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Distribution and Consumer Value Issues

Allan O’Bryant Aflac International. Distribution and Consumer Value Issues. Road Map. Aflac Japan Today Corporate Agency System Changing Customer Needs Evolving Distribution Systems Lessons Learned. Aflac = No. 1. No. 1 Life Insurer in Japan. Policies in Force.

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Distribution and Consumer Value Issues

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  1. Allan O’Bryant Aflac International Distribution and Consumer Value Issues

  2. Road Map • Aflac Japan Today • Corporate Agency System • Changing Customer Needs • Evolving Distribution Systems • Lessons Learned

  3. Aflac = No. 1 No. 1 Life Insurer in Japan Policies in Force

  4. Comparison of Premium Income Growth (FSA Basis, 3/00=100) Aflac Industry Source: Japan Institute of Life Insurance

  5. Corporate Agency System Parent Company Aflac Corporate Agency Employees of Parent & Affiliated Companies

  6. Shrinking Worksite Market • Decrease in number of employees due to corporate restructuring • Shift in employee preference in buying insurance to outside the worksite • Need for privacy when discussing insurance needs

  7. Product Broadening New Business in Annualized Premium

  8. Sales by Agency Type Tie-Up Individual Corporate

  9. Surrender and Lapse Rates Life Industry Aflac Source: Japan Institute of Life Insurance (FSA Basis)

  10. Paid Claims

  11. Days Required to Pay Claims Less than 2 days on average

  12. Average Premium per Policy Average Premium Aflac \52,591 Top 9 life insures \154,635 Life Industry \135,972 Source: Life Insurance Association of Japan

  13. Evolving Distribution Systems • Internet • Call Center & Telemarketing • Insurance Service Shops • Automated Business Writing (e-App)

  14. Customer Voice • Customer comments are registered into an internally shared DB. • Customer comments are reviewed by Customer Voice Committee and corrective actions are taken. • Critical issues are shared with appropriate management.

  15. Lessons Learned • Support the existing distribution channels when introducing a new approach. • Must meet customer needs.

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