Japan Post Insurance admits to mismanaging 90,000 policies

Insurance Business Magazine | July 11, 2019

Japan Post Insurance has confessed to mismanaging over 90,000 policies, in what could be the largest scandal for the insurer and parent postal company since its privatisation in 2007. The insurer admitted on Wednesday that around 22,000 customers were charged double for their life insurance premiums between April 2016 and December 2018, the Japan Times reported. Furthermore, it also revealed that in the past five years, there were 47,000 cases where customers did not receive coverage – despite having paid the premiums – and around 23,900 cases where the insurer declined extending policyholders’ contracts for no valid reason. Japan Post initially denied any wrongdoing, and said that customers had given consent for the contracts. However, Mitsuhiko Uehira, Japan Post Insurance’s president, later apologised at a news conference. Meanwhile, Kunio Yokoyama, president of Japan Post Company, the insurer’s parent firm, said that the misconduct may have been committed by staff scrambling to meet sales quotas.

Spotlight

The underwriting process is critical for insurers. But manual processes, spreadsheets, and data from disparate silos slow down the process and make audit trails a nightmare. All that means a lot of stress on systems and employees, plus a less-than-ideal customer experience.

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Spotlight

The underwriting process is critical for insurers. But manual processes, spreadsheets, and data from disparate silos slow down the process and make audit trails a nightmare. All that means a lot of stress on systems and employees, plus a less-than-ideal customer experience.

Fortunately, it doesn’t have to be that way.

With the P&C Underwriter Workbench from Mendix and Capgemini, you can optimize and digitize underwriting, leading to efficiency, effectiveness, and increased productivity.

Connect with your core systems and data sources to make data-driven decisions. Customize every aspect to make an offering that’s uniquely yours.

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