Livelihood Stability through Insurance

Social issues and vision

Against the backdrop of a declining population due to falling birthrates and an aging society, there is growing concern about the future of Japan's social security system. In addition, the COVID-19 pandemic has further accelerated behavioral change and the diversification of people's values, significantly affecting employment conditions and lifestyles. These circumstances have led to various economic and other social disparities and a divergence of values, which together hinder people's well-being and represent a social challenge.
While COVID-19 has raised people's health awareness and risk perception, the emergence of millennials and Generation Z in Japan's working-age population has led to a generational shift, and these younger generations are increasingly turning away from insurance. If young people, who will lead the next generation, fail to prepare for risk because they cannot envision a clear future when they will be anxious about it, the “protection gap” will widen and anxiety about their lifestyle will increase further in future generations.
In such uncertain times, we will take a role to complement the social security system by co-creating life designs based on the dreams and aspirations of individual customers and providing peace of mind through financial security. In these ways, we will help to stabilize the lifestyle foundations of all people, including future generations.

Initiatives and results of this fiscal year

To satisfy the diversifying needs of customers with changing values and lifestyles, our Group provides “protection” through three domestic companies: Dai-ichi Life, Neo First Life, and Dai-ichi Smart Small-amount and Short-term Insurance.
In Dai-ichi Life, around 35,000 sales representatives nationwide provide consulting while standing by each customer and offer a product, “Just,” that allows customers to choose only the coverage they need. In July 2022, we renewed the “Total Life Design Plan,” a life plan simulation linked to the social security system, and at the same time revamped our product lineup. We will play a complementary role to the social security system through consulting services that are more closely tailored to each individual customer than ever before and will respond to diversifying customer needs in a more detailed manner. In the group insurance field, we have begun offering “Anshin My Package,” the life insurance industry's first package of multiple insurance products as a corporate welfare program that allows each employee to select the coverage that he or she needs, thereby meeting the diversifying needs of companies and employees and contributing to the enhancement of welfare programs.
Neo First Life is expanding its insurance products and services that help customers become more health conscious. It offers products and services mainly to customers who prefer to compare through independent agencies. In July 2022, it launched “Neo Coach,” an application that helps to improve health checkup results, and in September, it launched “Neo de Gan-chiryo,”
which allows customers to choose coverage corresponding to diversified cancer treatments and discounts premiums according to smoking status. By providing new experiential values that foster health promotion and disease prevention in these ways, Neo First Life took action to help customers achieve wellness. Dai-ichi Smart Small-amount and Short-term Insurance offers fully digital insurance policies in which all processes are completed through smartphones and other devices. In addition to expanding its product lineup, the company has launched a new claims payment service using electronic money. In these ways, it strives to create new insurance experiential value.
Through this multi-brand structure of domestic companies, we will deliver products and services to meet the diverse needs of our customers through their respective channels.

Neo First Life

Medium- to long-term initiatives

The spread of COVID-19 and rapid advances in digital technology and online communications have accelerated changes in people's behavior and values. As a result, we are shifting to a “new normal” world. In this society, where people can obtain necessary information online at any time, people's values and needs are becoming more diversified and segmented. Accordingly, we need to evolve from providing products and services that comprehensively cover the entire market to personalized offerings that resonate with individual customers based on their own values.
To appropriately respond to these changes, Dai-ichi Life is undertaking a fundamental transformation of its sales representatives channel by improving its consulting services and significantly revising its recruitment, salary, and evaluation systems, and training and follow-up systems.
In addition, we are enhancing our online services by operating “Mirashiru,” an information site that delivers a variety of information related to money, health, and lifestyle, as well as our Group's services, in a digital space, and by digitizing various customer procedures. By combining the advantages of our digital contact points with the strengths of our real, face-to-face channels, we strive to realize our online-merges-with-offline (OMO) to deliver the best products, services, and information to our customers at the best time and through the best channel.
By supporting closely each customer going forward, we endeavor to foster the well-being of all people and be “By your side, for life,” through continuing to provide reliable protection for the working-age population by co-creating life designs, resolving issues faced by seniors in an aging society, and supporting the next generation responsible for our future.

Total life design plan

Financial Inclusion Policy and Initiatives

The Group is actively providing insurance to those who have difficulty in accessing financial services, with the aim of achieving stability in their lives through the dissemination of insurance and other means. In addition to providing products and services, we are also working to achieve financial inclusion through financial literacy education. Specifically, we are working to promote insurance by selling microinsurance products at Group companies in Vietnam, India, Indonesia, and other countries, which are easy for low-income people to purchase. These products are sold through a variety of channels, such as post offices and banks, according to the needs of the target audience, and are designed to reach unserved groups and expand the scope of financial services based on market research and customer feedback. Appropriate grievance procedures are in place in each country that are accessible to all customers, including those covered by these products. In addition, training is provided to staff to prevent aggressive sales and unrespectful treatment of the targeted groups to all customers, including those covered by financial inclusion products. When selling microinsurance products, especially as exemplified by India's PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), we engage in dialogue and cooperation with the governments of the selling countries to provide insurance products which can reach wide range of income group. Achieving livelihood stability through insurance penetration, including financial inclusion initiatives, is one of the four values of experience that we offer, and this has been incorporated into our mid-term management plan and approved by the Board of Directors.

Products & Services Targeted clients Number of clients reached Number of transactions/contracts
VN Since 2016, Dai-ichi Life Vietnam provides Life Micro Insurance product to low-income social groups through the network of Vietnam-Post Channel. By offering comprehensive benefits (life, disability, and hospital income) with affordable premium, this product is designed to serve customers who have low-income but still look for an insurance product that could protect themselves from unexpected things in future. We promote life insurance to small businesses, rural residents, etc. Low-income individuals 53,380 Accumulated paid of 2,963 claims with amount of 28,371 mil VND for customers until end of 2022.
SUD Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme supported by the Government of India and aims to increase the life insurance penetration in India. People who are aged between 18 and 50 can purchase the product for a small premium without any medical check-up.
Since 2015, Star Union Dai-ichi Life is using the sales network of the promoters, state-owned Bank of India and Union Bank of India, to market the product across India and contribute to the spread of insurance among the Indian citizens.
Approx.13 million clients Approx.13 million
OLI Ocean Life sells several individual and group insurance products to reach low-income individuals, those with limited financial access, such as those in rural areas.
Note: OLI considered Microinsurance under this initiative just only for OIC-proposed products issued during special occasions e.g., Songkran's festival, as for CSR campaign for group insurance clients.
OIC = Office of Insurance Commission
3,480 clients 13 contracts/ master policies
Non-financial support Targeted clients Quantitative social impact KPI
PLC Protective Life funded the creation of a sustainable wealth-building program for underserved communities through the American College. A partnership to launch a financial literacy program for students at a Cincinnati-area Historically Black Colleges and Universities (HBCU), Center State. The program is a collaboration with national financial services institutions to leverage existing programs and initiatives aimed at bringing increased access education, experience and connections to underserved communities. Education components included Credit Management and Student Loan Management, Personal Money Management, Investor Education, Homeownership. Young people The program is in its first year. The opportunity is to increase financial literacy among 500-1000 students per year (and ripple affect in their families and communities).
VN DLVN contributes to CSR activities through "For a better life" Fund to support for the needy people in Vietnam. Depends on the Fund's activities, DLVN will contribute certain amount to support. In the FY2022, DLVN contributed VND 7,650,000,000 for CSR activities of the Fund.DLVN promotes Health & Well-being to all people by encouraging people to participate a campaign called "Cung Duong Yeu Thuong". Number of kilometer achieved will be converted to money to contribute to the community with maximum of 5 billion VND via CSR fund. Low-income individuals In the FY2022, DLVN contributed VND 7,650,000,000 for CSR activities of the Fund.
During FY 2022, CSR fund used money to sponsor for CSR activities such as sponsor of medical (2 billion VND), sponsor for education (5.8 billion VND), social securities of the community & disaster recovery (2.8 billion VND)
DL Dai-ichi Life has developed the "Life Cycle Game" for financial education.
The Lifecycle Game is a backgammon-style game. Through the game, students can experience simulated life events such as marriage and home purchases, risks such as illness and injury, and consumer damage cases such as bank transfer scams and fictitious claims. In this way, participants can acquire knowledge about finance. Dai-ichi Life offers on-site classes and training using the Lifecycle Game by our employees for students at junior high schools, high schools, and universities, young employees of companies, and school teachers. In addition to this, the game is also distributed free of charge to help improve the financial knowledge of young people.
Young people Number of free distribution:10,471
Number of on-site classes:1,076
Number of participants in the training:34,972