 |
| June 10, 2004 |
|
| Mr.
Inokuchi will be honored into the "Insurance Hall of Fame" |
| Mr. Takeo Inokuchi, Chairman and CEO, Mitsui Sumitomo Insurance
Co., Ltd., will be honored into the "Insurance Hall of Fame"
organized by the International Insurance Society, Inc.(IIS). He will
be the third winner, after 22 years interval, in the Japanese non-life
insurance industry. |
| 1. |
The Insurance
Hall of Fame |
|
| (1) |
Founded in 1957 |
| (2) |
Selection process: |
| |
Two winners live are selected from the finalist nominees by
a vote of IIS's members from a panel of individual nominees
who contribute to development of insurance industry with creative
thinking and imaginative actions.
In this year, the winners were selected by eligible members'
vote from 7 finalist nominees who were selected from 30 or so
candidates by vote of Honors Committee.
In addition ,one winner deceased was also selected solely by
Honors Committee. |
| (3) |
Award |
| |
The award will be presented on July 12 at the IIS's "Annual
Seminar" to commence on July 11, 2004 in London. |
| (4) |
Honor |
| |
A portrait of the winners will be exhibited at the "Insurance
Hall of Fame" at the University of Alabama, Alabama, U.S.A.,
and a photo and a video recording the winner's achievements
will be shown at the "Insurance Hall of Fame Digital Gallery"
at the Risk Management School, St. John's University in New
York City, U.S.A.. |
|
| 2. |
Reasons of Mr. Inokuchi's
honor |
|
Mr. Inokuchi's following activities in non-life insurance field
are recognized as outstanding contributions to the insurance industry: |
|
| (1) |
Promotion of innovation toward deregulation |
| |
While Mr. Inokuchi foresaw changes by deregulation, he led
to build non-life insurance market with higher convenience to
consumers. He also contributed to enhanced efficiency of Japanese
non-life insurance companies and strengthened competitiveness
against foreign players in the midst of rapidly progressing
consolidation in the industry prompted by his decision to merge
Mitsui Marine with Sumitomo Marine. |
| (2) |
Industry leadership |
| |
Mr. Inokuchi took chairmanship of the General Insurance Association
of Japan twice and led the Japanese non-life insurance industry
toward further development through period of change in the industry
such as conclusion of Japan-US Insurance Talk in 1996 and application
of safety-net to the first bankrupt non-life insurance company
since the end of the Second World War. |
| (3) |
Contributions to foreign countries |
| |
Mr. Inokuchi has actively transferred advanced technologies
to foreign countries mainly in Asian countries in order to develop
non-life market and technology for mutual benefits between a
country and Japan. |
| (4) |
Creation of a new business model |
| |
Mr. Inokuchi created free from a traditional framework a new
business model with business domain in "Risk Solution" |
|
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