Japan's Dai-ichi Life beats peers in race to online insurance sales

published 28.06.2020 19:26

by Staff Writer from asia.nikkei.com

TOKYO -- Dai-ichi Life Holdings will become the first major Japanese life insurer to sell policies completely online, Nikkei has learned, in an alternative to a long-standing tradition of face-to-face sales.

Japan's second-largest life insurer, with a 40,000-strong sales staff, will start selling all types of life insurance policies online as early as this fiscal year.

Dai-ichi's online shift comes as the coronavirus pandemic has made in-person sales -- often done in customers' own homes -- an infection risk.

Some players, such as Lifenet Insurance, do offer a limited selection of policies online.

But online transactions account for only about 3% of new life insurance policy signings.