AFLAC Japan, a member of AFLAC Inc. group of companies, announced plans to start an on-line insurance company in partnership with NTT Communicationware Corp. Ltd.
“The new venture, to be called aflacdirect.com, will begin operations in July. It will be the first insurance company in Japan to sell insurance exclusively over the Internet,” said the announcement.
AFLAC will handle product development, marketing and customer services, while NTT will be responsible for developing information technology and development of the Web site and communications.
The site, aimed at the under-40 age group, will offer a full range of services, including health care information and benefits, claims processing and policy review. AFLAC aims is to broaden the insurance products it offers and to complement its present distribution system with the new venture.
AFLAC, originally offering specialized products such as cancer life insurance, has become one of the leading Japanese insurers and the “second most profitable foreign company of any kind doing business in Japan.” In 1999 it “sold approximately 2.5 million policies, representing Y86.6 billion (or $760 million) in new annualized premium.”
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