Recently, I went for a research trip to Japan from 16th November 2009 to 21st November 2009. The objective was to visit Tokio nautical Holdings, the parent company of Tm Asia. The trip is literally very fruitful.
Before I give my review on my findings, I must avow 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 avow this ahead first. At the same time, just to let you know I am Not an worker of Tm Asia, hence, I can be as Independent on the review as possible.
MISSIONS TRIPS TO AFRICA
During my trip, I realised that while the Asia Financial emergency happened in 1997 to 1998, lots of Japanese assurance associates collapsed. Yet Tokio nautical stood well against the test of time and became a giant assurance company in Japan. According to the newest statistics, one out of every four person in japan is insured with Tm. There is a up-to-date Japanese newspaper record that reports that other than Tokio Marine, all associates 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 emergency 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 amiable 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 turn every other year right? In the book 7 habits of victorious 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 associates do have their construction colse to the Emperor's Palace. It states how old is Tokio nautical company is. The company 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 prominent 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 According to the reputation rating agencies, they are just rated 1 level below Berkshire Hathaway.
However, like all companies, no company 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 company straight through Mergers and Aquisitions. One of the most prominent acquisitions in up-to-date years is that they bought over Asialife general Holdings (the parent company of Asialife) in 2006 and renamed Asialife to be Tm Asia.
That is why though Asialife have 60 years palpate 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 come to be better with the turn of reinsurer.
Nonetheless, as Policyholders of our own Insurance, we need to understand the background of the company, regardless either is it Tm Asia, Ntuc, Aviva, etc. The 2 most prominent questions we should ask our Advisors about our own policies are - 1. Are the policies the most value for money? 2. Which company is giving me the most bonus?
We as consumers deserved the right to know it:)
Tokio nautical Asialife business delineate MISSIONS TRIPS TO AFRICA
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