Tokio Marine the largest property and casualty insurance business has its headquarters in Tokyo and is planning to expand operations and services into the metaverse.

In January, the company which employs more than 39,000 people worldwide will deploy a metaverse platform to let users browse and buy insurance products and other policies online using real workers as portrayed by virtual avatars. In an intention to use the metaverse to deliver a new level of customer service that lessens the psychological strain associated with insurance consultations and facilitates ad hoc insurance considerations, this step is being taken.

Interested users need to communicate with the clerks to learn more information about each of the things on offer, mail and finish paperwork, and even sign contracts in the metaverse. The business will offer these services on Virtual Akiba World which is a metaverse platform created as an electronic recreation of the well-known Japanese station and city of Akihabara.

Furthermore, to learn more about the driving preferences of its customers and to make them familiar with the benefits that insurance might have for a given driver, the firm will also let users take a flying car course in the metaverse.

Last year around April, a $42 million corporate venture capital (CVC) fund Tokio Marine Future Fund formed by the insurance company to invest in early-stage firms globally.

Other businesses working in Metaverse

Other Asian and Japanese Companies in the Metaverse have been forerunners in the field of the metaverse and many of them investing in the creation of virtual technology. Among them is MUFG, which is one of the biggest banks in the nation, and has already declared it will begin providing banking services in the metaverse by 2023.

In October leading Japanese telecom provider NTT Docomo declared that it would start its own metaverse branch with an expenditure of $412 million, and in November it had more than 200 staff working on these projects.