TOKYO, May 8, 2023 /PRNewswire/ — GA technology Co., Ltd. (President and CEO: Rio Higuchihereinafter referred to as “GA technology”) and Finatext Ltd. (President and CEO: Akane Kinoshitareferred to as “Finatext”) have jointly developed a system providing an embedded property insurance product that will be available for purchase by customers through RENOSY online real estate marketplace*1. And Tokio Marine & Nichido Fire Insurance Co., Ltd. (President: Shinichi Hirosehereinafter referred to as “TMNF”) will begin offering the built-in property insurance product to those who have purchased RENOSY investment properties from April 2023.
GA and Finatext Technologies Launch Embedded Property Insurance in the Real Estate Market “RENOSY”
* This is a demonstration of how to select your preferred insurance package on the RENOSY website (only available in Japanese)
By adding TMNF’s property insurance product for individuals to Inspire*2SaaS for insurance business developed by Finatext and connecting Inspire with RENOSY with API, RENOSY can offer its users to buy property insurance products online and such users can complete the entire investment process from real estate investment planning to purchasing property and insurance at once -stop basis.
1. Background
As technology advances and online business models become more common, customer expectations and the actual processes for purchasing products and services are changing dramatically. Under these circumstances, an embedded insurance product, which 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 title insurance when securing a loan. Real estate agents are getting more and more feedback from customers that they want to buy property insurance in a more convenient way. To meet these needs, GA Technologies, which streamlines and digitizes real estate investment procedures, and Finatext, which provides Inspire, a service that enables fully digitized insurance and embedded insurance products, jointly developed a system providing an embedded property insurance product .
2. Product features
The partnership between GA technology and Finatext to create embedded insurance for the online real estate market is the first of its kind in the real estate and insurance sector in Japan*3. The product will provide a seamless customer experience, improve customer convenience and prevent customers from suffering uninsured risk.
- RENOSY Website Purchase Process (Available in Japanese only)
3. Future initiatives
GA and Finatext technologies will continue to leverage their strengths to further meet the needs of users in the Japan and globally.
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*1: Began to offer property insurance for investment property owners as “built-in insurance”, the first product of its kind in the real estate and insurance industry in Japan. |
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*2 Inspire is a SaaS for insurance business provided by Finatext. For additional information, please visit the service’s website. |
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*3 Researched by GA technology, Finatext and TMNF. |
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* Company names, product/service names and logos mentioned in this press release are registered trademarks or trademarks of their respective companies. |
- GA Technology Co., Ltd.
Name: GA technology Co., Ltd. (TSE Growth Market, ticker symbol 3491)
Headquarters Address: Sumitomo Fudosan Roppongi Grand Tower 40F, 3-2-1 Roppongi, Minato-ku, Tokyo
Representative: Rio Higuchipresident and chief executive officer
Business: Development and operation of online real estate market “RENOSY,” Development of SaaS type BtoB PropTech products
Founded: March 2013
Name: Finatext Ltd.
Headquarters Address: Sumitomo RD Kudan Bldg. 9F ,1-8-10, Kudankita, Chiyoda-ku, Tokyo, Japan
Representative: Akane Kinoshitapresident and chief executive officer
Business: Fintech Solutions Business, Big Data Analytics Business, Financial Infrastructure Business
Founded: December 2018
FOR CONTACT: Judy Y, [email protected]
SOURCE GA technology Co., Ltd.