Standing out amid pandemic

Tsuyoshi Yamasaki, General Manager, Tokio Marine and Nichido Fire Insurance Co. Ltd
Tsuyoshi Yamasaki, General Manager, Tokio Marine and Nichido Fire Insurance Co. Ltd

Tsuyoshi Yamasaki, General Manager of Tokio Marine and Nichido Fire Insurance Co. Ltd, discusses the growth and success of the Japanese Insurance Company in UAE amidst the pandemic and the challenges expected to see in the near future.

Published: Tue 26 Jan 2021, 11:13 AM

How strong is the brand Tokio Marine in UAE and its portfolio of services?

Since 1976, our core value has always been to consistently work for the good of the people and society in the UAE. During critical moments like this pandemic, when our customers need us the most, we aim to be the reason for their happiness. This is why we are reaffirming our goal with 'Hap­piness Insured' as our motto for 2021. Our finan­cial ratings stand as a strong indicator of our fi­nancial strength, credit-worthiness, and claims-paying ability. With a strong retention rate, our customers choose Tokio Marine year after year and refer their friends and family as well. With 45 years of expertise in the UAE, Tokio Marine is becoming the region's most reliable and favourite insurer.

What has been Tokio Marine's response to the pandemic?

Although the pandemic hit us unexpectedly, we were very quick to adapt and position ourselves as the digital leader in insurance services in the UAE. At the same time when we were supporting our frontline heroes with further premium reduc­tions and benefits on products like car insurance in line with IA regulations, we have still managed to maintain our growth and profits in this difficult period. The focus while innovating during the crisis has been all about improving the stakehold­er's experience - whether it is our brokers, cus­tomers, or employees - by providing digital self-services like online renewals and claim submissions.

How is technology changing insurance?

The future of insurance is technology-driven and insurers that fail to change are likely to lose mar­ket share. At Tokio Marine, we have been making this shift even before the pandemic. From auto­mating the traditional, manual operational tasks using RPA bots to addressing all forms of cus­tomer queries using AI-driven customer service chatbots, we have reshaped our organisation by personalising every customer experience with Tokio Marine. As a digital insurer, we are con­stantly making our technology experiences faster, more engaging, intuitive, and tailored to custom­er needs. We believe the reliability of data will be a major part of the insurance industry's future. Customers want their insurance partners to know them and bring an insurance policy that's more competitive and meets their needs.

What speciality insurance products does Tokio Marine offer?

On top of our individual products like motor, travel, pet and home insurance, we believe that every risk is as unique as the customer who un­dertakes it. This is why we have a long and steady line of speciality and corporate insurance prod­ucts that includes but not limited to business package insurance, marine cargo, cyber, credit, event liability, photographer's insurance, property insurance, and so on. With deep underwrit­ing expertise, we evaluate and manage risk with utmost care.

How are you planning for 2021?

The pandemic has prepared us for any uncer­tainty and unpredictability. With change being the only constant, customers are assurance and sup­port like never before. This increases our respon­sibility towards the community and the need to push our boundaries, to innovate and deliver faster than ever.

If 2020 brought about disruptions in the way we work, live and carry on with our daily lives, we believe 2021 to be definitely a directional and defining shift as we move into the post-pandemic world. At Tokio Marine, we will continue support­ing our customers and communities through these trying times.

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