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  3. Building a Secure Society by Responding to Varying Lifestyles and Changes in Society

Building a Secure Society by Responding to Varying Lifestyles and Changes in Society

Tokio Marine Group offers products and services that increase safety in all aspects of people’s living through its home, travel and other insurance. We have also started providing services to counter the growing corporate governance and cyber risks resulting from business globalization and technology innovation. Overall, we are working to provide comprehensive coverage matched to the needs of daily lives.

Relation between written content and SDGs
Relevant goal Relevant target Description of related content
12. Responsible consumption and production 12.8 Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature Increasing Safety in Daily Lives
All content in general

Section composition

Responding to Changes in Society’s Needs

Tokio Marine Group launched inbound business support services for business operators in Japan with the aim of promoting revitalization of regional economies by making the most of the expanding inbound market. Moreover, as evidenced by growing CSR risk and a rise in cyber risk worldwide, companies are now facing diversifying and increasing risks. To counter the situation, we initiated sales of D&O Management Package, a product that comprehensively covers corporate governance risk and risks to business managers resulting from increasing business globalization, and a product that offers comprehensive coverage for cyber risk, including costs for proper initial action to identify causes of a cyber attack, identify its scope of damage and implement measures to prevent the spread of damage.

Implementing Inbound Business Support Services for Japanese Business Operators

By contributing to the revitalization of regional economies based on solutions offered by Tokio Marine Group, Tokio Marine & Nichido aims to expand its business and achieve growth together with each region. As part of this effort, and to promote revitalization of regional economies by making the most of the expanding inbound market, the company initiated services free of charge in July 2016 to customers subscribing to its Comprehensive Business Insurance Program, a nationwide group insurance scheme for chamber of commerce members, including a multilingual telephone interpretation service and an inbound consulting service, to help customers set up a system to solicit and accept inbound tourists.

On January 12, 2017, the company’s efforts to implement services for supporting domestic operators of inbound businesses received ministerial commendation as a fiscal 2016 model example of regional economy revitalization initiatives being promoted by financial and other organizations.

As one pillar of our regional revitalization efforts, we will continue to seek growth of regional economies by offering safety and security to foreign visitors, the number of which is expected to increase further in the future, and by assisting Japanese inbound business operators in setting up a system to accept these visitors.

Launch of New Product D&O Management Package

In recent years, there have been much accelerated changes in efforts concerning corporate governance in Japan.

In June 2018, Japan’s Corporate Governance Code was revised for the first time in three years, and the revision calls for further enhancement of outside directors. In line with the accelerated trend toward increased corporate governance and the progress in globalization of business activities, companies are now required to ensure even greater transparency, fairness and swiftness. In such a management environment, the topic of how the roles and responsibilities of business managers should be has been drawing much attention. Additionally, enhancement of corporate governance is now required not just in companies but also in institutions, as the revisions to the Medical Care Act (in September 2016) and to the Social Welfare Act (in April 2017) clearly stated personal liabilities of directors and officers of relevant organizations.

To respond to the changing environment and to greatly extend the coverage of its conventional directors and officers liability insurance (“D&O insurance”), Tokio Marine & Nichido developed the D&O Management Package that provides comprehensive coverage for risks to business managers and has been selling the product since April 2016. The new product covers cases where a legal action is taken by a company against its directors/officers. It offers greater coverage for costs incurred by directors/officers themselves, along with possible coverage for costs of internal investigations incurred by the company.

We will continue to engage in the development of products and services that provide reassurance to business managers.

Risks Covered by the D&O Management Package (Product Summary)

Comprehensive coverage for risks related to business management(Directors/officers and companies)/The product offers comprehensive and thorough coverage for losses and costs to be sustained by directors/officers and companies (no optional riders necessary)./Coverage category I.Coverage for directors/officers *Similar to the Side-A coverage in Europe and the United States/Main coverage details(Insurance claims payment and others) ・Legally required compensation for damage and defense costs ・Other expenses related to directors/officers Coverage for companies/II.Coverage for corporate reimbursement *Similar to the Side-B coverage in Europe and the United States/III.Coverage for companies ・Covers liability for compensation of a company when it reimburses losses incurred by its directors/officers *Similar to the Side-C coverage in Europe and the United States/・Legally required compensation for damage and defense costs resulting from security claims ・A range of costs incurred by companies following the occurrence of misconduct/・Emergency expenses ・Comprehensive coverage for non-registered directors/officers dispatched outside the company ・Automatic addition of registered subsidiaries

Sale of Cyber Risk Insurance for Corporate Customers

Recently, companies and organizations are exposed to increasing and frequent cyber attacks, and preparing ourselves against cyber risk is becoming increasingly important.

In February 2015, Tokio Marine & Nichido launched Cyber Risk Insurance, which comprehensively covers diverse cyber risk in one policy, even the expenses incurred in making initial response to identify causes of a cyber attack and its scope of damage. In October 2015, the company started offering the Cyber Risk Comprehensive Support Service, the lineup of which includes performing risk diagnosis in “peace” time, giving referrals to cyber security experts and providing relevant information to customers.

In October 2017, Tokio Marine & Nichido also launched a new customer service called Benchmark Support Service and started providing to customers cyber risk benchmark reports that analyze cyber risk factors facing companies from various angles. By providing relevant information to customers, the company will work to further reduce the number of insured contingencies.

Increasing Safety in Daily Lives

In line with varying lifestyles and changes in society, even greater safety and security are required in relation with home and overseas travel and for foreigners visiting Japan. In response, Tokio Marine Group companies have started offering various new services concerning home and travel, such as home contents insurance for rental housing, available for one-stop purchase over the Internet, a rider that offers compensation for customers who have experienced fire and other incidents, as well as overseas travel insurance for foreign tourists visiting Japan. Also, we have created reader-friendly, larger-size insurance leaflets for elderly customers for our four main products.

Insurance Leaflets

Insurance Leaflets in a Larger Size and a Reader-Friendly Font for Four Main Products (Auto Insurance, Fire Insurance, Medical Insurance and Super Insurance)

In response to the comments Tokio Marine & Nichido received from elderly customers that letters on its leaflets are too small to read, the company increased the size of leaflets of four mainstay products, namely, the Total Assist series of auto insurance, home insurance and medical insurance (fixed-amount accident insurance) and Super Insurance, from A4 size to A3 size. These leaflets also feature a reader-friendly font and seek to achieve a design that is pleasant for many customers, including elderly people and persons with disabilities.

Home

Home Choice Assist Supports Measures to Prevent Recurrence after an Accident

For customers who have experienced damage to their personal property from fire, lightning, explosion or theft, Tokio Marine & Nichido offers Home Choice Assist, a policy with a rider that offers compensation for taking measures to prevent recurrence of fire or theft to alleviate as much as possible customer concerns about recurrence. This framework allows policyholders to choose freely from a menu of reimbursement for various items including expenses for purchase of reserve products to prepare for a disaster and installation of hand-operated fire extinguishers, security cameras and sensors. By playing a role in our customers’ disaster countermeasures and prevention of accident recurrence, we aim to provide safety and security.

The development of Home Choice Assist incorporates our customers’ opinions and wishes.

Q What supplementary services would you like from an insurance company after a fire or theft?
  • A service that bears the expenses of installing security locks and windows (Female, 50s)
  • Security camera installation (Female, 30s)
  • A consultation service that suggests appropriate measures to be taken based on actual cases of accident or theft (Male, 30s)

Home Choice Assist was developed based on these opinions.

Sale of Insurance for Rental Housing

Nisshin Fire offers Insurance for Rental Housing, which is home contents insurance for rental housing, available for one-stop purchase over the Internet via smartphone and personal computer. On the Internet, the product provides a reasonably priced insurance choice for customers matched to their lifestyles and ensures greater convenience by enabling customers, for the first time in the non-life insurance industry, to do everything from changing registered addresses to canceling policies online and on their own. Since the launch of the product in February 2014, the number of policies sold exceeded 80,000 (as of June 2018).

The product won a 2014 Good Design Award sponsored by the Japan Institute of Design Promotion for the first time among non-life insurance products. The award was given in recognition of the product’s business design that ensures greater user convenience and lower cost.

Nisshin Fire will continue to offer coverage options and services that are truly needed by customers in an easy-to-understand manner.

Travel

Overseas Total Support Desk Assists Overseas Travelers in Case of Emergency

Overseas travel insurance provides major protection for overseas travelers against injury, illness, theft and other similar concerns. Tokio Marine & Nichido has established the Overseas Total Support Desk, which provides 24-hour, year-round consultation in Japanese on accidents, injuries and other difficulties while overseas as well as matters concerning insurance. Tokio Marine Group company, Tokio Marine International Assistance (INTAC) receives calls from customers traveling overseas at a centralized point in Tokyo to provide a speedy response in Japanese for various problems and inquiries and offer appropriate advice and arrangements on matters such as injury, illness or theft while overseas, insurance terms and conditions, and procedures for making a claim.

Launch of a New Type of Overseas Travel Insurance for Foreign Tourists Visiting Japan

Smartphone app
TOKIO OMOTENASHI

With an increase in the number of foreign nationals visiting Japan, efforts are being undertaken by the Japanese government and in the private sector to ensure the safety and security of foreign tourists against sudden injury and illness.

Tokio Marine & Nichido has been providing a new type of overseas travel insurance, TOKIO OMOTENASHI POLICY, since July 2016, which covers costs of treatment when foreign tourists are injured or become sick in Japan and costs for transferring patients or bodies to their home countries.

Travelers can easily purchase this product after arriving in Japan via smartphone and tablet devices. In addition to a cashless service for treatment costs and an interpretation service via telephone, the product also includes an application service (Tokio Marine & Nichido’s exclusive smartphone app), which provides free Wi-Fi and translation services much needed by foreign tourists.

By providing this product and its services, Tokio Marine & Nichido seeks to support foreign tourists’ comfortable travel experience in Japan and to contribute to the creation of a more tourist-friendly environment.