Insurer American International Group is planning to join forces with a Japanese internet company to sell insurance policies online, according to Japanese newspaper Asahi Shimbun.
The report said that the Japanese company Rakuten will hold a meeting to finalize its decision on the venture to sell property and casualty insurance next week. The company would not confirm the reports although it did say that it is considering entering the property and casualty insurance business. The Japanese company, which is the country’s top online shopping mall operator, is looking to expand its financial services division.
AIG, the world’s largest insurer by market value, would get access to 30 million online customers and Rakuten would have access to AIG’s expertise in developing insurance products if the partnership went ahead.