits that insurance might offer to particular drivers, the company will let users take a flying automobile course in the metaverse.

Additionally, Tokio Marine will offer these services on Virtual Akiba World, a metaverse platform created as a virtual recreation of the well-known Japanese station and city of Akihabara.

Asian and Japanese companies were among the forerunners in the metaverse industry, spending heavily on the creation of virtual technology aimed at this emerging market.

One of these firms is the biggest bank in the nation, Mitsubishi UFJ Financial Group (MUFG), which has already declared it will begin providing financial services in the metaverse by 2023. MUFG and Animoca Brands have contributed $45 million to Animoca Brands Japan, a division of the Web3 investment company.

Leading Japanese telecom provider NTT Docomo announced the opening of its own metaverse branch with an investment in November. The company expects to invest 500-600 billion yen in Web3 over the next five to six years, the company presented the plan in its Q2/2022 earnings report.

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