Aim to build “ A Theme Park for Security, Health & Wellbeing ”
I would like to express my gratitude to all stakeholders for your continued support.
The Sompo Holdings Group is mainly engaged in the four businesses of domestic P&C insurance, overseas insurance, domestic life insurance and nursing care & healthcare. To prevail in an age of VUCA* - the current “volatile, uncertain complex and ambiguous” era – we have embraced a Group Management Philosophy that calls on us “to contribute to the security, health, and wellbeing of our customers and society as a whole by providing insurance and related services of the highest quality possible.” Guided by this Group Management Philosophy, we seek to realize a globally unparalleled, unique, and progressive “theme park for the security, health, and wellbeing.”
Under the five-year Group Mid-term Management Plan that started in fiscal 2016, the year ended March 31, 2017, we are determined to achieve the Group’s transformation into “a theme park for security, health and wellbeing.”
“Transformation” refers not to achieving change, but to realizing a “qualitative evolution.” More specifically, we will realize business portfolio transformation and corporate culture reforms. Each business will work ceaselessly to enhance their respective appeal. Concurrently, we will reshape the business portfolio by diversifying the Group’s business fields and sources of earnings, with the aim of shifting to a Mission Driven, Result Oriented corporate culture.
In order to realize this “qualitative evolution,” we will advance a range of measures in each of the Group’s businesses.
In the domestic P&C insurance business, we will create new customer interfaces and valuable products and services by forming collaborations with various partners and utilizing cutting-edge digital technologies, in order to address the shifting values and lifestyles of customers. In the overseas insurance business, we will upgrade and expand the business foundation through growth based on the global platform established primarily around Sompo International Holdings Ltd. and through bolt-on M&As. In the domestic life insurance business, we will evolve into a “health support enterprise” by rolling out “Insurhealth” initiatives that integrate traditional insurance services and healthcare functions that aid people in leading healthy lives. In the nursing care & healthcare business, we are committed to helping solve the social issues of dementia and aging. To this end, besides improving services, we will deploy advanced technologies as a means of facilitating the wellbeing and happiness of service users and their family members, as well as our employees who work in this field. In doing so, we will strive in earnest to contribute to the realization of “Japan, an affluent country that can boast to the world of a long and quality life.”
Furthermore, the value generated by “a theme park for security, health and wellbeing” is not merely the sum total of all of the products and services supplied by each of our businesses. We would like our customers to appreciate this value as a solution that is created when combining all of our products and services. The key to unlocking this value lies in our digital strategy and real data. As a Group, we possess an immense amount of real data that has been accumulated on a daily basis through the supply of services to customers based on the insurance and nursing care businesses. We must apply the cutting-edge knowledge and digital technologies we obtain through our digital labs in Tokyo, Silicon Valley, and Israel to this large store of real data. By doing so, I believe that we can deliver entirely new forms of value to society.
Moreover, we set up the Global Executive Committee (Global ExCo) in April in order to accelerate the globalization of our businesses. The Global ExCo is the highest executive committee for executives. It conducts intensive discussions focused on Group-wide strategic issues among members who include overseas executives. This marks a significant change from the previous approach in the Management Committee, where a wide range of themes was discussed primarily among Japanese executives. Furthermore, we shifted our governance structure to a “Company with committees” structure in June, thereby delegating significant authority to executives in order to accelerate rapid and proactive evolution and growth. Meanwhile, we enhanced the governance structure to ensure that the Board of Directors centered on outside directors adequately fulfills its supervisory roles.
Under the Group Mid-term Management Plan running through fiscal 2020, we will implement the measures described above, with the aim of achieving the Group’s transformation into “a theme park for security, health and wellbeing” and delivering dramatic growth.
All employees of the Group remain determined to continue working in a unified manner to meet the expectations of all stakeholders.
I sincerely ask for your continued support as we undertake this challenge.
- VUCA stands for Volatility, Uncertainty, Complexity and Ambiguity.