● Take out insurance easily and flexibly through LINE
● Choose the most appropriate insurance from 59 diverse and unique policies designed to fit various situations in everyday life
TOKYO – October 16, 2018 – "LINE Insurance," a non-life insurance service jointly operated by LINE Financial Corporation ("LINE Financial") and Sompo Japan Nipponkoa Insurance Inc. ("Sompo Japan"), has launched on the LINE messaging app today.
1. Road to development
With the recent advancements in digital technology and increase in smartphone penetration, consumers have gained the ability to purchase and receive a wide range of products and services on their smartphones. This trend is likely to affect the insurance industry, and encourage more and more people to buy insurance online, especially using their smartphone. In the midst of this mobile shift, LINE Financial and Sompo Japan entered into a partnership in the non-life insurance sector *1, and co-developed LINE Insurance, a new insurance service that offers a simple and convenient UI and UX *2, corresponds to users' needs, and is easily accessible.
*1: "LINE Financial Corporation and Sompo Japan Nipponkoa Insurance Inc. Enter Into Business Alliance in Non-Life Insurance Field" (https://linecorp.com/en/pr/news/en/2018/2170)
*2: The user interface (UI) is the appearance and design of a service, including the fonts, images, and buttons. The user experience (UX) is the feeling of usability, reliability, and sense of comfort that users feel as they interact with and otherwise experience the UI. A UI/UX design makes providing an optimal user experience the top priority.
2. Key features of LINE Insurance
(1) Simple and speedy subscription process
Because LINE Insurance is accessible through the LINE messaging app, users can purchase insurance from anywhere, anytime, as soon as the need arises, without having to download a separate app. Once registered, users can fill out an application form for a policy in as little as 60 seconds.
(2) Diverse, unique, theme-based insurance policies
LINE Insurance offers a wide variety of theme-based insurance policies, such as travel, sports, events, golfing, and leases that fit various daily life situations, as well as weather and family. While most of the 59 insurance policies are short-term, and provide daily coverage for unique situations, including seasonal outdoor events, bad weather, volunteer work, and outdoor concerts, others, such as bicycle insurance and legal expenses insurance, provide annual coverage.
(3) Affordable premiums and convenient payment options
Premiums start from as low as JPY 100 *3, and can be settled using the LINE Pay smartphone wallet service available through the LINE messaging app. *4 Any LINE user can instantly register for LINE Pay from within the LINE app and start using the service by agreeing to the Terms and Conditions of Use.
*3: Both daily premiums for insurances with selectable term lengths as well as monthly premiums for annual insurances start from JPY 100.
*4: Policy holders can settle their premiums with their LINE Pay account balance or using their credit card registered with LINE Pay.
3. How to use LINE Insurance
Launch the LINE app, and tap LINE Insurance in the Wallet tab. Users must register for both LINE Insurance and LINE Pay in order to purchase insurance.
4. Future plans
Over time, LINE Financial will increase the selection of insurance policies available through LINE Insurance, introduce a new insurance service that combines LINE's unique messaging features with InsurTech, launch a one-stop service enabling purchases, consultations, and settlements all-in-one, close the distance between people and the insurance world, and help people lead a better lifestyle with insurance.
LINE Financial Corporation Overview
(1) Name: LINE Financial Corporation
(2) Location of Head Office: JR Shinjuku Miraina Tower 23F, 4-1-6 Shinjuku, Shinjuku-ku, Tokyo
(3) Representative: Takeshi Idezawa, Representative Director and CEO
(4) Primary Business: Provision of financial services
(5) Capital: JPY 5 billion (as of January 31, 2018)
(6) Established: January 10, 2018
Sompo Japan Nipponkoa Insurance Inc. Overview
(1) Name: Sompo Japan Nipponkoa Insurance Inc.
(2) Location of Head Office: 1-26-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo
(3) Representative: Keiji Nishizawa, President and Representative Director
(4) Primary Business: Provision of non-life insurance products and services
(5) Capital: JPY 70 billion (as of March 31, 2018)
(6) Established: July 1887