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Nippon Life Insurance Company SWOT & PESTLE Analysis

ID : 52213453| Oct 2020| 20 pages

COMPANY PROFILE -Nippon Life Insurance Company

Business Sector :Life Insurance and Asset Management

Operating Geography :Asia, Japan, Global

About Nippon Life Insurance Company :

Nippon Life Insurance Company is the largest Japanese life insurance company by revenue and is also known as Nissay (ニッセイ, Nissei) or Nihon Seimei (日本生命). It was founded as the Nippon Life Assurance Co., Inc. In 1889. It is a mutual company in structure. It’s paid policyholder dividends were first paid in 1898. Nippon Life operates as an insurance company and is headquartered in Imabashi Sanchōme, Chūō-ku, Osaka, Japan. Its services include educational, pension, illness, hospitalization, nursing, death, and other life insurance services. Nippon Life Insurance’s business is mainly conducted in Japan. The company’s name was changed to Nippon Life Assurance Co., Ltd in 1891. A premium table was created, which was based on unique Japanese mortality statistics when the company was founded and at the same time, it also became the first Japanese life insurer who decided to offer profit dividends to policyholders, which in return embodied the spirit of mutual aid. The Company was reborn as Nippon Life Insurance Company in 1947, after World War II, and continues to work to realize mutual aid and cooperative prosperity as a mutual company since then. Nippon Life Insurance celebrated its 130th Anniversary in 2019, along with establishing HANASAKU LIFE INSURANCE Co., Ltd. It also launched the NEW in 1 general hospitalization insurance and Long Dream GOLD 3, in the same year. It employs 73,260 employees as of 2019. The path-breaking innovations of Nippon Life Insurance earned several prestigious awards & accolades in 2019, some of which include the ET BFSI Excellence Awards 2019 – Best Customer Engagement of the Year for Conversational Commerce. It also featured as a global case study in the Google Cloud Summit as a prominent partner on its Conversational Commerce. It won BFSI Smart Tech Leadership Awards – Best Use of Emerging or Innovative Technology for Conversational Commerce, along with the BFSI Smart Tech Leadership Awards – Outstanding use of AI & Robotics in Financial Services for Business Easy 2.0. While the Indian Digital Media Awards 2019 recognized it with the award for the Best Customer Engagement of the Year for Conversational Commerce.
Nippon Life Insurance’s Unique Selling Proposition or USP lies in being the largest life insurance company in Japan as it strives to offer services by developing products with primary emphasis on providing truly useful coverage for its customers. Nippon Life Insurance’s mission statement reads “Bringing Humanity Back To Health Care.”

Nippon Life Insurance Company Revenue :


¥690,71.1 billion - FY ending 31st March 2020 (YoY decline 2.14%)
¥680,84.7 billion - FY ending 31st March 2019

Competitive Analysis of Nippon Life Insurance Company

SWOT
PESTLE
The SWOT analysis for Nippon Life Insurance Company is presented below in a table followed by the detailed analysis report.
Strengths
Weaknesses
1. A global life insurance service provider
2. Sound presence in both corporate and domestic insurance markets
3. Focus on customer oriented business
4. Expansion through acquisitions and collaborations
5. Diversification in asset management besides insurance
6. Modernizing business through innovation under Nippon Life X program
1. Poor digital outlook of the Nippon Group
2. Huge loss in the Australian venture, MLC
Opportunities
Threats
1. Fresh opportunity for health insurance industry in Covid era
2. Presence in a rapidly growing economy like India to serve a largely unexplored market
1. Postponed Tokyo Olympics resulting in strategic setback as Olympics Gold Partner
2. Lower interest rates and gloomy economy affecting business
3. Increased stress on future expenses on the conglomerate due to increased age of retirement in Japan
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Detailed SWOT Analysis of Nippon Life Insurance Company

Strength

1. A global life insurance service provider: Nippon Life Insurance Company (Nissay) has a history of over 180 years in the field of life insurance. It is one of the four largest life insurance policy providers in Japan. Besides Japan, Nissay is significantly present in the developed as well as growing markets across the globe. Nissay has market presence in the USA, Australia, India, China, Indonesia, Thailand and few others. USA market is served through Nippon Life Benefits, Australia through MLC Life Insurance, similarly, in China, Thailand and Myanmar markets Nissay has presence through joint ventures with the native financial service providers.

2. Sound presence in both corporate and domestic insurance markets: Nissay has a strong hold over various cohorts of consumer types when it comes to insurances. The company has multiple strategic integrations with various service providers to serve all kinds of customers. Primarily, Nissay has plans ready to serve individual as well as corporate customers. When it comes to individual customers, Nissay offers policies which can suffice diverse needs of an ageing society and declining population, like ease of claims, customer satisfaction through regular interaction, child rearing support and healthcare benefits. Above all, the insurer targets to provide best possible returns amid lousy interest rate of Japan. When it comes to corporate clients, companies act as bridge between their employees as end users of insurance benefits and Nissay itself. It becomes important for Nissay to provide convenience and swift services to the companies, who ultimately decide to use its products. One the other hand, Nissay also has to focus to provide optimum benefits to the end users, like employee benefits, voluntary retirement plans and healthcare and life insurance benefits to small scale industry owners, as their satisfactory feedback ultimately allow Nissay to remain attached to its corporate customers and increase the base of follow-on individual customers as well. Till the end of March 2020, Nissay managed individual accounts worth ¥1,847,963 hundred million and group accounts worth ¥1,011,781 hundred million.

3. Focus on customer-oriented business: Nissay has a reputation for providing the maximum level of convenience not only before sales, but also after sales. Nissay runs a feature called Policy Details Reminder, through which consumers can easily track the status of their existing policies. The Insurer also provides extended support in all mediums to make the process of buying policies and claims of policy related benefits completely hassle free. For aged customers, through call centers and large work force of over 50000 sales representatives after sale services are taken care. To serve the younger generation of customers, Nissay has a presence online in the form of a mobile application and website. The Japanese life insurance giant also relies on latest utilities like data science and analytics to understand the consumer journey and behavior analysis. All the activities are maintained, modified and tracked by the task force of the Customer-Oriented Operational Management Policy and the Details of Initiatives for Customer-Oriented Operational Management. In this regard, Nissay won the Customer Experience award in 2019, conferred by Efma and Accenture in the annual event of Winners of Innovation in Insurance Awards 2019.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Dai-ichi Life Insurance
  • Sumitomo Life Insurance
  • Meiji Yasuda Life Insurance

Major Brands :

  • Tauju Life Insurance
  • Nippon Wealth Life
  • Hanasaku Life Insurance
  • Nippon Life Insurance Company
  • Nippon Insurance Service
  • Nippon Insurance Agency
  • LHL
  • LifeSalon
  • Life Plaza Partners
  • Corporate Pension Business Service Co.
  • Nippon Life Benefits
  • Reliance Nippon Life Insurance
  • MLC Limited
  • Nippon India Asset Management
  • PT Sequis
  • Great Wall Changseng Life Insurance
  • Master Trust Bank of Japan
  • Bangkok Life Assurance Public Company
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Nippon Life Insurance Company Analysis Report

1. Japan to amend laws to help elderly work until 70 – https://www.japantimes.co.jp/news/2020/02/04/national/japan-amend-laws-elderly-work-until-70/
2. Financial reports for the Fiscal year ended March 31 2020 - https://www.nissay.co.jp/english/news/pdf/20200610a.pdf
3. NISSAY ANNUAL REPORT2019 – https://www.nissay.co.jp/english/annual/pdf/2019/disc2019.pdf
4. Do insurers have Covid - 19 covered - https://home.kpmg/xx/en/home/insights/2020/03/do-insurers-have-covid-19-covered.html
5. From ‘huge blow’ to ‘relatively limited’: Analysts weigh in on the potential impact of delaying Tokyo Olympics – https://www.cnbc.com/2020/03/23/analysts-on-economic-impact-of-postponing-olympics-2020-in-tokyo-japan.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Nippon Life Insurance Company SWOT and PESTLE analysis has been conducted by Tej Narayan Shaw and reviewed by senior analysts from Barakaat Consulting.

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