Sony 2001 Annual Report Download - page 46

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Sony Corporation Annual Report 2001
44
system able to accurately monitor and control such risks as vital in ensuring that the company generates a
return suitable to the risks assumed. This is why the upgrading of risk management capabilities is one of
Sony Life’s primary policy objectives. To oversee these measures, a Risk Management Committee has been
formed. The committee is charged with reinforcing Sony Life’s entire risk management system by compre-
hensively evaluating and analyzing risks associated with the operating environment. Using this information,
the necessary management systems and methodology for each type of risk will be structured.
Sony Life strives to imbue an awareness of the critical role of compliance activities throughout the
company. This reflects Sony Life’s commitment to fulfill its role as an insurance company, an organization
that has social responsibilities and is necessary to the public interest. Compliance is also essential to
protecting customers and being worthy of their trust. To this end, Sony Life is implementing a compliance
program made up of concrete measures. A compliance section was established within the Legal Division, and
a Compliance Committee was created, made up of representatives from all areas of the company. In addi-
tion, a Compliance Manual sets forth clear guidelines that are thoroughly implemented by executives and
employees of Sony Life. Compliance progress reports are prepared on a regular basis for internal use. An
objective evaluation system further underpins an organization that promotes fair and free competition while
maximizing benefits for customers.
SONY ASSURANCE INC. [Shinichi Yamamoto, President & Representative Director]
Sony Assurance Inc. is engaged in the direct sale of automobile insurance by telephone and over the
internet. Competition in the automobile insurance market in Japan is heating up as policies and fees are
deregulated. Nevertheless, Sony Assurance was able to post steady growth in net insurance premiums during
the year under review.
Drawing on the advantages of its direct-sales channels, Sony Assurance has been concentrating on
offering products that reflect the needs of its customers. During the year, a new automobile insurance rider
was introduced that includes coverage for drivers and passengers for accidents that occur even when they
get out of their car en route or after they arrive at their destination. Included is coverage for injuries,
damage to personal belongings, and third-party liability. As of March 31, 2001, about 8% of Sony Assurance’s
policyholders had chosen this rider. This favorable number demonstrates the widespread customer support
that can be garnered by providing products inspired by Sony Assurance’s innovative thinking. The company
serves policyholders with a 24-hour, 365-day accident report reception system, the assignment of one
person to each accident case, and other measures to ensure quick and detailed service. In a company survey
conducted during the year, more than 90% of policyholders stated that they were satisfied with assistance
provided following an accident.
Sony Assurance remains dedicated to drawing on its direct customer ties to provide the streamlined,
quality insurance services needed to continue earning the support of policyholders.