Country Business Reports interviews and articles by Discovery Reports www.discoveryreports.com When the Great East Japan Earthquake struck at 2:46 pm on March 11, 2011, Tokio Marine Holdings set up a disaster management task force at its headquarters within only 47 minutes. The insurance company then sent out a response team with relief goods the next morning, and afterwards implemented various initiatives. These included using aerial and satellite photos for designating the “total loss area” to ensure the quickest possible claims payments to customers. For Japan’s first insurance outfit, the tagline “To Be a Good Company” is much more than a catchphrase. Since it was established in 1879, Tokio Marine has always valued a genuine aspiration to serve. “Since our founding, our core value and goal have not changed. It has always been extremely important for us to stay relevant and consistently work for the good of the people and society. During critical moments when they need us the most, we aim to be there for their safety and security,” says Satoru Komiya, president and group CEO of Tokio Marine. Established by its founders, including Eiichi Shibusawa, the father of Japanese capitalism and Yataro Iwasaki, the founder of Mitsubishi, Tokio Marine became global early on. Within its first year since inception, the group had already established a presence in Busan, Shanghai, Hong Kong, Paris, London and New York. Today, Tokio Marine has 252 subsidiaries and 22 affiliates worldwide spanning domestic non-life and life insurance, international insurance and financial and general businesses. “The biggest reason why we’re expanding and diversifying our international business is to spread our risk and strengthen our business base. By doing that, we can make sure we keep our promises to our domestic customers as well,” Komiya says. Since our founding, our core value and goal have not changed. It has always been extremely important for us to stay relevant and consistently work for the good of the people and society Satoru Komiya, president and group CEO Profits from Asia and developing markets account for a relatively small part of its international business compared to those from Europe and the United States. The group would like to balance this by focusing on emerging markets in Asia and developing markets through mergers and acquisitions (M&A) and organic growth. It has alliances with investment company CITIC Group and People’s Insurance Company of China based on a long-term perspective on China. Tokio Marine has collaborated with India’s largest fertiliser company in a non-life insurance venture in New Delhi and has also set up Edelweiss Tokio Life Insurance in Mumbai. Its merger with Safety Insurance previously acquired from an Australian company has boosted Tokio Marine to place third largest in Thailand. Meanwhile, the group obtained its business licence in Myanmar in November 2019. “M&A is not an end in itself but only a way to strengthen our continuous operation. We’re open to work with companies that have a solid business model, strong profitability and cultural fit with us,” Komiya says. Propelling the group’s global business are its mission-driven and client-centred digital strategies. Its partnership with geospatial analytics platform provider Orbital Insight utilises satellite imageries to identify flooded areas, and the Automatic System with car insurance company Metromile aims to automate work processes so employees can concentrate on maximising customer satisfaction. In addition, various digital strategies have been embodied by the laboratories in Silicon Valley, London, Singapore, Taiwan and Tokyo. Tokio Marine is creating global synergies with these technologies. A case in point is an online system for checking diabetes in India that the group would like to expand into other applicable countries. It is paramount for Tokio Marine to prevent the spread of Covid-19 while ensuring the safety and well-being of employees and the group’s important operations for customers and society. Moreover, the group has contributed to communities and the society it serves. These initiatives include providing medical institutions with vital supplies and allocating 10 billion Japanese yen (HK$725 million) to match half of the local donations made by group companies and their employees. “No matter what kind of challenges society may face, we’ll be there with our people, passion and expertise, which we try to grow in value day by day to build a unified spirit,” Komiya says. www.tokiomarinehd.com