Delivering SOMPO's Purpose
I’d like to express my gratitude for your continued patronage and support of the Sompo Group.
The Sompo Group has mainly been engaged in the domestic P&C insurance, overseas insurance, domestic life insurance, and nursing care & senior businesses. Now, we will fully accelerate our initiatives in the digital and healthcare businesses, aiming “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,” as set forth in the Group Management Philosophy, and to realize a globally unparalleled, unique, and progressive “Theme Park for Security, Health & Wellbeing.”
This “Theme Park for Security, Health & Wellbeing” means that the Sompo Group will convert the abstract concepts of “security,” “health” and “wellbeing” into tangible solutions and services; closely support the lives of people, who form the core of society; and properly utilize all manner of advanced technologies, including digital technology, in order to solve social issues through its businesses, along with providing seamless support for customers’ lives and lifestyles. In an age referred to as VUCA*1 ｰ the current “volatile, uncertain, complex and ambiguous” era ｰ we will engage with various social issues from a medium- to long-term perspective, providing tangible value to contribute to a sustainable society in which every person can live a healthy, prosperous and happy life in one’s own way. This is “SOMPO’s Purpose.”
Aiming to achieve the physical embodiment of the “Theme Park for Security, Health & Wellbeing” and realize “SOMPO’s Purpose,” the Group has decided to embark on a new three-year Mid-Term Management Plan. The plan has three basic strategies: "pursuit of scale and diversification" to increase profitability of existing businesses and stabilize profits, "creation of new customer value" by utilizing real data,*2 and "new work style."
The Group will protect people from future risks facing society by providing preparedness for all types of risk, preventing accidents and disasters, and contributing to a resilient society. Furthermore, by providing solutions for healthy and happy lives and contributing to a sustainable aging society, we will create a health, happy future society. Among these initiatives, we will also contribute to the creation of a green society in which economy, society, and the environment are in harmony. In addition, by realizing diverse talent and building a platform for partnerships, we aim to foster the power to change future society.
The Group is working to build a progressive and solid Group governance structure. In June 2019, we transitioned to a company with committees, and established a supervision structure centered on Outside Directors. The Company has three legally mandated committees: the Nomination Committee, the Audit Committee, and the Compensation Committee, each chaired by an Outside Director. The committees conduct fair and lively discussions to strengthen Group governance.
Within the business execution structure, we have adopted the Business Owner and Group Chief Officer systems under the overall control of the Group CEO and Group COO. We aim to achieve prompt and flexible decision-making and business execution, and to better clarify authority and responsibilities. The Group has established two deliberative bodies: the Global Executive Committee and the Managerial Administrative Committee and makes full use of the functions of both to build a highly effective execution framework that can support the Group’s sustainable growth.
The Group will continue to evolve the role it should play and increase its corporate value, while engaging sincerely with diverse stakeholders as it aims to solve various issues and realize a sustainable society.
I sincerely ask all of our stakeholders for your continued support as we endeavor to reach our goals.
- 1 VUCA stands for Volatility, Uncertainty, Complexity and Ambiguity.
- 2 Data acquired from activities by individuals and companies in the real world through sensors and other means (health data, etc.)
(The opposite of “real data” is “virtual data” (i.e., data generated by activities in online spaces, such as the Internet and social media).)