Tokio Marine Holdings has made a strategic investment in German insurtech firm Simplesurance (SISU) through its wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance.
The deal will enable Tokio Marine to utilise SISU's technology throughout the Japanese and Asian markets, and develop new cutting-edge digital solutions for its customers, according to a corporate statement.
Earlier this year, the Berlin-based Simplesurance raised $24 million in the final Series-C round led by German insurer Allianz. At that time, the insurtech firm said it wants to expand into new markets with a focus on Asia and support the launch of new services like cyber protection.
"As SISU’s strategic partner we will be able to use its technology and platform in order to speedily provide clients with tools that will allow them to easily sell insurance such as Overseas Travel Insurance and Personal Accident Insurance through their websites or apps," Tokio Marine said in a statement.
"Our customers will benefit from our new hassle-free insurance application procedures that will allow them to easily purchase insurance at the same time as buying a product or service from an EC (electronic commerce) site without having to re-enter their personal details."