Investing in Japan
Latest UpdatesIrish fintech company, ClaimVantage, establishes company in Tokyo
Jun 29, 2018
ClaimVantage is an Irish fintech company founded in 2006 that specializes in insurance claim processing. They provide automated claim processing solutions for the insurance claim procedures of insurance companies and third-party administrators (TPAs). The company's software application is a cloud-based service hosted by the Lightning Platform, created by the leading customer relationship management (CRM) application provider, Salesforce. ClaimVantage provides effective and simplified billing capabilities by automating the entire process for life and medical insurance claim procedures (notification, eligibility, claim assessment and payment of benefits).
In addition to its headquarters in Ireland, ClaimVantage has offices in the United States and Australia, and sales representatives in the United Kingdom and South Africa. Thus, the company is expanding its business worldwide. The company already has a history of doing business with Japanese companies operating overseas, by introducing its systems to the foreign branches of Japanese life insurance companies.
Japan, often referred to as a “life insurance powerhouse,” is ranked the second largest life insurance market (on a premium revenue base) in the world, after the US. Many foreign life insurance companies utilizing the company's solution ClaimFirst are also operating in the Japanese market. The company decided to operate in the Japanese market in full-scale in consideration of these factors. In March 2018, they established ClaimVantage Japan in Tokyo, through which they will work to bring in new customers in Japan and provide after-sales support services.
For establishing their Japanese base, the JETRO Invest Japan Business Support Center (IBSC) provided temporary office space, market information and introduced service providers such as an administrative scrivener, judicial scrivener, accounting offices and recruitment agencies.