Insurance

7-Eleven to begin selling Life Insurance

7-Eleven and MS&AD Insurance Group Holdings (MS&AD) are reportedly forming a strategic partnership, allowing MS&AD to sell products amid the Covid-19 pandemic.

According to an article by Nikkei Asian Review, customers will be able to complete the application process at 7-Eleven stores, inputting necessary information and paying the insurance fee at the cashier. Customers can also choose to complete part of the process via their personal electronic devices.

In more normal times, MS&AD customers purchase products face-to-face, interacting with the firm’s staff. However, due to the pandemic, MS&AD has partnered with the convenience store chain, making 7-Eleven the first chain to sell life insurance in Japan.

As part of the partnership, there are plans to establish call centres, allowing MS&AD staff to speak with customers via a 24/7, 365 phone line, thus allowing the insurer to guarantee the same level of service offered by insurance shops.

The first step in the partnership will be the commencing of the sale of cancer insurance by MS&AD's affiliate Mitsui Sumitomo Aioi Life Insurance, which will begin on June 16, 2020.

Through the implementation of the partnership, Mitsui Sumitomo Aioi Life Insurance aims to sign 60,000 contracts per annum; it currently sells around about 300,000 new personal insurance contracts per year.