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Press Release
  May 2, 2007

MSI Launching “Product Innovation”

Mitsui Sumitomo Insurance Co., Ltd. (“the MSI”) (President and Chief Executive Officer Toshiaki Egashira) is going to implement a “Product Innovation” project from fiscal 2007 to 2008 responding to complaints on the insurance policies from customers saying “too much complicated terms and conditions” or “too many extra riders” as well as those from agents saying “difficult to explain to customers.”

This is intended to enhance the corporate quality originated out of customers·viewpoints by ensuring the “basic cycle of insurance”, which consists of “explanation and proposition”, “explanation of material matters and confirmation of intent”, “contract conclusion and declaration”, “policy maintenance and administration” and “renewal notice and management”, to be embedded by developing policies whose features are easy for customers to understand and for agent to explain to customers.

1. Streamline the product lineup < to be embarked on fiscal 2007 >
The product lineup is going to be renewed by streamlining the existing lineup into renewed ones which will simultaneously be re-designed for better understandability. This is an overall consolidation of the products, not simply to abolish certain ones but integrate them into renewed products, which will take over the functions essential to better meet customers·need from them.
Fiscal 2006
As of end of fiscal 2008
Number of (personal) insurance products
About 15
(or a 80% reduction)
Number of (personal) extra riders
About 1,400
About 700
(or a 50% reduction)

2. Paraphrase into terms easy to understand < to be finished by April 2009 >
By minimized use of technical terms of insurance in wording of the texts, printed materials to customers will be revised in wording yet easier to understand, and a preparatory work will commence with pamphlets.
“subject insurance”
“(property, etc.) covered”
“to indemnify”
“to pay for (loss, etc.)”

3. Text and layout made yet easier to understand < to be adopted fiscal 2008 on for newly introduced products >
The texts of policy clauses will be written in such straightforward style as those factors which were analyzed accountable for texts difficult to understand are eliminated.
< examples > text simplification: break a long sentence into short ones, avoid too many
parenthesized phrases, eliminate double negation
visualization: put more charts and calculation formulas, cautionary footnotes

4. “Product Control System” under construction < to work in April 2008 >  <<industry-first system>>
(1) Control on product development: process
Institutes a system for inter-divisional check and authorization in the process of product development
(2) Product information administration
Aggregates and oversees all product data, inclusive of permits, across the product lines
(3) Document archive
Collectively preserves all documents such as pamphlets, policy clauses and applications
(4) Claim payment support
Works in linkage with the claims payment system for quick and accurate operation

5. Customized, online services of policy and list of eligible claims < to be available fiscal 2007 >
Each policyholder will have his/her insurance policy written in such style as he/she finds the features of his/her policy yet easier to understand.   Upon applying for a claims payment, he/she will be informed of all the applicable claims for his/her convenience.   These data will also be available on the Internet.

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