Welcome back to PayPay Professionals, a snapshot into the incredible professionalism of the pros that drive the PayPay group.
In this issue, we interviewed Ueda san, Leader of the Insurance Team in the Finance Business Development Department of the Finance Business Strategy Division, responsible for the planning and growth of the PayPay Insurance mini app. We asked him to share the stories behind his decision to join the company and provide insights into notable projects.
Tetsuya Ueda
Insurance Team, Finance Business Development Department, Finance Business Strategy Division
I worked for a major insurance company for 14 years and was engaged in corporate sales, new business development, sales planning, and human resources. I joined PayPay in September 2022 with a desire to provide user-centric insurance services.
Transforming Society with PayPay: A User-Centric Approach to Insurance
Can you first tell us about your background and the reasons for joining PayPay?
During the many years I spent in the insurance industry that I joined as a new graduate, I gradually developed the desire to deliver products that are more user-centric, which is what led to my career transition to PayPay. While my previous position with an industry leader offered great benefits, my father falling ill made me realize that life is only once, so why not live it the way I want. I set my eyes on the growth journey of the newly launched PayPay Insurance, believing in PayPay’s commitment to revolutionize society through user-centric products.
After joining the company, did you notice any significant differences or gaps compared to your previous role?
I was amazed at the speed of decision-making when I first joined the company. When I presented an idea to the Division Head, he assured, ‘I’ll discuss it with the President and Vice President,” and I was pleasantly surprised to receive a call the next day confirming, “We got approval.”
Can you tell us about the team’s mission?
The Insurance Team, Finance Business Development Department has the mission of planning and growing the PayPay Insurance mini app, which was launched in December 2021.
PayPay Insurance, which initially started with a product line up of one-day driver’s insurance, golf insurance, ski and snowboard insurance, under the concept of “Convenient and easy-to-purchase insurance, for as short or as long as necessary,” has now an extended suite including overseas travels, heat stroke, and medical insurance, and more.
When I first joined, our promotional efforts were centered on affordable products with which it was easy to acquire users. However, for business growth, we recognized the need for a dual strategy on both user acquisition and profitability. After joining, I immediately reassessed the team’s KPIs. Starting from the following month, we not only set targets for the number of policies sold and insurance premiums but also strategically positioned medical insurance as our primary product given its significant LTV and profitability.
Breaking New Ground in the Industry! Three Months of Complimentary Health Insurance
What project was particularly challenging for you?
The launch of medical insurance. We not only introduced a proper recurring product to PayPay Insurance’s lineup, but also made a groundbreaking service—three months of free medical insurance, for the first time in the industry. (*1)
We began designing this enterprise in November, and quickly adjusted the details of the contract and expedited the approval process in preparation to launch in January.
To move the project along quickly, I put an effort into ensuring smooth communication by talking directly with stakeholders and working closely with a handful of project members, amongst other things. PayPay is first and foremost a platform, but for that moment, I took on the role of a project manager and played an active part in driving the initiative.
*1 New applications for “これだけ医療（入院一時金プレゼント版）” will be closed in January 2024.
What’s the vibe like in your team?
As a group of experts, we are a mature team where each member solemnly and independently executes their respective tasks. Nevertheless, we are a team that can work as one towards a shared goal. In the UI/UX improvement project for the one-day auto insurance (“Anshin Non-owner Car Insurance”), there were instances where team members divided tasks and conducted research by visiting major convenience store competitors. From there, we identified improvement areas required in the PayPay app such as streamlining input processes and coming up with the “No need to go to convenience stores” promotion. As a result, we beat convenience stores and secured the leading position in market share for one-day auto insurance.
▼Press Release:
Total number of “Anshin Non-owner Car Insurance” purchases exceeds 500,000
Changing the Industry to be User-Centric, as Insurance Should Be
What do you value in your role at PayPay?
I consistently ensure a user-centered approach and actively seek out new challenges. Lately, news in the insurance industry has raised concerns. It’s disheartening that the decline in trust among insurance companies is impacting the overall perception of insurance as a product. Originally, insurance is meant to be an excellent product designed for mutual assistance. I entered the insurance industry with the intention of making a positive impact on society. My move to PayPay was driven by a desire to work in an environment that prioritizes the value placed on its users. It all boils down to the simple desire to do good in the world!
What do you hope to accomplish in the future?
Recurring products is the flagship of insurance, so my goal is to consistently introduce new offerings in this area. Accomplishing a strong track record in medical insurance gave us the confidence to make some bold moves with recurring products too. Ultimately, our biggest aim is to become the preferred choice among users through a service centered around their needs, thereby driving transformation in the insurance industry.
Lastly, a message for our readers please!
Due to high entry barriers, the insurance industry has become an oligopoly with minimal competition. Nevertheless, PayPay Insurance persists in prioritizing user-centric services, not agent or shareholder-centric services. If you are passionate about delivering even better products to users and enjoy taking on challenges, we welcome you to join us!
Current job openings
*Job openings and employee affiliations are current as of the time of the interview.