Life Insurance
Business Overview
Life insurance, including medical insurance and death insurance
Sustainability Themes
- #Aging society
- #Investments and lending that take ESG into account
Our Approach to Our Sustainability Themes
Based on the ORIX Life Corporate Philosophy
(in Japanese), ORIX Life Insurance has formulated a Sustainability Policy (in Japanese) that clearly states its basic approach to contributing to solving social issues through its life insurance business, and identifies five material issues (materialities). By working to resolve these important issues based on this policy, we will contribute to the realization of a sustainable global environment and society for future generations.
ORIX Life Insurance’s Material Issues (Materialities)
- To provide security through the insurance business to people of all generations who will live in the age of 100-year lifespans.
- To realize a sustainable society through the promotion of responsible investment as an institutional investor.
- To build mutually beneficial relationships with business partners.
- To create an environment in which each and every employee can maximize his or her potential in various situations.
- To strengthen corporate governance for sustainable growth.
See here (in Japanese) for details on initiatives for each material issue.
Business Activities and Sustainability Themes Matrix
- Customer-oriented products and services in an age where more and more people will live to be 100
- #Aging society
- ESG investing in asset management
- #Investments and lending that take ESG into account
Customer-oriented products and services in an age where more and more people will live to be 100
- #Aging society
Based on the philosophy “Giving heartfelt shape to kind thoughts”, ORIX Life Insurance sympathizes with customer sentiment and aspires to be comfortably present in peoples' lives, providing a portfolio of insurance products and services attuned to customer sensibilities. Customer lifestyles and values are becoming ever more diverse in an age where more and more people will live to be 100, and customer attitudes toward risk also vary. ORIX Life Insurance embraces change—we consistently consider what a life insurance company should do for customers to develop and deliver products and services that accommodate diverse lifestyles.
ORIX Life Insurance researches and develops new products in order to provide optimal insurance according to customer needs. Featuring a broad variety of products, we serve customers through four sales channels.
| Agency sales | We provide various products to our customers through three types of stores. Insurance specialized stores handling not only life insurance but also damage insurance, stores for face-to-face dealings located near train stations and large shopping centers, and tax expertise stores to provide consultations with specialist knowledge about tax, which make a total of 5,269 stores (as of the end of March 2023). |
|---|---|
| Sales by financial institutions | Offered at 6,516 branches (as of the end of March 2023) such as city banks, regional banks, and credit unions. |
| Mail order | Sales via mail and internet. |
| Face to face sales by employees | From 2016, ORIX Life Insurance's sales representative advisors are providing face-to-face sales intended to complement other sales channels and provide consultation to customers. |
ORIX Life Insurance supports sales and other activities of partner agencies. Our sales representatives provide advice on how to make better proposals to customers served by our business partners and follow-up on insurance claims and benefit claim procedures. In addition, we regularly host gatherings with local distributers to share relevant information about new products, life insurance, laws and regulations. In addition, we have set up an “agent help desk” to respond to inquiries from distributors and support operations on weekends as well as weekdays.
ORIX Life Insurance is working toward customer-oriented business operations so all employees prioritize a customer-first approach above all else. Our Customer-Oriented Business Operation Policy can be found here.
We conduct the following initiatives as part of our customer-first business operations.
[Refining client communication and continual development]
ORIX Life Insurance is constantly looking for sustainable ways to further improve the printed materials we publish for clients. As a result, we were awarded the UCDA Award—the most prestigious award presented by the Universal Communication Design Association-sponsored UCDA Awards—for three consecutive years up until 2018. Additionally, in 2019, we were awarded the UCDA Award for Information Clarity for our explanatory videos for procedures on claiming benefits, and in 2020, were chosen for their Outstanding Award based on our pamphlet and video designs. We continue our efforts to make various processes more convenient for our clients.
[Continual improvement in our methods of customer communication]
We are also improving our customer interface so we can provide smooth, stress-free assistance to people in various situations when communication occurs. In addition, we have launched sign language and written interpreter services. Customers with hearing or speech difficulties are able to make inquiries about policy details and procedures by video call, and their inquiries are relayed to our customer service center in real time by voice call.
Our customer service center is also equipped with call assistance devices that allow us to take inquiries from senior citizens who have trouble hearing service representatives. This technology modulates the representative's voice to a frequency and sound pressure that is easy for senior citizens to hear.
[Creating and providing client-centered services]
ORIX Life Insurance is enriching the lives of its clients by offering beneficial services from affiliated companies at a discounted price, thus improving the lives of clients, particularly those experiencing hospitalization and those who have recently been discharged.
- Daily Life Support Services
| Hospital Admission and Discharge Support Service (Housekeeping Services) |
Provides support to clients by helping them prepare for hospitalization and being accompanied to hospital in addition to cleaning, shopping, and general housekeeping in the client's home after they return from the hospital. |
|---|---|
| Pet Sitting Service | Supports clients by providing professional pet sitting services while clients are in hospital or receiving care. |
| Inheritance Support Service | Simplifies inheritance processes by providing alternate professional services to clients seeking quick, efficient inheritance procedures. |
- Cancer Treatment Support Services
| Recommendations for gentle undergarment brands are available to clients who have experienced surgery or other forms of cancer treatment and require undergarments that do not irritate inflamed or sensitive skin. |
| Recommendations for medical wig/toupee brands are available to clients who have experienced hair loss/thinning as a side effect of cancer treatment. |
| Recommendations for bento delivery services for senior citizens are available for those who need them; they are delivered directly, so the delivery can serve as a safety/wellness check-in as well. |
If in the case a client experiences a lapse* in insurance payments, their contract will not be terminated if the lapse is resolved within a certain time period. There are occasionally cases in which long-term clients experience lapses in payment due to a variety of reasons; this support service exists so clients can continue their contracts without experiencing termination.
- Contract termination occurs when lapses in payment are not corrected within the following terms:
･ In the case of monthly payments: By the calendar end of the next month following the original payment deadline.
･ In the case of annual or semiannual payments: Within 2 months after the original payment deadline by the day of annual or semiannual payment.
Related Links
ORIX Life Insurance Corporation
- Initiatives to maximize customer satisfaction(in Japanese)
- How we're viewed and customer feedback(in Japanese)
- Inheritance Support Service(in Japanese)
- Hospital Admission and Discharge Support Service (Housekeeping Services)(in Japanese)
- Recommendations for gentle undergarment brands(in Japanese)
- Recommendations for medical wig/toupee brands(in Japanese)
- Recommendations for bento delivery services(in Japanese)
- Recommendations for pet sitting services(in Japanese)
ESG investing in asset management
- #Investments and lending that take ESG into account
Life insurance companies must prudently manage their assets for stability, profitability, and liquidity to ensure future policyholder benefits from insurance premiums. Policyholder assets are the assets that are then managed and invested, so insurance companies have a public obligation to ensure they contribute to the economy and improve the quality of peoples' lives. Cognizant of our responsibilities as an insurance company in managing our assets, we draw on the ORIX Corporate Sustainability Policy to make ESG investments that reflect environmental, social, and governance matters. Our objectives are to secure profitability over the mid- to long-term and to help achieve a sustainable society.
In 2022, ORIX Life Insurance became a signatory to the Principles for Responsible Investment (PRI). ORIX Life Insurance's asset management complies with the PRI, which require the incorporation of ESG factors in all assets under management.
ORIX Life Insurance's ESG investment approach and investment examples can be found here
[0.6MB] (in Japanese).