'My Car PROTECT Toyota Mini Vehicle Insurance' Selected for 'Japan's Service Innovation 2025'

Mysurance Inc. (Head Office: Shinjuku-ku, Tokyo; Representative Director and President: Hiroomi Shimizu; hereinafter "Mysurance"), a subsidiary of Sompo Japan Insurance Inc. (Head Office: Shinjuku-ku, Tokyo; Representative Director and President: Koji Ishikawa) engaged in small-amount, short-term insurance business, has jointly developed "My Car PROTECT Toyota Mini Vehicle Insurance" with Toyota Finance Corporation. This product was selected as the sole insurance industry entry among 91 submissions for "Japan's Service Innovation 2025," organized by the Service Productivity & Innovation for Growth (SPRING) of the Japan Productivity Center.

Taking this selection as an opportunity, we will continue to expand the number of Toyota dealerships handling this insurance, striving to deliver this product to more customers.

Organizer's Comment (from the perspective of service innovation)

This product realizes an innovative value proposition by not affecting the automobile insurance class even when receiving insurance benefits, and by enabling variable premiums and partial payment by dealerships, thereby contributing to the cultivation of safe driving awareness.

What is "My Car PROTECT Toyota Mini Vehicle Insurance"?

This insurance product, aimed at customers who purchase new cars at Toyota dealerships, covers up to 100,000 yen in the event of an accident and does not affect the automobile insurance class. In cases of minor damage accidents such as scratches or dents, using vehicle insurance can lower the automobile insurance class, leading to higher premiums in subsequent years. This often resulted in customers paying for repairs out-of-pocket without using vehicle insurance, or even abandoning repairs altogether. This insurance product was developed with the desire to "allow customers to repair their beloved cars without worrying about their insurance class" and "help them continue to drive their beloved cars in pristine condition."

This insurance PROTECTS your "beloved car," "insurance class," and "wallet."

This insurance utilizes a Peer-to-Peer (hereinafter "P2P")* mechanism, forming a group (Pool) of new car purchasers, and in the event of an insurance claim, benefits are paid from this Pool. Premiums are reasonably calculated based on the total insurance payouts and the number of active contracts from the previous month, and they fluctuate monthly. Furthermore, to create a new community between "customers and dealerships," an unprecedented new system has been established where dealerships (policyholders) can bear a portion of the insurance premium.

* P2P refers to the application of the so-called sharing economy to insurance, where generally, the total insurance payout is equally divided by the number of active contracts, and premiums are collected uniformly in arrears. Mysurance has obtained a business model patent for the premium mechanism of "My Car PROTECT" (Patent No. 7487440).