Delivering SOMPO's Purpose
I’d like to express my gratitude for your continued patronage and support of the Sompo Group.
Our Group has been mainly engaged in the domestic P&C insurance, overseas insurance, domestic life insurance, and nursing care & seniors businesses. Going forward, we will further accelerate our efforts in the digital and healthcare businesses, aiming to realize a unique, progressive “theme park for safety, security, and wellbeing” which contributes to society by providing, in the words of the Group's management philosophy, “services of the highest quality that contribute to the safety, security, and health of our customers.”
The Group's vision for this “theme park” is to transform the abstract concepts of safety, security, and health into tangible forms, to stay close to the lives of real people, and to use our businesses to help solve social issues by appropriately making use of all kinds of advanced technologies, including digital technologies.
In this era of volatility, uncertainty, complexity, and ambiguity (known as VUCA), we believe that addressing various social issues from a medium- to long-term perspective and providing concrete value will allow us to contribute to a sustainable society in which every person can live a healthy, prosperous, and happy life in their own way.
This is SOMPO's Purpose.
The Group has decided to launch a new three-year medium-term management plan, which will aim to realize the SOMPO Purpose by embodying “A Theme park for Security, Health & Wellbeing.” The plan consists of three basic strategies: pursuit of scale and diversification to stabilize profits by increasing the profitability of existing businesses, creation of new customer value through the use of healthcare and other real-world data, and revitalizing our working lives.
Global society will continue to face a wide variety of risks. Our Group aims to protect people from these risks by helping them to prepare for the unexpected and by helping to prevent accidents and disasters. In this way, we are contributing to the creation of a more resilient society. Moreover, by offering real solutions to help people live long and healthy lives, and contributing to a sustainably aging society, we will do our part to build a safer, healthier, more enjoyable world in the future.
Along the way, we will also contribute to the creation of a “green society” that harmonizes social, economic, and environmental concerns. By leveraging a diverse workforce and building a platform for partnerships, we aim to nurture the kind of power that will bring about significant changes in society.
We are also working to build a solid, progressive corporate governance structure. In June 2019, we made the transition to a company with a committee-based governance framework and established a supervisory structure centered on outside directors. We have three statutory committees: the Nomination Committee, Audit Committee, and Compensation Committee, each chaired by an outside director. The committees conduct fair and active discussions in order to strengthen Group governance.
Because we want to realize faster, more flexible decision-making and execution, and also better clarify lines of authority and responsibility, we have adopted the Business Owner and Group Chief Officer systems, both under the overall control of the Group CEO and Group COO. We have also established two deliberative bodies, the Global Executive Committee and Managerial Administrative Committee, and aim to build a highly effective executive structure that can support the Group’s sustainable growth by maximizing the functions of these two bodies.
The Group will continue to evolve the role it should play, and work to increase its corporate value, all the while sincerely addressing the needs of a variety of stakeholders as it tries to help resolve social issues and create a more sustainable society.
Going forward, I would like to ask for your continued support in these endeavors.