1. Brand power—A challenger providing customers with new value in life insurance
In May 2008, we started our business as the first independent life insurance company to be established since the Second World War. This means we are able to start fresh, allowing us to focus fully on our customers' needs and provide convenient, low-priced and easy-to-understand products and services. We operate under a new business model that sets us apart from existing life insurance companies and aim to be the leading company driving the growth of the online life insurance market.
New customers in their 20s to 40s make up 78% of our policyholder base. We are aiming to attract younger customers with high lifetime value to help build our business base over the medium and long term.
|*1.||Lifenet Insurance new customer data (FY2018, N = 64,435) compiled by Lifenet customer survey.|
|*2.||Annual statistics on customer age and gender (FY2018) compiled by The Life Insurance Association of Japan. Based on number of new policies.|
2. Business Model—Life insurance×Digital technology
Our business model allows us to hold down costs by utilizing the Internet not only with online sales but also in sales via agency channels including KDDI. We maintain strong cost competitiveness by offering coverage with lower premiums regardless of sales channel.
We aim to improve operational efficiency and customer convenience by managing and utilizing digital data in all processes related to insurance contracts. We will continue to grow using digital technology.
We have achieved high levels of customer satisfaction and realized prompt payment by the following initiatives. The average insurance payment in fiscal 2018 was made in 2.52 business days.
- Medical certification submission no longer necessary for most medical claims*1
- Medical insurance benefit claim to be made online, 24 hours a day
- Insurance claims and benefits to be made in minimum 2 days
- Informing status of claims processions via email and My Page
Average Claims Payment Period *2
|*1.||Excluded whole-life medical New "Jibun" for Women|
|*2.||Not including the number of days required to obtain lacking documents. Cases which required fact confirmation before insurance payments were made are not included when calculating the average number of days required for payment.|
3. Alliances—Collaboration with partners
Although we are a newcomer, we have been expanding profit-making opportunities by collaborating with companies having high brand power. We increase customer contact through sales channel diversification with our partners, who empathize with our mission and business model, and are growing steadily.
4. Diverse personnel and unique corporate culture
At Lifenet, our staff empathize with the Lifenet Manifesto and have diverse backgrounds, approximately 65% of them coming from other industries. Our corporate culture, which respects different values and an open workplace, enables employees to take up challenges and create competitiveness at Lifenet.
as of February 2019