Service Overview
The insurance industry operates within strict regulatory boundaries, such as the Insurance Business Act, limiting its scope of activities, while non-insurance companies face hurdles entering the insurance business.
However, recent amendments to the Insurance Business Act and comprehensive supervisory guidelines now allow investments in other industries if such investments can enhance the insurance business, improve convenience, or revitalize local areas (companies enhancing insurance business). This enables insurance companies to broaden their strategic options. Non-life insurance companies have deep insights into various industries from a risk perspective, and life insurance companies interact with different sectors through group and corporate insurance transactions. However, starting a non-insurance business within the insurance sector remains challenging due to the lack of internal expertise and experience in non-insurance business ventures. Conversely, non-insurance companies considering entering the insurance business (e.g., small-amount, short-term insurance) face challenges navigating industry practices and regulations, making strategic planning difficult without expert support.
Our company leverages its experience in launching insurance and related businesses to support companies taking on cross-industry challenges.
Consulting Approach
We assist in developing blueprints for new businesses in insurance-related fields within the insurance industry or new insurance/financial-related businesses for companies outside the insurance industry. Our support includes research and insights from advanced overseas examples, considering relevant laws and industry practices to create challenging yet feasible business models. Once the business model is agreed upon, we develop a roadmap considering internal capabilities and support the preparation of necessary logic and materials for internal decision-making.
Expected Outcomes
- Formulation of viable business ideas by researching overseas insurance companies and domestic cross-industry enterprises
- Visualization of business models, transforming concept-level ideas into detailed blueprints considering financial, data, and contractual flows
- Identification of gaps between existing assets and new business requirements, clarifying necessary capabilities for new ventures
Achievements
- Global Financial New Business Research and Support (Domestic major listed company)
- Retail × Small-Amount Short-Term Insurance Concept Support (Local retail chain company)
Inhouse and External Media Coverage
- Management Research Institute Report: Realizing New Customer Experiences through "Insurance"
