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Business deals

Same-day insurance payouts to debut from Tokio Marine

Investment in US startup enables AI analysis to shorten claims process

Tokio Marine Holdings is one of many insurers using innovative technology from startups to speed and improve service.

TOKYO -- Japanese insurer Tokio Marine Holdings will begin same-day insurance payouts for automobile claims as soon as 2020, shortening the claims process by two to three weeks thanks to its investment in an American startup that applies artificial intelligence and smartphone technology to the field.

By applying cutting-edge technology to its mainstay field of auto insurance, Japan's largest insurer will accelerate the fusion of insurance and technology -- known as "insurtech" -- in the country.

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