Mid-Term Management Plan (FY2021-2023)
The Sompo Group developed the 3-year Mid-Term Management Plan (FY2021-2023) starting from FY2021 with the aim of realizing "SOMPO's Purpose" steadily by delivering value to society in a concrete way and proactively incorporating SDGs, common social challenges, in business management. Under this Plan, the Group will pursue organic growth of existing businesses, including insurance and nursing care, and build Real Data Platform (hereinafter "RDP") that will drive the realization of "A Theme Park for Security, Health and Wellbeing", develop solutions, and promote new work style.
Overview of Mid-Term Management Plan
The Mid-Term Management Plan has three basic strategies, which are "pursuit of scale and diversification" to increase profitability of existing businesses and stabilize profits, "creation of new customer value" by utilizing real data, and "new work style".
①Pursuit of Scale and Diversification
We will increase profitability and expand customer base of existing businesses, primarily insurance and nursing care, to enhance resilience to withstand changes in the environment, as well as achieve further growth also through disciplined M&A, etc. to transform business portfolio and improve capital efficiency.
②Creation of New Customer Value
We aim to deliver entirely new values by focusing on developing new businesses in priority domains (health & wellness, mobility & property, digital) that have high affinity with existing businesses, and building RDP as new platform that organically connects real data of individual businesses/domains.
③New Work Style
We aim to create a group of talents that share Three Core Values (Mission-Driven, Professionalism, and Diversity & Inclusion) to improve job satisfaction and happiness of each employee and to achieve an overwhelmingly high productivity for the sustainable growth of the Group.
Individual Business Strategies
【Domestic P&C Insurance Business】
Led by Sompo Japan, the domestic P&C insurance business will improve profitability through earnings structure reform, increase the topline by strengthening marketing, implement digital transformation, create new business models, and generate stable profits as the largest business of the Group.
【Overseas Insurance Business】
Led by Sompo International, the overseas insurance business will increase topline growth through bolt-on M&A, etc. and ensure profitability through pricing improvement in commercial lines, while improving profitability by transferring skills and strengthening business foundation under a unified business management framework in retail lines.
【Domestic Life Insurance Business】
The domestic life insurance business will continue to grow the topline driven by Insurhealth®, and further accelerate growth with product/marketing strategies that utilize digital/data. In addition, it will establish a firm footing as a health support company by increasing fans of Sompo Himawari Life and raising brand awareness.
【Nursing Care and Seniors Business】
Led by Sompo Care, the nursing care & seniors business will work toward improving the quality and productivity of nursing care by making full use of technology to support the lives of seniors and with the aim of extending healthy life expectancy. It will also work on building ecosystems in collaboration with other nursing care providers and medical/healthcare providers by utilizing real data and real services.
The digital business will develop solutions and business models based on RDP through the alliance with Palantir, which has the world's leading data analytics technology, and collaboration with startups, etc. in Japan and abroad.