Tag: Insurance

AIG Life Unit to market products through Japan Post

Posted by | Dec 21, 2007 | |

American International Group Inc. said its Japan life insurance subsidiary has been selected by Japan Post Insurance Co. Ltd. as a provider of life insurance products for corporate customers.

According to AIG, the Japan Post Holdings subsidiary selected ALICO Japan, the Japanese branch of AIG’s American Life Insurance Co., to market its products to small- an medium-sized businesses through Japan Post Insurance’s 1,000-member sales team. The sales force is part of a nationwide 81-branch network for Japan Post Insurance.

ALICO will be able to start selling its life products through the network beginning in June 2008, subject to regulatory approval.

Japan Post Insurance was privatized by the Japanese government in October this year. It is the largest life insurer in Japan, with assets of 113 trillion yen ($997 billion). The government-run postal system was broken into four units, wholly owned by a government holding company, with the Kampo and Yucho segments becoming the world’s largest life insurer and savings bank, respectively.

A month ago, Japan Post Network Co. chose Aflac Japan, a unit of U.S.-based supplemental insurer Aflac Inc., as the exclusive provider of cancer insurance for distribution through its roughly 24,000 post offices nationwide.

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Kan approves Israel Post, Mizrah Insurance venture

Posted by | Dec 5, 2007 | |

Antitrust Authority director general Ronit Kan has allowed Israel Post Company Ltd. and Mizrah Insurance Services Ltd. to collaborate on non-life insurance for a limited period and subject to restrictions. The two companies can set up a joint venture that will sell insurance policies at post offices.

Insurance agents opposed the proposed joint venture, but Kan decided that it would improve competition in the market. The Antitrust Authority imposed restrictions on the joint venture due to concerns that Israel Post might discriminate against customers who come to the post office to change vehicle ownership but who refuse to buy insurance. The Postal Bank has the exclusive authority to handle the transfer of vehicle ownership. Israel Post may not condition handling the transfer of vehicle ownership on the purchase of insurance or obtaining insurance services.

In addition, Kan limited the joint venture to three years, after which the Antitrust Authority will review it.

Under the agreement between Israel Post and Mizrah Insurance, some post offices will have an automated station or a station manned by an insurance agent who will offer consumers vehicle insurance policies from various insurance companies. The insurance companies will quote prices directly, without the intervention of the agent, enabling consumers to compare prices themselves. In this way, Israel Post will become a new and important distribution channel for non-life insurance.

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Japan Post Network chooses Aflac as exclusive provider of cancer insurance

Posted by | Nov 19, 2007 | |

Japan Post Network Co. has chosen Aflac Japan, a unit of U.S.-based supplemental insurer Aflac Inc., as the exclusive provider of cancer insurance for distribution through its roughly 24,000 post offices nationwide.

“Given the extensive number of post office locations, we anticipate that over-the-counter sales will play an important role in the future,” said Laura Kane, a spokeswoman for Aflac Inc. However, the company isn’t ready at this point to share expectations on future revenue or earnings from the deal, she said.

Japan Post Network is one of four separate postal entities that started operating in October as a part of the postal privatization process established under laws enacted in 2005, the Columbus, Ga.-based Aflac said.

Japan is Aflac Inc.’s biggest market, where it derives about 75% of its total revenue. The company says it’s the No. 1 insurance company in terms of individual insurance policies in force in Japan. Kane said cancer is the No. 1 killer in Japan and Aflac is the biggest seller of cancer insurance in that country.

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Post Office (UK) cuts mortgage rate

Posted by | Nov 18, 2007 | |

The Post Office announced it has cut its three year fixed rate mortgage to 5.64 per cent – making it the best deal of its kind currently available*.

The mortgage carries a fixed arrangement fee of just GBP 399 and can be taken out on up to 95 per cent of a home’s value, giving Post Office customers a market leading deal. In support of the product’s transparency and great value it has been awarded a rare 5* rating from Moneyfacts.

Three year fixed buy-to-let and self-certification mortgages are also currently available at trial branches.

The mortgage trial, launched in September 2007, follows a succession of well-received financial product launches by the Post Office which is now the fastest growing financial services provider in the UK. It has already attracted more than one million customers with its easy to understand and good value products.

A formal evaluation will take place at the end of the mortgage trial, which will inform how the Post Office proceeds with its offering.

Post Office Mortgages are provided in conjunction with Bristol and West, the Bank of Ireland’s lending arm. As a responsible lender, the Post Office applies strict lending criteria and enforces appropriate checks before an offer is made.

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Post Office (UK) to launch new Christmas Club

Posted by | Nov 15, 2007 | |

The Post Office today announced plans to launch a new Christmas Club offering customers a secure and convenient way to save for Christmas 2008, with additional membership rewards that will increase their spending power.

The Post Office Christmas Club will fill a gap identified by HM Treasury’s Review of Christmas Saving Schemes by Brian Pomeroy, Chairman of the Financial Inclusion Taskforce, in March this year carried out in the wake of the Farepak collapse.

All funds deposited in the Post Office Christmas Club will be governed by strict E-money regulations and held in a protected account under the control of Bank of Ireland. The funds will only be accessible to Club members.

The scheme will be available at all Post Office branches from January 2008. Customers will be issued with a Christmas Club card which they can use to make deposits over the counter. The minimum single deposit will be GBP 5, and the maximum individual payment GBP 500, up to a total of GBP 1,000 savings per card per annum.

Funds will be locked away until 1 November 2008, when the Christmas Club card can be used as a pre-paid debit card with retailers signed up to the scheme or exchanged for gift vouchers at Post Office branches.* The Post Office has negotiated partnerships with around 200 retailers so far, covering grocery, wine merchants, fashion, travel and leisure, health and beauty companies. Top names include Argos, Boots, Debenhams, Halfords, House of Fraser, Peacocks, Sainsbury’s, Thorntons, Woolworths and WHSmith.

Christmas Club members will be able to benefit from further rewards as the Post Office negotiates discounts and bonuses with retailers. These deals will be announced from January and throughout 2008, and will provide significant benefits compared to current rates available from High Street savings accounts.

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