It is now expected that new complex services will be created by life insurance companies conducting M&A (joint ventures and acquisitions). I tried to look at this service from a developmental perspective. Nippon Life is exploring nursing care and childcare services, Sumitomo Life is exploring well-being, and Dai-ichi Life is exploring digital businesses. The concept of insurance for health and happiness from birth to death emerges from the series of actions taken by these life insurance companies. Nippon Life’s insurance services that prevent childhood illnesses and maintain and improve health during childcare services are still possible. Including educational services is also an option.
For example, this insurance includes the services of the Perry Preschool Project as a childcare service. The Perry Preschool Project took place in Michigan, USA, between 1962 and 1967. 3- to 4-year-old children from low-income families living in this area were targeted for education. This project focused on teaching non-cognitive skills. This ability is different from general intelligence quotient or academic ability for entrance exams, and includes things that are difficult to measure, such as motivation, cooperation, tenacity, perseverance, planning, self-control, creativity, and communication. Perry’s preschool education continued for 30 weeks and was then followed up until the child was 50 years old. Children who received education that targeted these non-cognitive skills had higher home ownership rates, higher educational attainment, and higher incomes. Although he was born into a poor family, he was able to lead a good life in his old age. This service is included in your insurance.
From a well-being perspective, services that maintain and improve health through preventive medicine are also important. In addition to that, asset formation is also an important factor. Until now, many companies have focused on managing their mental and physical health. If employees are mentally and physically fulfilled, they will be able to fully demonstrate their abilities, creating a win-win relationship for both companies and employees. It has now become clear that a sense of financial security is an important factor for employees to demonstrate their abilities. A number of companies have begun to support their employees’ asset building. Another option is for your life insurance company to provide this service. Large companies can do it themselves. However, there are some difficulties for small and medium-sized enterprises. It may be possible to provide this service in the form of group insurance. It may be interesting to build insurance that supports health, ability, and asset building from birth to retirement.
