Slowing Growth and Intensifying Competition in the Online Life Insurance Market
First written in FY2016. 5 of 6 entries say "Worsened", first in FY2017. Latest entry: FY2025.
Lifenet Insurance Company moved to the "Worse" side of this theme in 2017.
0 other companies' latest entry also says "Worsened".
- FY2025WorsenedAnnual report
「The digitalization of financial services, which began before the spread of COVID-19, accelerated against the backdrop of the pandemic. In the life insurance industry as well, new players have entered the market, including companies that had relied primarily on face-to-face channels but have begun moving some operations online. As the online life insurance market expands, the competitive environment is likely to become increasingly challenging.」
The company cites the move online by companies that had relied primarily on face-to-face channels and the entry of new players, indicating that the competitive environment may become even more challenging. - FY2024WorsenedAnnual report
「As the number of competitors offering insurance products and services online increases and the competitive environment becomes more challenging, the company recognizes that, for its group to continue establishing a dominant position as a leading company in the online life insurance market, it must further refine the value it offers and create new sources of value.」
The company explicitly identifies the increase in competitors offering online insurance and indicates that the competitive environment has become even more challenging. - FY2022WorsenedAnnual report
「In Japan's life insurance market, the company faces competition from domestic and foreign life insurers and major domestic financial institutions that own insurance subsidiaries.」
The company specifies its competitors as domestic and foreign life insurers and insurance subsidiaries of major financial institutions, and indicates that the competitive environment may become even more challenging as financial services become digitalized and move online in response to the spread of infectious diseases. - FY2018WorsenedAnnual report
「The company faces a business environment in which agency distribution channels, including multi-company agencies, are expanding. In addition, growth in the online life insurance market, which the company had initially anticipated, has slowed, and the entry of competitors has intensified the competitive environment surrounding the company.」
In addition to slowing market growth and the entry of competitors, the company cites the expansion of multi-company agency channels and continues to characterize the competitive environment as challenging. - FY2017WorsenedAnnual report
「The company faces a business environment in which agency distribution channels, including multi-company agencies, are expanding. In addition, growth in the online life insurance market, which the company had initially anticipated, has slowed, and the entry of competitors has intensified the competitive environment surrounding the company.」
The company provides a more specific description of the increasingly difficult competitive environment, citing slowing growth in the online life insurance market, the expansion of agency channels and the entry of competitors. - FY2016First statedAnnual report
「During the previous medium-term plan period, the company faced a business environment in which growth in the online life insurance market, whose expansion it had anticipated, slowed, while the entry of competitors further intensified the competitive environment surrounding the company.」
The company describes slowing market growth and the entry of competitors as business conditions it has already faced, and explains their potential impact on new policies and policy lapses as risks.