Tokyo-based diversified conglomerate Itochu Corporation has entered into an agreement with Asahi Mutual Life Insurance to jointly set up a marketing company that will engage in market development, development of sales channels, and sales promotion.
The proposed marketing company will enable Asahi Life Insurance to expand its insurance business through telemarketing and insurance agencies, including over-the-counter outlets.
The new company will be named as A&I Insurance Next Corporation, with head office located in Tokyo.
In order to ensure hassle free operations, the company will appoint four directors and two corporate auditors and concentrate on the development of insurance solicitation agencies, advisory on insurance solicitation.
The new marketing firm will allow Asahi Life Insurance and Itochu to combine their strengths in their networks and expertise and seek to expand their insurance business by providing new sales models and optimal products and services.
The Japanese underwriter is diversifying its sales channels, with a strategy to respond to customers' varied needs and to provide products and services in the 'third sector insurance market' (medical insurance and nursing care insurance).
Itochu manages underwriting business ranging from brokering to underwriting both in Japanese as well as in international markets.
Established in 1888 and headquartered in Tokyo, Asahi Mutual Life Insurance Company mainly offers life and health insurance products to individuals and groups in the country with specialized policies including medical insurance, cancer insurance and nursing care insurance.
It also offers pension fund insurance, group life insurance, and property investment insurance, and international insurance services, among others.
Founded in 1858, Itochu operates in 66 nations and offers a wide variety of products and services including insurance and finance as well as business investment among others, in Japan and across the globe.
