Leading Internet portal operator Yahoo Japan Corp. said Thursday it will launch an online insurance business in Japan through an alliance with major U.S. insurance broker Aon Corp.
Yahoo Japan plans to set up a joint venture with Aon Risk Service Japan Ltd., a Tokyo unit of Aon, by the end of this month to provide insurance services to users of Yahoo Japan's Internet information services.
The joint venture, W's Insurance Inc., will be based in Tokyo and capitalized at 50 million yen. Yahoo Japan will have a 60 percent share and Aon Risk Service Japan will own the rest.
Wayne L. Schnapp, executive vice president and managing director of Aon Risk Service Japan, will become president of the new company, which will aim to start selling insurance by spring.
Online insurance sales require approval by the Financial Services Agency and medical and auto insurance services are expected to make up the core of its operations for the time being, industry analysts said.