Aim to build a "theme park for the security, health and wellbeing of customers"
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, domestic life insurance, nursing care & healthcare and overseas insurance businesses. To win out in an age of VUCA*, which suggests the current "volatile, uncertain, complex and ambiguous" era, the Group aims to move forward under the Group Management Philosophy "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."
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 the security, health and wellbeing of customers" as part of our efforts to realize the Group management philosophy. "Transformation" refers not only to achieving change, but also to realizing a "qualitative evolution." While our businesses will work ceaselessly to enhance their respective appeal, we will drive transformation through measures such as the utilization of digital technologies, the exploration of new business opportunities, the enhancement of collaborations between each business in the Group and the building of ecosystems with outside partners. By doing so, we will seek to create entirely new businesses that do not merely replicate the successes we have enjoyed in the past.
Our vision for the Sompo Holdings Group is to evolve into a theme park that provides "security, health and wellbeing" to our customers, not just insurance to help them to prepare for unexpected events.
Over the past two years, we have made steady progress with initiatives in each business.
In the domestic P&C insurance business, which is the Group's largest growth engine, we have been working to achieve innovation by utilizing digital technologies and forming collaborations with cutting-edge players across industry boundaries, with a view to driving the growth of existing business and the creation of new value. In the domestic life insurance business, we have been striving to evolve into a "health support enterprise." To this end, we have rolled out our "Insurhealth" initiative to integrate insurance and services that support the healthcare needs of our customers. In the nursing care & healthcare business, we made a decision to merge the two major operating companies in this field and to establish a platform for collaboration among industry, academia and government beginning with initiatives to prevent a decline in the cognitive functions of the elderly. In these and other ways, we have been working in earnest to realize "Japan, an affluent country that can boast to the world of a long and quality life." In the overseas insurance business, we have been working to build the world’s first truly integrated global platform. To do so, we have started to build a new platform to manage insurance operations in the retail field, in addition to reorganizing operations in developed countries around Sompo International Holdings Ltd., which was acquired in March 2017. Moreover, we have been making steady strides on our digital strategy, which holds the key to the qualitative transformation of the entire Group. Notably, we have implemented the digital transformation of existing businesses, in addition to entering the cybersecurity business.
In fiscal 2018, we entered the third year of the Group Mid-term Management Plan. We will drive further evolution in the platforms we have built to date as we steadily produce results. At the same time, we will accelerate initiatives to realize a "theme park for the security, health and wellbeing of customers."
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.