EP 67 – Kenichi Nogami – Insharerance – Good Risk Is Very Stable and Very Profitable

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Michael Waitze has been podcasting with some of the best investors and business builders globally and discussing all things startup with them from an Asian perspective. Michael worked in Global Finance for more than 20 years, employed by firms like Citigroup, Morgan Stanley, and Goldman Sachs, primarily in Tokyo. Michael always maintained a particular focus on how technology could be used successfully to make businesses more efficient and to drive P/L growth. Michael is quite skilled at connecting people and capital to innovative ideas and is a trusted advisor to both investors and founders. Michael is a leader in the digital media space, having pioneered the concept of a podcast network in Asia while building the biggest and fastest-growing listener base in the region. His flagship website, AsiaTechPodcast.com, has listeners in over 100 countries and is available on virtually every podcast player that supports RSS feeds.

Kenichi Nogami Launched Zurich Life Japan as Chief Rep, Launched Life net as executive Vice President, and Chief Rep. of Hannover life Re Japan etc.

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In this episode, Michael Waitze talks to Kenichi Nogami, the CEO of inSharerance. Kenichi started his career 40 years ago with Nippon Life and experienced how the industry has changed over the years and adopted new technologies. During his time with Zurich Life, he implemented the first online life insurance products and was behind the launch of LifeNet. In 2019, Kenichi has launched his first own InsurTech startup, inSharerance. 

The idea for inSharerance came during the March 11, 2011, Tohoku Earthquake and Tsunami in Japan. Many people had no insurance or the insurance wouldn’t cover all the damages. Kenichi analyzed the reasons for the lack of insurance coverage and came to the conclusion that this is a niche worth innovating. His solution is a global peer-to-peer catastrophic risk-sharing model. The idea is to eliminate the middlemen such as insurance or reinsurance companies and sales agencies which keeps costs low. The model is a grey area and currently not regulated by any insurance authority.

With inSharerance, people can get coverage for catastrophes, like earthquakes. To join, members have to pay a fee, either via Paypal or using Bitcoin. inSharerance only takes a small fee of  0.1% of the payments. The majority of the revenue is supposed to come from claims payouts, where the startup is charging an administration fee. In other words, the startup is hoping for claims and payouts. The model can be applied to many global catastrophes, even the current global pandemic. However, the challenge is distribution, especially for black swan risks that are very abstract for the general public.

Other companies mentioned in this episode: Lazada, Grab, Plug and Play,

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To get in touch with the Uncharted team, email them at info@uncharted.global

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