Dedicated to customers, society, and our values
We sincerely apologize for the significant inconvenience caused to our customers and stakeholders due to the inappropriate handling of fraudulent insurance claims, insurance premium adjustment practices, and our affiliated agents' improper management of insurance contract information.
We take the repeated administrative sanctions seriously and are committed to preventing such incidents from recurring. We are committed to regaining the trust of our customers and society by diligently implementing our business improvement plan and taking a company-wide approach to prevent recurrence.
Compliance is the fundamental to all our business activities. Our executives and employees are committed to fulfilling our mission, meeting the expectation of our customers and society, and contributing to the sustainable growth of our company and the SOMPO Group, as well as the realization of a sustainable society.
It has been approximately one year since we launched "SJ-R," our transformation project aimed at reinventing "Sompo Japan" by breaking free from outdated business models, flawed values, and industry practices. We are transforming our corporate culture through direct dialogue with frontline employees at town hall meetings and by establishing a system for employees to communicate negative information directly to management. We have also strengthened our systems for appropriate insurance claim payments, including the establishment of a dedicated department to handle fraudulent claims. We are committed to fulfilling our corporate social responsibility to all stakeholders by addressing structural issues within the non-life insurance industry and implementing customer-centric business operations based on a thorough customer perspective.
On the other hand, the uncertainty associated with environmental changes is becoming more pronounced. Japan's population is expected to decline at an unprecedented rate, while domestic price forecasts anticipate a medium- to long-term rise due to labor shortages and persistent high energy prices.
Moreover, anticipated revisions to the Insurance Business Act and supervisory guidelines will significantly reshape the competitive landscape for insurance companies.
In this environment, insurance companies are entering an era where customer choice will be driven by the inherent value of their products and services. We will actively invest in human capital, leverage the expertise of our overseas insurance businesses within the group, and enhance employee expertise to become a company that is chosen by customers and that achieves sustainable growth even as times change.
Since our establishment as Japan’s first fire insurance company, we have engaged in business with the spirit of “For customers, for people.” With a unified vision of "Customers, society, and ourselves, all in one direction," we will strive to become the "New Sompo Japan" where customers say, "We're glad we chose Sompo Japan. We're glad we chose SOMPO."
I would appreciate your continued support as we strive to create a brighter, happier tomorrow for all our stakeholders.
President and Chief Executive Officer
Sompo Japan Insurance, Inc.
Koji Ishikawa
