Japan:Nippon Life to sell microinsurance in Asia

One of Japan's biggest insurers, Nippon Life Insurance, will start selling "micro" plans targeting low-income customers in Asia, to boost its overseas business by developing a new business.

The target is to issue at least 350,000 policies in the next five years, reported Nikkei Asian Review. Nippon Life will first make the policies available in Indonesia as soon as this month through the local group company Sequis Life. The business will then expand to three more group companies in India, Thailand and Myanmar.

Nippon Life will offer life insurance policies that grant payouts of roughly $1,300 on monthly premiums of about 38 US cents. The provider will mainly target employees at companies that do business with multinationals.

To extend the reach of the business, customers will be able to bypass background checks to be eligible. Nippon Life sees demand among local companies that seek to broaden employee benefits from a social responsibility standpoint.

Nippon Life looks to reap stable earnings by selling policies to workers through their employers. The company will tap the know-how accumulated from domestic workplace sales.

Source: Asia Insurance Review