How Nippon Life is meeting the challenges of the Japanese insurance industry

Video feature

13 October 2017

Makoto Okubo, general manager of international affairs at Nippon Life, says the insurance industry in Japan is fraught with challenges. In a special video interview for Efma, he explains how these challenges can be met.

“If you want to know about challenges in insurance, then you’ve selected the right country,” says Okubo, who, in this exclusive video, explains how Nippon Life has had to adapt to better suit the needs of its customers. “We’ve had to change our business to protect people in difficult times,” he says.

Okubo goes on to explain some of the challenges facing the life insurance industry in Japan, mainly the occurrence of natural disasters such as earthquakes and how this is contrasted with the long lifespans of the Japanese. These two factors combined means that the requirements of an insurance policy need to be adapted. “We have earthquake, we have typhoon, we don’t take any vacations, but still we live the longest in the world,” he says.

Okubo argues that, in the years ahead, insurance needs to benefit those who invest in it so that they can gain the most from it. “I don’t think life insurance is simply death insurance,” he concluded. “We have to support the life of the people.”

Watch Okubo’s interview:

Keywords : Insurance Products & Services

Geography : Japan