Seven-Eleven to Sell Life Insurance via Machines in Japan

Convenience store chain Seven-Eleven Japan will sell MS&AD Insurance Group's life insurance through its multi-function machines in its 20,000 stores.

Customers will be able to process their application through their smartphones or PCs partly. The sale is completed once the insurance fee payment is made at the cashier.

MS&AD made the partnership with Seven-Eleven to avoid having to do face-to-face transactions due to fear of coronavirus.

Seven-Eleven will have the distinction of being the first convenience store chain to sell life insurance in the county.

The two companies will also set up call centers where licensed insurance salespeople can entertain customers 24 hours a day, throughout the year.

The first product to be sold at Seven-Eleven would be the cancer insurance of MS&AD's affiliate Mitsui Sumitomo Aioi Life Insurance beginning June 16.

Mitsui Sumitomo Aioi Life Insurance sells around 300,000 new personal insurance contracts annually. It is seeking to sell 60,000 contracts per year at the Seven-Eleven stores.

Insurance companies have been searching for alternative sales approaches since the pandemic began.