In view of growing demand for contactless insurance sales amidst the coronavirus pandemic, Japan’s largest convenience store chain 7-Eleven announced that it will start selling life insurance at over 20,000 of its outlets nationwide according to local news agency Kyodo News. This is said to be the first case of facilitating insurance sales at a convenience store.
From 16 June, 7-Eleven Japan will be selling cancer insurance from Mitsui Sumitomo Aioi Life Insurance, a wholly owned unit of MS&AD Insurance Group.
The insurer hopes to expand its sales channels at a time when the pandemic is making it difficult for insurance sales professionals to visit homes or meet customers in person.
At the 7-Eleven store, customers can apply for the insurance policy through a multifunction copier machine installed at the store. They can then pay for it at the store’s cashier.
Customers will also be able to complete most of the insurance application process beforehand by using a smartphone or personal computer and pre-registering online.
By next March, 7-Eleven said that it hopes to achieve around 60,000 new insurance sales.
However, it remains to be seen whether customers will sign a life insurance contract without meeting a salesperson as such products, compared to liability insurance, usually require detailed explanations depending on the individual’s health needs.