Medium-term Management Plan
Overview of New Challenge 10
“New Challenge 10,” our Medium-term Management Plan launched in FY 2007, is an aggregate of the vision MSIG aspires to achieve by 2010, the strategy to substantiate the vision, and the values that all group employees will embody. All members of the group will come together for the realization of this goal.
3 Strategies
We will promote the 3 strategies “Basic Group Strategy”, “Quality Improvement Strategy”, and “Group Business Strategy”, in order to achieve our group vision for 2010 “becoming the top-level insurance/financial group of the world which keeps growing perpetually with the competitive power in corporate quality.”
1. Basic Group Strategy
The basic strategy of our group is to have CSR management through improvement in “quality”, “trust”, and “growth” from the customer's perspective.
We will attain trust of our customers by prioritizing quality improvement of products and services, which will in turn allow us to generate growth for our business. We will sustain an incessant quality improvement with the virtuous cycle of “quality improvement”→“trust”→“growth”, by reinvesting the managerial resources gained from the business growth into the activities for quality improvement.
MSIG defines “Customer's perspective”, “Quality improvement”, and “CSR Management” as follows.
- • Customer's perspective
To place the maximum value on the customer satisfaction through fair, just, and transparent activities. - • Quality improvement
At every touch point with the customers, we will first achieve “Tozen quality”, which represents the sure attainment of minimum standard of quality, and then “Kando quality”, which is a more active engagement with PDCA cycle to exceed the customer expectation.
At the “check” stage, we will conduct self-assessment and incorporate external evaluations including the customers' opinions. - • CSR management
Activities to fulfill responsibility to the 7 stakeholders* by realizing a virtuous cycle of quality improvement, trust, and growth. (= improvement of corporate quality)
* customers, shareholders, agents, business partners, employees, local and international communities, environment
2. Quality Improvement Strategy
We plan to improve quality in all areas of business by encouraging each and every member of the group to grow, and improving the quality of each and every product and service.
3. Group Business Strategy
We strive to provide the maximum value to customers by leveraging the aggregate power of the group, engaging in quality improvement and business advancement in each of the 5 major businesses (domestic non-life insurance, life insurance, overseas business, financial service, risk-related business)
Domestic non-life insurance Business
We will dramatically improve the product quality in each of the work processes, and use it as the competitive power to advance our business.
Product |
Easy-to-understand products and services |
|---|---|
Sales |
Building a trustworthy sales network for customers and actively pursuing growth opportunities. |
Accident Support |
Sincere and reliable response to claims, further improvement in the system of insurance payment |
Systems & Admin |
Create foundation for operational processes |
Asset Management |
Improved, effective management of assets and risks |
Operational Processes
Life insurance Business
- • Increase profitability of the 2 life insurance companies in the group (Mitsui Sumitomo Kirameki Life Insurance Co., Ltd., Mitsui Sumitomo MetLife Insurance Co., Ltd.)
- • Mitsui Sumitomo Kirameki Life Insurance Co., Ltd. will establish foundation for growth through the reinforcement of sales system and diversification of sales channels, which will mainly feature cross-selling of the agents.
- • Mitsui Sumitomo MetLife Insurance Co., Ltd. will strengthen competitiveness in the private pension market.
- • Expansion of overseas life insurance business
Overseas Business
- • Complete the Three Regional Holding Company Framework in Asia, Europe, and the Americas and strengthen corporate governance by MSI Head Office
- • Establish a predominant business base in Asia
- • Select and concentrate for strategic investment in regions and fields with potential growth
Financial services business
- • Enhance capability of developing attractive financial services ⁄ products and effectiveness of sales efforts
Risk-related business
- • Identify and develop new business to boost our competitiveness in the insurance business and contribute to the Group's expansion
