Recently, I went for a explore trip to Japan from 16th November 2009 to 21st November 2009. The objective was to visit Tokio nautical Holdings, the parent firm of Tm Asia. The trip is easily very fruitful.
Before I give my present on my findings, I must verbalize that this trip is fully sponsored by Tm Asia for a group of achievers (there are about 20 of us). Tm Asia flew us in Singapore Airlines and housed us at Hilton Tokyo (though I dislike the hotel as I paid close to 80 dollars for just 3 days of internet access). In order to be as transparent and objective as possible, that is why I verbalize this ahead first. At the same time, just to let you know I am Not an laborer of Tm Asia, hence, I can be as Independent on the present as possible.
News From Japan
During my trip, I realised that while the Asia Financial urgency happened in 1997 to 1998, lots of Japanese assurance fellowships collapsed. Yet Tokio nautical stood well against the test of time and became a giant assurance firm in Japan. Agreeing to the latest statistics, one out of every four man in japan is insured with Tm. There is a modern Japanese newspaper record that reports that other than Tokio Marine, all fellowships had a reduction of nett premiums. Why Tm have an increase? This was in general due to the overseas acquisition by Tm. For the past few years, Tm bought over Loyld, and of policy Asialife (1st Singapore assurance company). What a good news especially while the financial urgency period:)
Sadly though we never met the Managing Director of Tokio nautical but we met the Managing Director and administrative Director, Mitani-San of Tm Asia. They are both very cordial and helpful to us. Most importantly both have stayed in Tokio nautical (Tm) for very very long. For Mitani-San, he stayed in Tm for like 19 years!
Why is that important? Well it is a sign of stability in the company. We wouldn't want terms and conditions change every other year right? In the book 7 habits of flourishing person, Steve Covey said that the principle behind good buyer aid is how well they treat staff. Hence, I am rather happy that Tm is treating their staffs very well.
The construction they had in Tokyo is in prime location - just next to the Emperor's palace. Very very few fellowships do have their construction around the Emperor's Palace. It states how old is Tokio nautical firm is. The firm started in 1870. And more importantly, the value of the construction is all the time on the rise. Not to mentioned that Tm Asia is now construction a new construction in Cecil St.
Very surprisingly, Tm have a Tv broadcast studio to broadcast all important messages and trainings to all the branches in Japan. I was told that Tm launched their own satellite for the studio. What a display of financial strength. No wonder Agreeing to the prestige rating agencies, they are just rated 1 level below Berkshire Hathaway.
However, like all companies, no firm is without weakness. The one and only most glaring disadvantage of Tm is that Tm is relatively "new" in life insurance. They only got into life in 1996. 13 years is still relatively new in term of life. And that is why Tm is construction up their Life firm through Mergers and Aquisitions. One of the most important acquisitions in modern years is that they bought over Asialife general Holdings (the parent firm of Asialife) in 2006 and renamed Asialife to be Tm Asia.
That is why though Asialife have 60 years touch in life assurance but if u do an acra check on Tm Asialife, you get a 2 years company. At the same time, the reinsurer of Tm Asia is far from ideal. Due to trade secrecy reason, I shall not mention name but from a trusted source, Tm Asia is in the midst of changing their reinsurer. Let's hope that things will become better with the change of reinsurer.
Nonetheless, as Policyholders of our own Insurance, we need to understand the background of the company, regardless whether is it Tm Asia, Ntuc, Aviva, etc. The 2 most important questions we should ask our Advisors about our own policies are - 1. Are the policies the most value for money? 2. Which firm is giving me the most bonus?
We as consumers deserved the right to know it:)
Tokio marine Asialife company revealSee Also : todays world news headlines
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