Providing Optimal Protection through the Life Planning Support Service (LiPSS)
Life Planning and Designing Protection
Our LiPSS software connects specific coverage and an uncertain future.
This software plan allows for contingencies so that the life plan of
a customer’s family does not go off track even if the unexpected occurs,
and clearly estimates the amount of coverage needed to offset
economic risks given a customer’s future life plan.
Even after protection begins, we use LiPSS to support customers at
different life stages and in line with changing risks.
Step 1: Life Planning
Eliciting Customers’ Dreams and Goals
The first step is to learn the life paths a customer and his or her family intend to follow, as well as their dreams and goals. When forecasting the future, we look at this picture as seen by every member of a family.
This process allows us to forecast how much money will be needed, as well as when and for what purposes.
Simulation of a Life Plan Chart
Life Plan Chart Considerations
- We look at the ways in which a family’s life will change over the next few decades
- The chart looks at the period during which children will be attending school—from
kindergarten to university—and estimates expenses, including times when
siblings’ educational costs will overlap
- The timing of life events that involve major expenditures, such as purchasing or
renovating a house
- Caring for senior parents living together and the customer’s own plans for his or her
- The timing for pursuing a customer’s future dreams, such as career plans that involve
changing jobs or striking out on his or her own
Step 2: Simulation
Simulation of Future Income and Expenses
- Next, we look at the potential changes in a family’s income and expenses as they progress according to the life plan
they have created.
- By comparing projected income and expenses on a yearly basis, we confirm whether the life plan is viable financially.
- By considering the balance between income and expenses and prioritizing expenditures, we propose realistic ways
to make improvements.
Next, we run simulations to factor in the unexpected. We clarify the shortfall in the amount of money that would be
sufficient to allow the bereaved family to live comfortably in the event of an untimely death.
<LiPSS> Income and Expenses on an Annual Basis for Each Year of Survival
Balance of Financial Assets
<LiPSS> Simulation of Income and Expenses on an Annual Basis if the Unexpected Occurs
Balance of Financial Assets
Step 3: Insurance Planning
Considering Life Plan Risks and Countermeasures
- One factor that must be considered is whether, in the event of an untimely
death, the bereaved family would be able to live comfortably according
to their life plan.
- We look at what additional money would be needed.
- Based on the results of the customer’s life plan and these simulations,
our insurance professionals—Lifeplanner sales employees and Partners—analyze and consider needs from various angles before making proposals
to the customer.
<LiPSS> Necessary Amount of Coverage
Necessary Amount of Coverage
To calculate the necessary amount of coverage, we
run a simulation to determine the potential gap
between expenses and income in the event of an
untimely death. (This is the amount that needs to be
covered after allowing for a survivorship pension or
other public support.)
Sony Life’s Proprietary System Supporting Consulting-based Sales
and Follow-up Consultations
*C-SAAF is an acronym for Consulting-Sales and Follow-up system.
In fiscal 2012, Sony Life introduced the C-SAAF* follow-up consulting system along with its upgraded sales support
and customer management systems, which are underpinned by its LiPSS simulation system for life planning.
This system greatly reduces the burden to customers of the application process.
The system also allows for the consolidated management of such information
as the life plan set forth when a policy was initially taken out, along with any
adjustments made to accommodate later changes in conditions. This system
allows Sony Life to conduct long-term follow-up consultations in a timely manner.
Paperless Application Process
Filling in a paperless application
A paperless application process allows customers to
confirm policy content on-screen and conclude the procedure
by providing an electronic signature.
In fiscal 2015, Sony Life introduced an instant approval system and launched the industry’s first instant approval of new policy applications submitted through paperless processing.
In fiscal 2016, we introduced paperless processing of various face-to-face administrative details following policy signing, such as changes to the payment method and policy content.
Smartphone Connections to the Customer Database
Linking a customer representative’s smartphone with
the customer database allows the representative to call
up and refer to a customer’s policy information simply by
tapping on the customer’s communication records. This
approach allows us to respond to telephone requests in
real time and store that information in our database. We
can thus respond securely and swiftly to customers at
any time and from any location.