Applications the 2021 INNO-vation Program now Open! | Find out more→


Offering of Japan’s first P2P insurance (Warikan Insurance) gradually starts on January 28

Small amount short-term insurance company justInCase announced the launch of Japan’s first P2P insurance (Warikan Insurance) based on regulatory sandbox certification received on July 5, 2019. It was decided to collaborate with 8 partner companies for the launch. Sales of the insurance by justInCase and the partner companies will gradually start on January 28.

Warikan Insurance shares the risk among the insurance policy holders so that they assist each other when an insurance event occurs. Making mutual assistance possible using IT technology allows the insurance to be offered at lower premiums than existing cancer insurance. The insurance premiums are deferred payment and the one-time payment when cancer is diagnosed is ¥800,000 (approx. $7,335). The insurance premium is the amount arrived at by calculating the total amount of the insurance premiums for all of the policy holders each month, dividing this amount by the number of policy holders at the time, and multiplying this times a fixed management fee, which becomes the deferred premium payment that is collected on a deferred basis by justInCase.

For example, if the total amount for the January premiums is ¥1.6 million and the number of policyholders is 10,000 people, then “¥1.6 million ÷ 1.3 ÷ (10,000 people – 2 people) = ¥229” is the premium, which is billed in February (The management fee accounts for 30% of the premium).

Koji Hashimoto, the director of Advance Create, one of the partner companies, said, “Warikan Insurance is a product with the potential to change the insurance industry. Advance Create offers many categories of insurance products for the insurance market it operates in, but we have used the opportunity to offer justInCase’s Warikan cancer insurance to establish a new category called Warikan Insurance. I’m convinced going forward there will be more products using the same structuring as Warikan Insurance.”

More like this

See Our InnoUvators Interviews

See More


See Our InnoUvators in Action

See More


Contact us!

Contact Us Form

Follow us!