Japan's life insurers keep focus on customers amidst pandemic

They will consider special measures for COVID-hit clients.

The Life Insurance Association of Japan (LIAJ) will commit to two pillars of action this year whilst keeping its focus on enhancing customer experience, according to new chairman Akio Negishi.

For customers who have been directly affected by COVID-19, LIAJ will consider special measures such as extending the moratorium on premium payment and simplifying the process for benefits, Negishi said in a policy statement. The association will also boost its annual social contributions such as support for child-rearing as part of its social responsibility programme.

“In terms of customer-first business operations, we will continue to actively address industrial challenges and support member companies’ efforts in the best interest of customers, while properly identifying the needs of customers and society,” the statement said.

As for taxation, LIAJ will continue to press for the expansion of the life insurance premium deduction system to support public efforts to obtain various types of life security.

As a response to Japan’s rapidly ageing population, LIAJ will upgrade its services for the elderly and develop a secure environment for continued policy-holding. To promote industry-wide support for the increasing customers with dementia, it will identify potential inconveniences and other challenges for customers and their families, and consider the best way to meet those challenges.

It will also promote insurance literacy to high school students through creating materials for teachers, given that insurance education for high school will start in 2022 under the new curriculum, Negishi stated.

Moreover, LIAJ will continue to maximise the corporate value of companies it is investing in and contribute to sustainable economic growth through ESG financing and stewardship activities.