Japanese underwriting agency Tokio Marine has committed to use the Internet-based trade finance platform bolero.net as the "de facto" mechanism for issuing insurance certificates to customers.
Tokio Marine is the first insurance company to join the bolero.net system, set up as a joint venture between banks and logistics companies to move trade-based business documentation and associated payment information online.
According to Yoichi Tagawa, deputy manager of the marine underwriting dept. of Tokio Marine: "The Bolero system will now become the de facto mechanism by which we will issue insurance certificates to our customers electronically around the world."
Bolero has also chalked up another success in Japan with the recruitment of Tokai Bank, soon to become part of the United Financial Group of Japan (UFJ) with Toyo Trust & Banking Co and Sanwa Bank.
The new recruits join existing Japanese banking participants, Fuji Bank, DKB, Sanwa Bank, Bank of Tokyo, Mitsubishi, Sakura Bank, and Sumitomo Bank; "K Line", one of the largest container shipping companies in the world; and major trading houses such as Mitsui, Marubeni, Nissho Iwai and Itochu.