Dai-ichi Mutual Life Insurance Co. and U.S. insurer American Family Life Assurance Co. of Columbus on Thursday announced that they will tie up to cross-sell and jointly develop products.
The two have decided to cooperate in preparation for the January lifting of a ban on major domestic insurers from marketing the so-called third-sector products, such as cancer, medical and nursing care products, officials of the two companies said.
Under the agreement, Dai-ichi Mutual Life will market AFLAC's cancer insurance and other products through its 50,000 sales staff and financial planners. AFLAC, meanwhile, will sell Dai-ichi's life insurance policies through its 40,000 sales agents. The alliance will give the two access to a combined 22 million individual customers -- the largest customer base in the industry.