Sompo Japan Insurance partners with ANA NEO to study metaverse insurance products

Sompo Japan Insurance has become Japan’s first insurance company to launch a study on developing insurance products for the metaverse.

On May 13, Sompo Japan Insurance announced a partnership with ANA NEO, a metaverse-related company established by ANA Holdings and game developer JP Games, to conduct the first study of this kind in Japan.

Their study will assess the marketability of insurance products and transaction risks in the metaverse. They will also look into insurance covering UX (user experience) in the metaverse and areas related to a Web 3.0-type business model.

ANA NEO is developing SKY WHALE (provisional name), a virtual travel platform set for launch by the end of this year. A SKY WHALE metaverse will provide entertainment services that simulate travel and other experiences such as shopping.

According to Sompo Japan, the ANA NEO metaverse will be “the largest metaverse infrastructure in Japan by incorporating approximately 34 million ANA frequent flyer members and 54.42 million passengers on international and domestic flights.” This is the first time for an insurance company in the world to use a database of this scale in its study, it says.

Commenting on the future direction of the company, Sompo Japan said, “We will transform from a Web 2.0-oriented to a Web 3.0-oriented insurance company by deeply examining the contracting and subscription process, product design and contract protection, taking into account the way insurance has always been conducted and the use of digital assets.