Summary
The news that Sompo Japan expanded its fire insurance services on October 1 and, at the same time, signed a regional partnership agreement with Gifu City illustrates how the insurers' push extends well beyond product revisions. Forming agreements with local governments is also a sign that insurance companies are moving from providers of “protection against what might happen” toward builders of the foundations that support local communities. By continuing regionally rooted initiatives in fire insurance, a traditional product area, the company showed a presence that stands out beyond price competition.
Details
The wave of digitalization is also showing no signs of slowing in life insurance. On October 22, Sony Life launched a corporate support service that uses a subsidy cloud, creating a new point of entry for the welfare needs of small and mid-sized businesses. In the same period, Lifenet Life held a technology study session aimed at spreading the very concept of digital insurance within and beyond the industry. What the two companies share is an effort to redefine insurance from something people “sign up for” into something they “learn to make the most of.” In the auto insurance world, the CM strategies of individual companies have stood out. Tokio Marine Direct released a new web commercial on October 23, strengthening its appeal to drivers. In response, Sony Assurance began airing a new commercial on October 16, and the competition for brand recognition has grown even more intense. Mitsui Direct General Insurance has also started offering points-linked auto insurance, aiming to capture consumers who choose insurance with the same mindset as everyday shopping. Aioi Nissay Dowa Insurance took a step toward the next era of mobility with telematics insurance linked to autonomous driving demonstration tests. Moving beyond the simple framework of accident coverage, insurance designs tied to driving data and technological innovation are becoming mainstream. Meanwhile, Meiji Yasuda Life has continued its image strategy of close ties to everyday life through sports, increasing brand exposure through a soccer tournament on October 17 and related events. Dai-ichi Life announced the establishment of a private fund on October 23, strengthening its presence in the context of asset building as well as protection. MediCare Life announced revisions to its women's health rider on October 19, presenting a finely tuned response to protection needs at each stage of life.
- 1On October 22, Sony Life launched a corporate support service that uses a subsidy cloud, creating a new point of entry for the welfare needs of small and mid-sized businesses.
- 2Tokio Marine Direct released a new web commercial on October 23, strengthening its appeal to drivers.
- 3In response, Sony Assurance began airing a new commercial on October 16, and the competition for brand recognition has grown even more intense.
- 4Meanwhile, Meiji Yasuda Life has continued its image strategy of close ties to everyday life through sports, increasing brand exposure through a soccer tournament on October 17 and related events.
- 5Dai-ichi Life announced the establishment of a private fund on October 23, strengthening its presence in the context of asset building as well as protection.
Conclusion
Looking at the industry as a whole, the insurance sector is simultaneously expanding in several directions across its three traditional pillars of fire, life, and auto: digitalization, regional partnerships, asset formation, and next-generation mobility. Companies' efforts to build new contexts starting from their own strengths are increasing their points of contact with customers, and they illustrate a process in which insurance is shifting from “preparation for a rainy day” to “a presence woven into daily life.”