Japan:Dai-ichi Life moves online for sales

Dai-ichi Life will be the first major Japanese life insurance company to sell insurance policies completely online according to a report in Nikkei Asian Review.

The report says Dai-ichi Life, Japan’s second largest life insurer, has had a long-standing tradition of face-to-face sales until now.

Dai-ichi will soon start selling all types of life insurance policies online as customers will be able to speak with agents using the chat app or other videoconferencing tools. Dai-ichi’ s online shift comes as the coronavirus pandemic has made in-person sales -- often done in customers' own homes -- an infection risk. The life insurer has a 40,000 strong sales staff.

Face-to-face sales has been the cornerstone of the Japanese life insurance industry's business model. Dai-ichi and its peers employ around 230,000 representatives who handle everything from helping customers choose a policy to follow-up service. The report says other insurers could follow suit.

Last week Asia Insurance Review reported that Meiji Yasuda Life Insurance had decided to start selling insurance products online, starting in April 2021, reportedly the first time a major life insurer in Japan will do so.

The big insurers have been hesitant to offer online sales due to their emphasis on attentive in-person service. Yet with the COVID-19 pandemic changing customers’ wishes, other companies may also have to review their sales methods, reported The Yomiuri Shimbun.

Source: Asia Insurance Review

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