Smartpay and Chubb Team Up to Integrate Insurance into BNPL in Japan
Smartpay Corporation and Chubb Insurance Japan have joined forces to bring embedded insurance products to the Japanese market. This collaboration, which follows a year-long partnership, aims to streamline the insurance process for consumers, making it more convenient and accessible.
Embedded insurance integrates insurance coverage directly into the point of sale, such as when consumers purchase products or services. A common example of this approach is offering travel insurance during the online booking of airline tickets. This method simplifies the process of acquiring insurance and ensures coverage is available at the most relevant time for the customer.
Through this partnership, Smartpay is aiming to innovate the insurance industry. Their embedded insurance technology integrates seamlessly into the payment process, enabling instant access to appropriate coverage when customers need it.
Smartpay and Chubb Japan plan to launch their first embedded insurance product in the Buy Now, Pay Later (BNPL) sector during the summer of 2025. The product will be developed in collaboration with Fútbol Opción, a soccer cultural exchange program provider operated by Actif LLC.
Soccer exchange programs, while representing a considerable investment for families, can become accessible to a wider audience through installment payment options. Smartpay’s BNPL solution allows parents to spread out the costs, lessening the financial burden. Combined with the important factor of insurance during international travel, families can now manage both program fees and insurance enrollment in a single, streamlined process.
Chubb Insurance is a global company with a broad history of partnerships with major financial institutions worldwide. In 2018, the company partnered with Grab, Southeast Asia’s largest super app, to offer insurance products to millions of Grab users. Chubb has also been at the forefront of digital transformation and technological innovation within the insurance industry. For example, they partnered with Nubank, Brazil’s largest digital bank, to provide fully digitalised life insurance.
This selection of Smartpay as its first embedded insurance business partner in Japan demonstrates Chubb’s strong confidence in Smartpay’s forward-thinking approach, technological capabilities, and market advantage.
