Sony 2003 Annual Report Download - page 44

Sony Life
What is “ quality” life insurance? Sony Life Insurance Co., Ltd. believes that it is the
provision of customized policies that accurately target the requirements of each
customer. A line of ready-made insurance coverage cannot accommodate the unique
needs of every customer. That is why it is essential to design insurance plans only
after analyzing and thoroughly comprehending each customer’s current status and
future goals, and only after considering, in depth and from every angle, issues
involving taxes, legal matters, finances and a variety of other factors. Sony Life is
committed to this definition of quality, and it has a team of Lifeplanners, life
insurance professionals armed with a broad array of specialized knowledge and
superior consulting skills, and independent agencies that design and supply tailor-
made insurance plans that address the unique needs of each customer.
During the year under review, Sony Life was the first Japanese insurer to
begin selling a revolutionary policy rider called the “ Nursing needs benefit rider.”
Policyholders pay nothing extra and benefits are paid, based on the primary
policy’s death benefit amount, when an individual is recognized as having
reached a certain status under Japan’s government-backed nursing care
insurance scheme. Sony Life also developed an online support tool that allow s
customers to simulate how the portfolio portion of their variable life insurance
and variable annuity policies will look in the future.
Sony Assurance
Since beginning operations in the fall of 1999, Sony Assurance Inc. has been engaged
primarily in the sale of automobile insurance directly to customers by telephone and over
the Internet. Policies are structured to target specific categories of risk. In June 2002, the
company began direct sales of a product in the health insurance field called “ Sure” that
includes generous coverage for cancer treatments.
To offer reasonable rates, automobile insurance rates are structured to reflect the
distance a car is driven. Speedy, in-depth service is extended in the event of an
accident or breakdown. As of the end of M arch 2003, three and a half years
since Sony Assurance began selling auto insurance, there were approximately
390,000 policies in force, a steady growth from the approximately 270,000 policies in force at the end of
March 2002. This growth is testimony to the solid reputation the company has earned among customers for
the quality of its policies and services.
The “ Sure” health insurance policy provides a broad range of coverage for events including disease,
injury and cancer. Coverage is particularly generous for cancer treatment, which often entails long periods of
hospitalization and considerable expense. Two types of policies are available: whole life and ten-year
renewable term insurance. In addition, Sony Assurance offers unique riders that give policyholders the option
of reducing future premiums or increasing benefits.
Sony Assurance will continue to concentrate on enhancing its services to be certain that each and every
policyholder is pleased to have chosen Sony Assurance.
Financial Services
Sony Corporation Annual Report 200342
Individual Life Insurance-in-Force
(includes individual annuities)
(Billion ¥)
99 00 01 02 03
21,522
24,793
23,497
18,817
16,538
01 02 03
7.5
24.4
16.9
Net Premiums Received
(Billion ¥)
* As of M arch 31
* Year ended March 31