TOKYO, May 9, 2023 /PRNewswire/ — GA technologies Co., Ltd. (President and CEO: Ryo Higuchi, hereinafter referred to as "GA technologies") and Finatext Ltd. (President and CEO: Akane Kinoshita, referred to as "Finatext") have jointly developed a system providing an Embedded Property Insurance product which will be available for purchase by customers via the RENOSY online real estate marketplace*1. And Tokio Marine & Nichido Fire Insurance Co., Ltd. (President: Shinichi Hirose, hereinafter referred to as "TMNF") will start offering the embedded Property insurance product for those who purchased investment properties at RENOSY from April 2023.
By adding TMNF’s property insurance product for individuals to Inspire*2, the SaaS for insurance business developed by Finatext, and connecting Inspire to RENOSY with APIs, RENOSY can offer its users to purchase property insurance products online, and such users can complete entire investment process from real estate investment planning to purchase properties and insurance at one-stop basis.
As technology advances and online business models become more prevalent, customers’ expectations and actual processes for purchasing products and services are changing dramatically. Under these circumstances, an embedded insurance product that incorporates insurance products into actual products and services offered online is attracting attention as a convenient way to purchase an insurance product.
Owners of investment properties are often required to purchase property insurance when securing a loan. Real estate agents have received increasingly more feedback from customers that they want to purchase property insurance in a more convenient way. To meet such needs, GA technologies, which streamlines and digitalizes real estate investment procedures, and Finatext, which provides Inspire, a service that allows for fully digitalized insurance and embedded insurance products, have jointly developed a system providing an Embedded Property Insurance product.
2. Product Features
The partnership between GA technologies and Finatext to create embedded insurance for the online real estate marketplace is the first of its kind in the real estate and insurance industries in Japan*3. The product will provide a seamless customer experience, improve convenience for customers, and prevent customers from suffering uninsured risk.
- Purchasing Process on RENOSY Website (Available in Japanese only)
* This is a demonstration of how you select your preferred insurance package on the RENOSY website (available in Japanese only)
3. Future Initiatives
GA technologies and Finatext will continue to leverage their respective strengths to further meet the needs of consumers in Japan and globally.
*1: Commenced offering property insurance for owners of investment properties as "embedded insurance," the first product of its kind in the real estate and insurance industry in Japan.
*2 Inspire is SaaS for insurance business provided by Finatext. For further information, please visit the service website.
*3 Surveyed by GA technologies, Finatext and TMNF.
* Company names, product/service names, and logos mentioned in this press release are registered trademarks or trademarks of the respective companies.
- GA technologies Co., Ltd.
Name: GA technologies Co., Ltd. (TSE Growth Market, ticker symbol 3491)
Address of Headquarters: Sumitomo Fudosan Roppongi Grand Tower 40F, 3-2-1 Roppongi, Minato-ku, Tokyo
Representative: Ryo Higuchi, President and Chief Executive Officer
Business: Development and operation of online real estate marketplace "RENOSY," Development of SaaS type BtoB PropTech products
Established: March 2013
- Finatext Ltd.
Name: Finatext Ltd.
Address of Headquarters: Sumitomo RD Kudan Bldg. 9F ,1-8-10, Kudankita, Chiyoda-ku, Tokyo, Japan
Representative: Akane Kinoshita, President and Chief Executive Officer
Business: Fintech solution business, big data analytics business, financial infrastructure business
Established: December 2018
CONTACT: Judy Yu, firstname.lastname@example.org