InsurTech IB raises a total of JPY 430m
IB has raised approximately 100 million yen in funding from TSE-listed Trade Works and Seibu Shinkin Capital, for a total amount raised of approximately 430 million yen.
"Hokenbo," the insurance management app provided by IB, is a free app that allows users to manage and share insurance and mutual aid policies by uploading insurance certificates for themselves and their families.
Users can easily understand contract details and smoothly confirm insurance company contact information when needed, and by simply selecting incidents such as accidents, illnesses, or injuries, the app can identify potential insurance claims from registered policies.
Hokenbo provides these values through insurance companies, supporting policyholders' insurance utilization and insurance claim recommendations for various insurance companies.
Trade Works is a company that provides digital solutions to financial institutions, including online securities companies with strict requirements.
Moving forward, the companies will begin planning and building embedded services that leverage both companies' service and customer bases by integrating Trade Works' various products with the "Hokenbo" app platform, aiming to build a new ecosystem connecting the insurance industry with the financial industry and other sectors.
Masakatsu Saito, CEO of Trade Works Corporation, said: "The 'Hokenbo' service developed by IB provides innovative value through centralized insurance contract management and is a groundbreaking solution that dramatically improves user convenience. We highly evaluate its excellent concept and CEO Ito's outstanding vision.
Our company has extensive experience in providing embedded finance through financial system development, contributing to digitalization and service advancement for many financial institutions. Through this capital and business alliance, we are confident that we can contribute to new service development with IB by leveraging our technical capabilities and track record.
Additionally, to ensure pursuit of synergies between both companies and achieve tangible results, our director Masaya Kato will participate in IB's management to strongly support management strategy and business promotion. Through this, we aim to further develop the 'Hokenbo' service and create new value in the financial and insurance industry, working together as one team.
Moving forward, we will continue to provide innovative services utilizing digital technology through our partnership with IB, supporting users' lives while contributing to improved convenience and sustainable growth across the industry."
Daisuke Usami, CEO of Seibu Shinkin Capital, commented: "While insurance companies and agencies aim to improve customer convenience and engagement through their own apps, we believe that 'unclaimed insurance benefits' is an industry-wide challenge that requires collective effort beyond individual companies.
The 'Hokenbo' service envisioned by Mr. Ito isn't about generating profits for any single party, but rather a service that allows policyholders, insurance companies, and agencies to prepare for risks with peace of mind in a relationship of solidarity.
As regions face advancing aging populations and nuclear families, we believe that the Seibu Shinkin Bank Group's promotion of 'Hokenbo' in local communities will meet regional expectations.
The entire Seibu Shinkin Bank Group will support IB moving forward!"
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