Dai-ichi Life overview

The Dai-ichi Life Group provides life insurance and pension products to customers in Japan and the wider APAC region. Founded in Japan in 1902, Dai-Ichi Life has expanded into other territories mostly through acquisition or partnership to offer life insurance in Australia, India, Indonesia, Thailand and Vietnam.

Headquartered in Tokyo, Dai-ichi is Japan's 3rd largest insurer by revenue and employs over 50,000 people worldwide.

In 2017, Dai-ichi announced the plan to launch an Innovation Lab, to accelerate the efforts of Insurtech and create new business models, with partner RocketSpace - an innovation consulting company. Operating from locations in Tokyo and Silicon Valley, outputs of the Innovation Lab have included a dementia prevention app developed with US startup Neurotrack.

In addition to incubation programs, Dai-ichi has run several innovation competitions exploring various themes around life insurance, health promotion and technology enhancements. Partners for these programs have included corporate innovation consultants Agorize as well as Japan Post Life and NTT DATA.

Through these programs, Dai-ichi hopes to improve customer experience for their life insurance policyholders with access to telemedicine and advanced medical care, as well as better preventive medicine. Internally, Dai-ichi has sought to digitise its business, with a target of reducing paper document usage by 85% by 2022, and of improving productivity through increased automation.

Dai-ichi Life became the first big life insurer in Japan to sell policies totally digitally after making an announcement in June 2020. The new service, which will use a chat app and video conferencing tools, will launch in H2 2020. Dai-ichi has more than 40k sales representatives.

In August 2021 it was reported that Dai-ichi Life was within reach of closing a deal with Australia's second largest bank Westpac for its life insurance unit. The deal could value the business at $1 billion, however both companies have so far declined to comment. 

Map showing the location of Dai-ichi Life

Tokyo, Japan

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