Host Organization: Japan Financial Agency

Internship Period: November 5 – December 18, 2018

I had an opportunity to participate in the internship program at the Global Financial Partnership Center, Financial Services Agency (FSA) of Japan from November to December 2018. The main focus of this program was about the supervision of insurance business which I have no experience in this area before. Therefore, it was a very good experience that allowed me to learn many new things related to insurance business in Japan.

The program provided lectures from experienced officials and professionals, presentations from insurance business related organizations and site visit at the Fintech Center of Tokyo. The lectures covered the area related to insurance business, i.e. insurance market in Japan, regulation and supervisory framework, life and non-life insurance business in Japan. In addition, the lectures included the topics of financial literacy and financial technology (Fintech) which are a global phenomenon at the present time. By attending all the lectures, I had gained comprehensive knowledge about insurance business in Japan and how it is regulated by the FSA. The presentations from insurance companies showed how Japanese insurance companies conduct their business and how they adjust themselves with the super-aged society in Japan. Moreover, the discussions between participants and lecturers were very interesting and informative.

I also had an opportunity to visit the Fintech Center of Tokyo or FINOLAB. Locating in one of the oldest building in the center of Tokyo, the FINOLAB is very modernized and adaptive with the fast-moving global technology. It provides space for start-ups to develop and present their products to the market. It was very exciting for me to visit the FINOLAB and have discussion with FINOLAB staffs and some of the start-up’s owners.

I am very grateful to be part of this internship program. I would like to thank GRIPS and FSA for giving me this valuable opportunity. It was not only the knowledge about insurance business in Japan that I gained from the program but also the connection among participants from ten different countries in this program. They are experienced officials of insurance business’ regulators. It was a good experience for me to share opinion and have discussions with them.