TOKYO — Dai-ichi Life Holdings will grow to be the primary main Japanese life insurer to promote insurance policies utterly on-line, Nikkei has discovered, in a substitute for a long-standing custom of face-to-face gross sales.
Japan’s second-largest life insurer, with a 40,000-strong gross sales employees, will begin promoting all forms of life insurance coverage insurance policies on-line as early as this fiscal 12 months. Clients will be capable of communicate with brokers utilizing the chat app Line or different videoconferencing instruments.
Dai-ichi’s on-line shift comes because the coronavirus pandemic has made in-person gross sales — usually accomplished in clients’ personal properties — an an infection threat.
Different insurers might observe go well with. Face-to-face gross sales stay a cornerstone of the Japanese life insurance coverage trade’s enterprise model. Dai-ichi and its friends make use of round 230,000 representatives who deal with all the things from serving to clients select a coverage to follow-up service.
No guidelines maintain insurers again from promoting insurance policies on-line. But whereas banks and stock brokerages have lengthy since gone digital, the insurance coverage trade has favored in-person contract signing, partly as a way of stopping insurance coverage fraud.
Some gamers, equivalent to Lifenet Insurance coverage, do provide a restricted number of insurance policies on-line. However on-line transactions account for less than about 3% of latest life insurance coverage coverage signings.