Sompo Holdings details progress on business improvement plans

Sompo Holdings Inc. and Sompo Japan Insurance Inc. have reported significant progress on their business improvement plans. These plans were mandated by Financial Services Agency orders in December 2023, January 2024, and March 2025, addressing fraudulent automobile insurance claims, premium adjustments, and customer information leaks. Key initiatives include strengthening corporate culture to prioritize customer protection and compliance, enhancing management systems to prevent fraudulent claims, and resolving structural issues.

A core focus for Sompo is fostering risk ownership among employees and shifting from a top-down culture, with over 70% of leaders participating in the SJ New Leadership Discovery program. Efforts to prevent fraudulent claims have resulted in over 2,200 cases being investigated by a dedicated department within five months. Improvements in internal controls are ongoing, with the CAO role established in April 2025 to enhance internal audit functions and ensure independence. The company also introduced a new system for recommending repair shops to promote customer-centricity and reduce agent-related conflicts of interest.

Progress is also noted in addressing structural issues, including a commitment to reduce strategically held shares to zero by 2030, with ¥1,633m sold by August 2025. Sompo Japan is enhancing agent quality through the "SOMPO Agent Academy," with approximately 1,500 participants in its basic course, and plans to launch specialized courses in 2025. The company will continue to deepen dialogue with all stakeholders and work towards a "New Sompo Japan" that prioritizes customer value and trust.