The current medium-term management plan calls for building the top brand in the senior market by promoting triune sales of “strengthening of face-to-face services through visits,” “product development which preempts the changes of the times,” and “further enhancement of the in-house sales representative channel,” thereby aiming to increase earnings.
In fiscal 2016, the first year of the medium-term management plan, protection-type annualized premiums of new policies grew 10.1% year-on-year to ¥17.0 billion, in part due to strong sales of Himawari Dementia Treatment Insurance, which was launched in March, 2016. Backed by strong sales results, the value of new business increased by ¥26.1 billion year on year to ¥44.2 billion, while MCEV increased by ¥51.7 billion from the previous fiscal year-end to ¥777.5 billion.
Strengthening Face-to-face Services through Visits
Aiming to become the life insurance company which is most considerate to its senior customers, Taiyo Life initiated its Best Senior Service program. As part of this effort, in April 2016, the company introduced its Kaketsuke-Tai Service, ensuring that its senior customers are paid their insurance benefits, and offering them peace of mind in continuing their insurance coverage. Through the service, office workers with specialized knowledge visit customers directly at home to provide assistance with payment procedures. To date, the service has been used in excess of 25,000 times.*
In addition, the company continues to offer its Senior Visit Service (introduced in July 2014), where sales representatives visit customers 70 years of age and older at least once a year to verify their policies and encourage them to file claims.
* As of June 2017
Product Development Which Preempts the Changes of the Times
Staying ahead of the curve, in March 2016 Taiyo Life launched Himawari Dementia Treatment Insurance, as well as insurance to protect against loss of income due to an inability to work.
Himawari Dementia Treatment Insurance saw the cumulative number of policies sold exceed 220,000*1, backed by society’s increased interest in dementia, as well as the fact that it allows even those with health concerns to sign up for coverage for prescribed conditions due to dementia.
Meanwhile, coverage*2 under insurance to protect against loss of income provides early payment of benefits in the event an individual is unable to work due to illness, accident and so forth, and has been well-received by customers.
*1 Total policies sold for Himawari Dementia Treatment Insurance and Dementia Treatment Insurance (as of June 2017)
*2 Benefits are payed in the event a prescribed inability to work continues for 30 days due to certain conditions including the three major diseases and injury.
Further Enhancement of the In-house Sales Representative Channel
To deliver the products and services it provides to even more customers, Taiyo Life has placed a priority on opening new sales locations and hiring and training sales representatives. As a result, the number of in-house sales representatives increased by 271 people to 8,902 from the previous fiscal year-end, further strengthening the channel.
- Medium-Term Management Plan
- 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
- Outlook for Sales Performance IndicatorsFiscal 2017
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- Protection-type Annualized Premiums of New Policies*
- ¥16.0 billion
- * A performance indicator of Taiyo Life which is the sum of protection portion of the annualized premiums of new policies mainly excluding savings-type products.
- Fundamental Strategy
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- Build the top brand in the senior market by promoting sales combining the different approaches of “strengthening of face-to-face services through visits,” “product development which preempts the changes of the times,” and “further enhancement of the in-house sales representative channel.”
- Business Model
