The famous AFLAC duck may soon be flying higher in the Japanese insurance market, as the company announced an impending alliance with Dai-Ichi Mutual, the country’s second largest life insurer.
AFLAC has been in Japan since 1974, and has developed a strong presence in the health insurance sector, notably in cancer insurance with nearly 90 percent of the market. Plans are to distribute AFLAC’s products through Dai-Ichi’s 50,000 strong sales force, and for AFLAC to offer Dai-Ichi’s life products.
The two companies also plan to jointly develop medical and nursing care products, and, according to newspaper reports, were holding discussions with Japanese p/c insurer Yasuda Fire & Marine, which has already formed a cooperation agreement with Dai-Ichi, to join the alliance.
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