JAPAN POST INSURANCE CO., LTD. UNOFFICIAL TRANSLATION
Although Japan Post Insurance pays close attention to providing an English translation of the information disclosed in Japanese, the Japanese original prevails over its English translation in the case of any discrepancy.
December 13, 2021
Company name: JAPAN POST INSURANCE Co., Ltd.
Representative: SENDA Tetsuya, Director and President, CEO, Representative Executive Officer
Stock exchange listing: Tokyo Stock Exchange First Section (Code Number: 7181)
(Update on the Previous Disclosure) Progress of the Business Improvement Plan
and other initiatives
JAPAN POST INSURANCE Co., Ltd. ("Japan Post Insurance"; Chiyoda-ku, Tokyo; SENDA Tetsuya, Director and President, CEO, Representative Executive Officer) is hereby announcing that "Progress of the Business Improvement Plan" was reported to "Japan Post Group Reformation Committee", as per the attachment.
An announcement will be made promptly if further related matters due for disclosure arise.
Attachment
Progress of
the Business Improvement Plan
December 13, 2021
JAPAN POST INSURANCE Co., Ltd.
Progress of the Business Improvement Plan（As of the end of November, 2021）
- We are required to report the progress of the Business Improvement Plan which we submitted to regulators on January 31, 2020 periodically. We made reports 7 times to regulators and announced them. Most recently, the 7th report was published on September 15,2021.
- On an ongoing basis, we are required to report our progress to the regulators every 3 months. We plan to report and announce the progress as of the end of November by December 15, 2020.
- Despite the impact of the novel coronavirus disease, we have progressed as scheduled for the most part and implemented most measures originally planned (including partial implementation) as of the end of November 2021.
- The progress of each measure included in the Business Improvement Plan as of the end of November 2021 is following.
Heading | The end of August | The end of November | Outlook for end of | |||
February | ||||||
（Reported in 9/15) | （Report by 12/15） | |||||
（Report by 3/15） | ||||||
Partially | Implemented | Partially | Implemented | Partially | Implemented | |
Implemented | Implemented | Implemented | ||||
1.Actions toward Sales Personnel (6 | 0 | 6 | 0 | 6 | 0 | 6 |
measures） | ||||||
2.Sales Promotion Scheme（7 | 0 | 7 | 0 | 7 | 0 | 7 |
measures） | ||||||
3.Corporate Culture（9 measures） | 0 | 9 | 0 | 9 | 0 | 9 |
4.Solicitation Quality Control Scheme | 1 | 21 | 1 | 21 | 0 | 22 |
（22 measures） | ||||||
5.Governance（14 measures） | 0 | 14 | 0 | 14 | 0 | 14 |
Total（58 measures） | 1 | 57 | 1 | 57 | 0 | 58 |
- Implemented: Internal rule revisions regarding measures, system releases, or issuance of correspondence are treated as "implementation" (as for training measures, as of the completion of the training)
Partially implemented: Starting certain tasks, such as starting a trial, are treated as "partially implemented"
1
Progress of the Business Improvement Plan（As of the end of November, 2021）
Ⅰ . Create a healthy corporate culture and establish an appropriate sales promotion scheme
Measure | Deadline | "Imple- | Status reported |
mentation" | |||
Status |
Establish a code of conduct based | February | Implemented | • Changes to our solicitation policy were decided |
on the customer-first philosophy | 2020 | in February 2020 and revised in April 2020 | |
Establish a "Standard of Japan Post | • We defined solicitation principle based on | ||
Insurance Sales" | February | Implemented | solicitation policy which reflects the customer- |
2020 | first philosophy as "Standard of Japan Post | ||
Insurance Sales" | |||
Training for sales personnel in | • Training on the significance and basic concept | ||
accordance with "Standard of Japan | of "Standard of Japan Post Insurance Sales" | ||
Post Insurance Sales" | was implemented as of the end of March 2020 | ||
• Training on the basic edition of "Standard of | |||
March | Implemented | Japan Post Insurance Sales" revised in October | |
2020 | 2020 was implemented as of the end of | ||
December 2020 | |||
• Trainings in accordance with "Standard of | |||
Japan Post Insurance Sales" continue | |||
appropriately after FY 2021 | |||
Set appropriate sales targets | • In FY 2020, we decided not to set sales | ||
⁃Shift from sales targets focused on | targets for sales personnel because we | ||
new sales amounts (flow) to the sales | prioritize activities to regain customers' trust | ||
targets focused on the policies in | March | • In FY 2021, we set activity target that | |
force (stock) | (Implemented) | appreciates the process of sales activities | |
2020 | |||
⁃Set sales targets according to our | (implementation rate of response to | ||
sales capability and so on | customers) and sales quality target (three- | ||
year cancellation ratio) of sales personnel, | |||
instead of sales target |
2
Progress of the Business Improvement Plan（As of the end of November, 2021）
Ⅰ . Create a healthy corporate culture and establish an appropriate sales promotion scheme
Measure | Deadline | "Imple- | Status reported |
mentation" | |||
Status | |||
Measures for policy rewriting | • Non-payment of incentives for policy | ||
1.Non-recording of sales results and | rewriting and extension of the policy | ||
non-payment of incentives for policy | rewriting qualifying period were | ||
rewriting※ | March | implemented in April 2020 | |
2.Extend the policy rewriting qualifying | Implemented | ||
period（3 month before・6 month after | 2020 | ||
→ 12 month before・13 month after） | |||
※Non-recording of sales results was | |||
implemented in August 2019. | |||
Introduction of a conditional cancellation | • As a system that enables policy coverage | ||
system | January | Implemented | review from a customer-first perspective, |
2020 | a conditional cancellation system was | ||
introduced | |||
Introduction of policy conversion system | • We started to make available a policy | ||
April | Implemented | conversion system, so that customers | |
2021 | could change coverage without cancelling | ||
their existing policies in April 2021 | |||
Develop new products that meet our | • We started to sell ordinary Term insurance | ||
customers' insurance needs | Continue | and Special endowment insurance with | |
longer insurance periods than before in | |||
planning | |||
April 2021 | |||
after | Implemented | ||
• The development of product which meets | |||
April | |||
the insurance needs of customers | |||
2020 | |||
(especially young and middle-aged | |||
customers) is under consideration |
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Japan Post Insurance Co. Ltd. published this content on 13 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2021 06:55:12 UTC.
