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Dec 2022

Japan: Life insurers accelerate moves to non-face-to-face channels

Source: Asia Insurance Review | Nov 2021

The number of new life insurance policies in Japan has been recovering after falling when the COVID-19 pandemic erupted last year, says the life planning department of Toa Re.
 
In an article entitled Trends in Japan’s Life Insurance Industry, carried in the ‘Japan’s Insurance Market 2021’, released last month by Toa Re, the department says that although life insurance sales channels in Japan are becoming more diverse, insurance company sales personnel remain the largest channel.
 
However, life insurance companies have had to refrain from face-to-face marketing by sales personnel to prevent the spread of COVID-19. As a result, the number of new policies decreased significantly at the beginning of the COVID-19 pandemic last year, and the impact was pronounced.
 
This has led to broad recognition that diversification of sales channels is more essential than ever, and companies are now accelerating initiatives to add sales channels that are not face-to-face. A 
 
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