Viewpoint: Jun Aoki, Senior advisor of BNP Paribas Cardif Japan
14/06/2011
"The Japanese are over-indebted and thus very worried. On average they borrow five times their income over a period of 25-35 years! Creditor insurance is thus a natural product in this market and Cardif is No. 1. But our real challenge is to gain a position in dread disease insurance. The cancer coverage we introduced has been an enormous success. Our partnership with Sumitomo Mitsui Banking Corporation (SMBC), one of the biggest banks in Japan with a nationwide branch network, is a good example of our approach. It began in 2002 with life insurance linked to mortgages. In 2005 we launched three new contracts to protect policyholders against dread diseases (cancer, strokes and heart attacks). Just a year later these products were honoured with the « Nikkei Best Financial Product Award ». SMBC is now our second-largest partner in terms of gross written premiums. Beyond this market-driven approach, our success in Japan reflects our vision of partnership. We help our partners grow their business through insurance, forging a win-win relationship."
