At Taiyo Life, in fiscal 2014, ended March 31, 2015, the new policy amount (total of individual insurance and individual annuities) was up 5.3% year on year to ¥2,840.7 billion. The surrender and lapse rate improved 0.09 percentage points to 5.88%. The policy amount in force reached another record high for a fiscal year-end result of ¥22,154.5 billion. As of March 31, 2015, MCEV was ¥868.6 billion, an increase of ¥163.5 billion from the previous fiscal year-end.
Taiyo Life has formulated a two-year medium-term management plan running from April 2014 to March 2016 with a vision of “Aim to be a life insurance company that delivers optimal comprehensive coverage to households.” Guided by this vision, Taiyo Life is strengthening its unique business model that integrates product and market channels.
In fiscal 2014, Taiyo Life worked toward the realization of this vision, based on the concept of “becoming the life insurance company that is most considerate to senior customers entails becoming the life insurance company that is most considerate to all households and to all customers.” Accordingly, Taiyo Life has launched the company-wide Best Senior Service Project in order to deliver products and services of the highest standard in the industry to senior customers. Taiyo Life conducts a variety of service activities, ranging from concluding a contract to customer follow-up and payment, and these trust-worthy services provide peace of mind to customers over the long term.
On the product front, from April 2014 Taiyo Life upgraded its lineup of nursing care protection products under its main-stay product Hoken Kumikyoku Best, in order to address increasingly stronger needs for nursing care protection. Specifically, Taiyo Life began selling a new product, Keido Kaigo Hoken, that provides coverage from long-term care level 1 or above under Japan's Long-term Care Insurance System. The company also expanded the scope of coverage of products that had previously covered long-term care level 3 or above to coverage starting from long-term care level 2. Moreover, as part of the Best Senior Service Project, Taiyo Life has expanded the eligible age for medical care insurance products from age 75 to age 85.
New Policy Amount/Policy Amount in Force/Surrender and Lapse Amount/Surrender and Lapse Rate
In-house Sales Representatives
Overview of Taiyo Life's Mainstay Product Hoken Kumikyoku Best
- Flexible custom-made design to match customer needs
- Flexible revision according to changing needs
- Introduction of new protection (nursing care protection, surgery coverage, hospitalization protection with lump-sum benefits)
- More reasonably priced than existing products
All of the protection is treated as basic policy.
Customers can flexibly choose the Hoken Kumitate Tokuyaku rider to meet their needs
- Business Value
- Businesses at a Glance
- Taiyo Life Insurance Company
- Daido Life Insurance Company
- T&D Financial Life Insurance Company
- T&D Asset Management Co., Ltd.
- Pet & Family Small-amount Short-term Insurance Company
- Management Targets
Fiscal 2015 -
- Policy amount in force
- ¥22,220 billion
- New policy amount
- ¥2,370 billion
- Fundamental Strategy
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- Promote unique marketing methods utilizing a wide customer base of women and middle-aged and elderly people
- Offer comprehensive coverage that meets customer needs for death protection as well as medical and nursing care insurance through the in-house sales representative channel in the household market
- Increase the number of sales representatives and the new policy amount
- Business Model
