The social and political climate towards Insur-Tech-services is at a very early stage.
No license is required if the business is to provide information of potential clients to insurance agencies. If the business is insurance solicitor, the registration is required while such registration is not so difficult.
The FinTech business to underwrite insurance such as providing very short term insurance using mobile devices should be under the hard regulation of insurance underwriting; provided, however, there is a category of the "Small and Short Term Insurance Business." It can be registered under light regulation such as a JPY 10 million of minimum capitalization requirement (The minimum capitalization requirement for the regular insurance business is JPY 1,000 million.) The Small and Short Term Insurance Business is for underwriting of small and short term such as less than JPY 10,000,000 for life insurance, less than JPY 800,000 for health insurance or JPY 10,000,000 for damage insurance.
The data collection using IoT should be under the regulation of the protection of personal information defined by the guideline of the Personal Information Protection Commission and Financial Service Agency (FSA). The practical difficulty of this regulation is not high.
Some insurance companies start to collect data regarding the driving style of the customers using IoT device. Other InsurTech business is not popular in Japan. While there is a statistic which states InsurTech market in Japan is JPY 500 million per year, the accurate size of revenues and customers seems unclear.