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In May 1926, after a year of preparations, Hinode Life changed its name to Sumitomo Life Insurance Co., Ltd. and officially began operating as a Sumitomo affiliate. Although the new company succeeded in its proactive efforts to adopt innovative management by establishing local offices and launching sales of new types of insurance, what contributed to business activities more than anything else was deep trust in the Sumitomo company name. Immediately after changing its name, the firm was ranked no higher than 33rd out of 40 companies in the industry in terms of the total amount of insurance in force. Yet, by 1938 it had advanced to sixth place out of the 29 remaining companies in the industry.
However, by that time Japan was already on a war footing. In 1945, Japan’s economy was in a shambles following defeat after a long war, and its life insurance industry faced a crisis it had never seen before. Companies moved quickly to establish themselves anew and busied themselves in rebuilding their businesses. Sumitomo Life Insurance was reborn as Kokumin Seimei Hoken Sogo Kaisha from a stock life insurance company to a mutual life insurance company. After being allowed to resume use of the Sumitomo name in June 1952, it made advance after advance, becoming one of the industry’s largest players under its former brand of Sumitomo Life Insurance Company.
From then on it has continued to lead in the industry, pioneering such innovations as low premiums, hiring woman sales associates, and establishing the SUMITOMO Life Social Welfare Services Foundation—all part of its commitment to contributing to the social and public good by supporting people’s ability to help themselves.
Sumitomo takes small diamonds, such as sound management and a customer - oriented approach, and grows them into large, brilliant diamonds. Sumitomo is fully committed to ever polish its skills, to increase its value to society, and to maintain its commitment to helping build a rich, bright, and healthy society.
Preparation of this article was overseen and photos provided by the Sumitomo shi - ryo - kan and the Sumitomo Life Insurance. |
