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


Michael Waitze worked in Global Finance for more than 20 years, employed by firms like Citigroup, Morgan Stanley and Goldman Sachs, primarily in Tokyo.  Michael lived and worked in Tokyo from February 1990 until December 2011.  Michael always maintained a particular focus on how technology could be used to make businesses more efficient and to drive P/L growth. Michael is a leader in the digital media space, building one of the biggest and fastest-growing podcast listener bases in the region.  His AsiaTechPodcast.com show has listeners in more than 170 countries and his company, Michael Waitze Media produces some of Asia’s most popular podcasts.

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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