ORIX Life Receives “IT Encouragement Award” for Advanced Use of Information Technology
~Stable management system that supports business expansion receives high evaluation~

TOKYO, Japan - November 27, 2019 - ORIX Life Insurance Corporation (“ORIX Life”) announced today that it has received the “IT Encouragement Award” at the FY2019 Information Technology Awards, which are hosted by the Japan Institute of Information Technology (“JIIT”).

The Information Technology Awards are presented by JIIT to corporations, groups, institutions, and individuals who have made outstanding efforts and achieved strong results via “business innovation that makes advanced use of IT.” The IT Encouragement Award is presented to corporations whose initiatives are recognized as having potential for future growth*.

ORIX Life is in possession of more than four million in-force personal insurance contracts. Its business is growing and, as a result, the company is making efforts to provide more stable IT services. In response to an increasing number of system change requests, the risk level of each request is quantified according to certain standards, and a deliberation process is carried out in accordance with this risk level. ORIX Life received the IT Encouragement Award in recognition of the strengths of this management system.

ORIX Life will continue to improve and optimize its business processes in order to provide its customers with stable services and, in this way, it seeks to become the insurance company of choice for many customers.

*A list of award recipients can be seen on the JIIT website(Japanese language only):
https://www.jiit.or.jp/im/award.html


Award details and reasons for receiving the award

Award Details
Award Name: IT Encouragement Award
“The provision of stable IT services based on a risk-based approach to change management”

Reasons for Receiving the Award
ORIX Life learned from past mistakes when making IT service changes that led to system interruptions. It implemented thorough management of its IT infrastructure lifecycles, and launched initiatives aimed at preventing the occurrence of IT service disruptions.
More specifically, ORIX Life incorporated a risk-based approach based on the COBIT® 2019 Design Guide and, in addition, established an effective operational system that made use of System Integration and Management (SIAM) approaches.
Corollary effects have followed, such as adding risk-based approaches to core evaluation criteria even in its business departments, and reducing the number of failures resulting from system changes. In this way, the above initiatives have contributed to the stable operation of ORIX Life’s systems.

Contact Information:
ORIX Corporation
Corporate Planning Department
Tel: +81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 37 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2019)

Caution Concerning Forward Looking Statements:
These documents May contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2018 – March 31, 2019.”