Japan insurer Tokio Marine & Nichido launches remote loss prevention service amid pandemic

01, Jul. 2020

6.jpg

TOKYO, NNA – Tokio Marine & Nichido Fire Insurance Co. has launched an online-based, remote loss prevention service for corporate clients amid the global COVID-19 pandemic that hampers travel to do on-site inspections at factories and warehouses.

The major Japanese nonlife insurer, which handled over 1,000 inquiries and surveys for loss prevention in fiscal 2019, has remotely analyzed the risk of accidents for seven clients at home and abroad since the service launch in May, Ai Takao, an official of Loss Prevention & Technology Strategy Team, told NNA on Wednesday.

With travel restrictions imposed around the world due to the global novel coronavirus pandemic, the remote digital service, a complementary support measure for policy holders of a various types of insurance, features risk assessment based on ergonomics such as human behavioral patterns and risks pertaining to them to control reckless actions at such facilities.

The Japanese insurer aims to curb accidents and subsequent damages and compensation through preemptive examinations and measures, hoping to lead to a decrease in insurance premiums paid by clients, she said.

With its partnership with SightCall Inc., a U.S. online visual assistance service firm, Tokio Marine & Nichido is catering to the needs of four clients overseas and three at home with the remote-loss prevention service, including a Singapore warehouse for a Japan-based global equipment manufacturer via TM Claim Service Asia Pte. Ltd., its Singapore arm, Takao said in a teleconference interview with NNA.

“We can assess potential risks at each facility and advise policy holders depending on analyses of behavioral patterns which vary from nation to nation, culture to culture, such as designated colors of warning signage and brightness of rooms,“ said Hisaki Ematsu, manager and ergonomics expert at the Tokio Marine & Nichido team.

Although the insurer’s main clients are Japanese firms, “We are expanding client bases to local firms in such countries as Thailand and China” through its own local units, said Ematsu.

In addition to clients like electronic appliance and car makers as well as logistics companies, Tokio Marine & Nichido is also serving Japanese shopping mall operators and apparel retailers for their overseas outlets to rein in risks for shoppers and possible compensation to be paid by insurance companies, he said.

The number of inquiries and actual services for loss prevention nearly doubled in fiscal 2018 when the team was formed. It grew a further 11 percent in the following fiscal year through March 2020, according to Takao.