#Japan #Tokyo #Insurance Agents #AS platform #Iric Corporation

Iric Corporation Unveils the AS Platform

On June 20, 2023, Iric Corporation, headquartered in Bunkyo, Tokyo, announced the launch of its new platform designed specifically for insurance professionals - the AS Platform. This cutting-edge tool aims to revolutionize the way insurance agents, commonly referred to as 'hoken boshuunin' in Japan, access and share vital information.

Overview of the AS Platform

The AS Platform serves as a supportive online community that allows insurance agents to efficiently collect and engage with the necessary information to excel in their roles. Rather than merely providing data, it fosters communication between insurance agents and the sales staff of insurance companies, as well as between agents themselves. This interactive environment is designed to enhance the productivity and knowledge-sharing capabilities of its users.

Features of the AS Platform

The AS Platform incorporates several key features that facilitate agents' daily operations and promote the sharing of insights and experiences:

1. Centralized Information Management
- Access to the latest product information from multiple insurance companies.
- A user-friendly search function for company regulations, product highlights, and training materials.
- Reduction of the administrative burden when managing various documents.

2. Instant Search for Insurance Products
- A comprehensive database containing information on approximately 6,000 insurance policies available for easy search.
- Display of main contracts alongside applicable add-ons for quick reference.
- Clear visibility of payment conditions and limits.

3. Practical Resources for Sales Activities
- Insights into successful strategies and experience-sharing columns that help agents learn effective methods for identifying client needs.
- Skill development support through expert explanations of different insurance systems.
- A rich repository of columns and case studies categorized by life events.

It’s worth noting that a communication tool connecting agents with insurance companies is currently under development as part of the platform's future enhancements.

Development Background

Iric Corporation operates under the principle of achieving a three-way benefit for customers, insurance companies, and agents. The company has consistently sought to leverage technology to overcome persistent challenges in the insurance industry.

As the importance of customer-centric operations increases, regulations dictate that insurance agents must provide sufficient information to assist clients in making informed decisions about their insurance needs. However, agents often encounter complications relating to data collection due to the variety of sources, such as design system documents, emails, and faxes. These hurdles consume significant time and effort, making it challenging for agents to focus on client interaction.

Furthermore, prevailing knowledge of social security systems and taxation is crucial, often requiring agents to stay updated with regulatory adjustments. This ongoing demand for information can lead to substantial pressure on agents, reducing the time they can dedicate to serving clients.

To address these needs, the AS Platform was developed to enable the approximately 1.2 million insurance agents throughout Japan to access necessary information quickly and efficiently while enhancing communication with relevant stakeholders.

This figure is based on the 2024 edition of the Life Insurance Association's report.

Future Directions

Looking ahead, Iric Corporation aims to integrate additional functionalities into the AS Platform to consolidate all necessary tools for effective insurance sales under one roof, including:

• - Seamless connectivity with systems such as the insurance product comparison system (AS-BOX).
• - Enhanced support content provided by insurance companies to assist agents.
• - Expansion into the field of property and casualty insurance to meet the growing demands of agencies.

Iric Corporation remains committed to contributing to the overall value enhancement of the insurance industry while advocating for the principle of three-way benefit co-existence.

Company Overview

Company Name: Iric Corporation
Website: Iric Corporation
Stock Code: 7325 (Tokyo Stock Exchange, Growth Market)
Headquarters: 4th Floor, Hongo Center Building, 2-27-20 Hongo, Bunkyo, Tokyo
Established: July 1995
CEO: Ryuuji Katsumoto
Capital: 1.35478 billion yen
Business Activities:

• - Insurance sales for individuals and corporations.
• - Providing solutions related to insurance for agencies and other sellers.
• - Engaging in system development activities.

Additional Services:

• - InsurTech solutions: Iric InsurTech Solutions
• - First insurance shop in Japan: Hoken Clinic
• - Smart OCR technology: Smart OCR

According to Tokyo Shoko Research, the insurance clinic chain is defined as a shop with over 11 stores or an annual turnover exceeding 1 billion yen as of June 2018.

Iric Corporation envisions a future where technology transforms insurance distribution, ensuring that everyone can live their lives with confidence in their future, fulfilling the needs of the so-called 100-year life era.