Delivering SOMPO's Purpose to achieve Sustainable Growth
SOMPO Group is engaged in a number of key businesses, including P&C insurance in Japan and insurance services in global markets, and in Japan the conduct of life insurance, nursing care & seniors, and digital businesses. Through these businesses, we aim to provide “services of the highest quality possible that contribute to the security, health, and wellbeing of our customers” as set out in the Group Management Philosophy to realize a one-of-a-kind, inimitable, and forward-looking vision of “A Theme Park for Security, Health & Wellbeing” that contributes to society.
We make tangible the abstract concepts of security, health and wellbeing in the Group's vision, we aim to utilize advanced technologies in our businesses, including the use of digital technologies, to address social challenges and fully support the daily lives of our customers.
Society faces major challenges, including intensifying natural disasters, aging and rapid population decline in Japan. We also face geopolitical risks, such as the Russia-Ukraine war, changes in world politics, as well as the wide spread outbreak of COVID-19. In an age characterized by such volatility, uncertainty, complexity, and ambiguity (‘VUCA’), our purpose is to “contribute to a sustainable society in which every person can live a healthy, prosperous, and happy life in one’s own way” by realizing “A Theme Park for Security, Health & Wellbeing”.
For this to happen, to improve productivity, expertise, and creativity, each and every employee needs to be driven towards their own “My Purpose” by their own personal motives and sense of ownership. For the Group’s sustainable growth, we believe it is crucial to create a culture that aligns the objectives as well as the purpose of the firm and employees.
The Group is also working to make our governance structure more progressive and robust to ensure sound business management. Sompo Holdings moved to a governance structure overseen by committees in June 2019, under the strong oversight of its Board comprised mainly of Non-Executive Directors. The three statutory committees, namely the Nomination Committee, Audit Committee, and Compensation Committee are all chaired by Non-Executive Directors, and hold fair and active discussion to strengthen Group governance.
The Business Owner System and Group CxO System is used for business execution under the leadership of the Group CEO and Group COO to facilitate agile, flexible decision-making and business execution, as well as to clarify authority and responsibilities. The full use of two committees, namely the Global Executive Committee and Managerial Administrative Committee (MAC) is a highly effective business execution structure that facilitates the Group’s sustainable growth.
The Group will continue to evolve in fulfilling the roles we play, to enhance enterprise value and make earnest efforts to meet the needs of a variety of stakeholders by addressing various challenges to create a more sustainable society.
Thank you for your continued patronage and support for SOMPO Group.