Mitsui Sumitomo Insurance (China) Co. (MSIC) delivers insurance products and solutions to clients across China. A driving force within China’s insurance industry, MSIC is also strengthening the Japan-China economic partnership.
As part of the MS&AD Insurance Group, MSIC established a strategic partnership with China Pacific Insurance Co. 15 years ago. Today, MSIC is strengthening its reputation in China via what continues to be this so-called people-to-people business.
In recognition of his contributions to Shanghai’s development and international cooperation, Yukitaka Ito, MSIC chairman and president, was recently awarded the Magnolia Gold Award by Ying Yong, the mayor of Shanghai. Out of 12 recipients, Ito was the only Japanese national to receive the award.
“The Chinese insurance market continues to present significant opportunities and through our efforts, we have continued to rank amongst the top 10 foreign non-life insurance companies in China,” said Ito. “Our dynamic team has worked hard to ensure MSIC remains the number one Japanese non-life insurance company in China in terms of gross premiums.”
Because of fierce competition, MSIC has made it a priority to establish direct and long-standing relationships with clients across China. In order to sustain its growth and development, MSIC implemented key strategies to manage its business operations.
“Growth is of vital importance in this business and we utilize advanced digital technologies to better respond to customer needs,” said Ito. “We are transforming our portfolio by creating new ‘service pillars’ and strengthening our internal human resource strategies by building a performance-focused organizational culture.”
Japanese investment into China is expected to remain steady over the next few years as the two countries continue to strengthen economic ties.
“If you love China as much as we do, you will be inspired to contribute to the country,” concluded Ito. “We see an increasing need for non-life insurance solutions including human resource accidental fees, natural disasters, cargo and property. Our success is based on our affinity for China and our desire to support the economy. We look forward to further developing the positive relationships MSIC has nurtured with clients in China as we share our passion for success.”