Real estate customers are looking for more convenient ways to buy property insurance. Credit: Tierra Mallorca on Unsplash.

Japan-based GA Technologies, in partnership with Finatext, has developed a system to offer an embedded property insurance tool through online real estate marketplace RENOSY.

Tokio Marine & Nichido Fire Insurance (TMNF) will provide insurance to clients who bought investment properties via RENOSY from last month.

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The move will see RENOSY adding TMNF’s property insurance solution for individuals to Finatext’s software as a service (SaaS) for insurance business Inspire, as well as linking Inspire to RENOSY with application programming interfaces (APIs).

This will enable RENOSY to provide its users with the capability to buy property insurance products online.

Those users will also be able to complete their entire investment process right from real estate investment planning to buy properties and insurance in a single stop.

The newly developed product has been designed to offer improved customer experience, enhance customers’ convenience and help customers from avoiding the risk of being uninsured.

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In a statement, GA Technologies said: “As technology advances and online business models become more prevalent, customers’ expectations and actual processes for purchasing products and services are changing dramatically.

“Under these circumstances, an embedded insurance product that incorporates insurance products into actual products and services offered online is attracting attention as a convenient way to purchase an insurance product.”

Investment property owners are often needed to buy property insurance in order to secure a loan and real estate customers are looking for more convenient ways to buy property insurance, according to GA Technologies.