Insurance giant Nippon Life Insurance has announced that it will launch a new company to provide low-priced insurance policies for sale at shops of independent sales agents.
Such outlets handle products offered by multiple insurers. They have enjoyed rapid growth in recent years, drawing young visitors in particular, reports Jiji Press.
The new company will swiftly develop and launch new products so that it can meet demand flexibly, Nippon Life said.
Ahead of the new company’s launch expected in the period April-September 2019, Nippon Life plans to establish a fully owned preparatory company on 2 July this year. Trading house Itochu Corp. is believed to be considering investing in the new company.