Japanese huge life insurance industry is experiencing huge changes; the promotion of Customer-Oriented Business Conduct Principles and changes in the customer behavior from offline to online have made major shifts. Under the market environment, we believe that there is strong growth potential of online life insurance market.

 

Japan's life insurance market is huge, worth approximately JPY43 trillion. We believe there is a high need for life insurance. There were around 12.6 million new enrollments in fiscal 2023 despite approximately 90% of Japanese households have already taken out life insurance.

Source: Annual statistics by The Life Insurance Association of Japan (2023), a nationwide report on the life insurance industry (2022) by the Japan Institute of Life Insurance

Customer behavior and needs have changed along with changes in digital devices. Because of this, purchases via smartphones are increasing as the size of the e-commerce market expands.
As the digitalization in financial services has been expanding, we believe it will lead further structural shift in customer behavior from offline to online.

 

Source: E-Commerce Market Survey by Ministry of Economy

Under this market environment, we believe that the business environment has become favorable for us as a player in online life insurance market to take on the challenge of growth and transformation.

As shown in the survey data from the Japan Institute of Life Insurance,we believe that there is a structural growth trend in the business environment of the online life insurance market. In addition, the difference between the share of actual online purchase and intention to purchase online is the room for growth.

Source: Survey on Life Protection(2022) by the Japan Institute of Life Insurance