ITOCHU Announces Joint Establishment of Individual Life Insurance Marketing Firm
March 25, 2013
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has agreed with Asahi Mutual Life Insurance Company (headquartered in Chiyoda-ku, Tokyo; Yoshiki Sato, President; hereinafter “Asahi Life Insurance”) to jointly establish a marketing firm that will engage in market development, development of sales channels (outsourcing to insurance solicitation agencies), and sales promotion. The firm will help Asahi Life Insurance expand its insurance business through telemarketing and agencies, including over-the-counter outlets. .
Aiming to respond to customers’ diversified needs through the most suitable channels Asahi Life Insurance is diversifying its sales channels, providing products and services in the “third sector insurance market” (medical insurance and nursing care insurance etc, designed to help people continue living,) through telemarketing and insurance agencies, including over –the –counter outlets..
ITOCHU engages in insurance business ranging from brokering to underwriting both in Japan and overseas. In retail insurance distribution, ITOCHU makes the most of its broad network and has experience and expertise in market development and diversified sales channels.
With the joint establishment of a new marketing firm, Asahi Life Insurance and ITOCHU will combine their strengths in their networks and expertise and seek to expand their insurance business by providing new sales models and optimal products and services for customers with diversifying needs.
Outline of new company
| Company name | A&I Insurance Next Corporation |
|---|---|
| Head office |
2-6-1 Otemachi, Chiyoda-ku, Tokyo |
| Capital |
0.1 billion yen(including capital reserve) |
| Shareholding |
Asahi Mutual Life Insurance Company: 50.0% ITOCHU Corporation: 50.0% |
| Officers | Four directors and two corporate auditors |
| Established |
April 2013 |
| Major businesses |
(i) Development of insurance solicitation agencies (ii) Advisory on insurance solicitation (iii) Operations incidental to the above |