IRIC Corporation

Basic Information

Stock Code
7325
Industry
Insurance
Category Detail
Insurance
Prefecture
Tokyo
Establishment Year
July 1995
Listing Year
September 2018
Official Website
https://www.irrc.co.jp/
TSE Information
TSE Information
Yahoo! Finance
Yahoo! Finance
Other Companies
Ymir Link, Fines, Ains, Nihon Sokken, Chuo International Group, Broadmind, FP Partner, Advance Create, Horai

Overview

IRIC Corporation is a pioneer in the walk-in composite insurance shop segment of the insurance agency industry, founded in 1995, with strengths in consulting powered by fintech and technology development.

Current Situation

IRIC Corporation achieved consolidated sales of approximately ¥4.6 billion in FY2022, expanding walk-in insurance agency 'Insurance Clinic' nationwide and maintaining strong competitiveness. Under Representative Director, President & CEO Ryuji Katsumoto, it handles a variety of life and non-life insurance products, while advancing system development through subsidiaries. The in-house 'Insurance IQ System' enhances customer policy analysis capabilities, successfully strengthening consulting functions at insurance shops. In recent years, focus has been on fintech and insurtech areas, promoting IT utilization such as automated auto insurance quoting and smartphone hospitalization benefit claim systems. Due to the novel coronavirus impact, online sales have been launched, diversifying sales channels. As a promoter of women's active participation, it has received the highest 'Eboshi' certification from the Minister of Health, Labour and Welfare, boasting a high female manager ratio of 50%. Moving forward, it will continue investments in digital technology enhancement, nationwide store expansion, and customer satisfaction improvement to pursue growth.

Trivia

Interesting Facts

  • Launched Japan's first walk-in composite insurance shop chain in 1999
  • Boasts high customer analysis capabilities in the industry with proprietary Insurance IQ System
  • Partners with TSUTAYA for co-located store-type insurance shops
  • Maintains female manager ratio over 50%, certified as excellent for women's active participation
  • Advanced adopter of fintech and insurtech
  • Developed Japan's first smartphone hospitalization benefit application system
  • Jointly deploys auto insurance quote automation service with Mitsui Direct
  • Built new business model fusing insurance sales and IT services
  • Accelerated growth by relocating headquarters from Shinjuku-ku to Bunkyo-ku
  • Deploys nationwide network with numerous franchise affiliates
  • Representative Director Ryuji Katsumoto is an entrepreneur from banking and insurance
  • Transitioned to Growth Market in 2022 TSE reorganization
  • Multiple top 10 entries in female manager ratio rankings
  • Insurance policy analysis system considering industry patent acquisition
  • Broad response to customer needs through diverse channel deployment

Hidden Connections

  • Cleverly fuses bookstore users and insurance customers through TSUTAYA partnership
  • Contributes to product improvements through sales data analysis via partnerships with multiple major insurers
  • Receives high evaluation within industry groups for initiatives benefiting women's active participation
  • Insurance IQ System also provides technology to related IT companies
  • Online sales launch during pandemic contributed to new trends in insurance agency industry
  • Collaborations with financial institutions and software companies lead to new product/service development
  • Introduced fintech specialist training in employee education to maximize training effectiveness
  • Pursues industry scale advantages not only in insurance sales but also IT services

Future Outlook

Growth Drivers

  • Increasing demand for trust-based services at walk-in insurance agencies
  • Efficiency and new customer acquisition via insurtech
  • Organizational revitalization and competitiveness strengthening through women's active participation
  • Sales pipeline expansion through new channel development
  • Strengthened customer proposal capabilities via advanced insurance analysis systems
  • Sales growth through regional franchise expansion
  • New customer acquisition via expanded non-face-to-face services post-coronavirus
  • Product differentiation through strengthened collaborations with major insurers
  • New service creation leveraging insurance market legal amendments
  • Smart insurance sales utilizing IT technology evolution
  • Corporate value enhancement emphasizing sustainability対応
  • Increased sales effectiveness through digital marketing optimization

Strategic Goals

  • Completion of walk-in insurance shop network in major cities nationwide
  • Achievement of 50% sales ratio from fintech-related
  • Continuous achievement of 60%+ female manager ratio
  • Capture 40% domestic share of Insurance IQ System
  • Promotion of ESG management and information disclosure systems
  • Optimization of multi-channel sales including online
  • Expansion to over 200 franchise stores
  • Maintenance of 90%+ customer satisfaction
  • Industry patent acquisition for insurance product analysis technology
  • Strengthening of sustainable social contribution programs

Business Segments

Insurance agency operations

Overview
Agency sales of various life and non-life insurance products and sales support.
Competitiveness
High customer response capabilities through integration of walk-in shops and IT systems
Customers
  • Life insurance companies
  • Non-life insurance companies
  • Insurance solicitation agencies
  • Franchise stores
  • Individual agencies
Products
  • Life insurance products
  • Non-life insurance products
  • Insurance sales support services
  • Insurance policy analysis system
  • Sales support tools

Insurance sales system development

Overview
Development and implementation support for IT solutions specialized in insurance operations.
Competitiveness
Development capabilities reflecting insurance agency operation know-how
Customers
  • Insurance agencies
  • Insurance companies
  • Franchise headquarters
  • IT companies
  • Financial institutions
Products
  • Insurance IQ System
  • Robo-advisor system
  • Contract management system
  • Automated quoting system
  • Smartphone application system

Franchise store expansion support

Overview
Supports franchise expansion of insurance shops on a nationwide scale.
Competitiveness
Know-how from Japan's first walk-in insurance shop chain
Customers
  • Franchise join stores
  • Local agencies
  • Insurance shop operators
Products
  • Store operation support
  • Sales system provision
  • Training services

Consulting & customer support

Overview
Specialized consulting and support for insurance policyholders.
Competitiveness
High-precision proposals through detailed policy analysis
Customers
  • Walk-in customers
  • Corporate customers
  • Insurance policyholders
Products
  • Insurance review consulting
  • Policyholder support
  • Insurance education programs

Insurance insurtech business

Overview
Develops new insurance sales platforms utilizing fintech.
Competitiveness
Industry-first automated quoting system and smartphone application technology
Customers
  • Insurance companies
  • Sales agencies
  • Customers
Products
  • AI insurance analysis
  • Automated quoting system
  • Smartphone application system

Women's active participation support services

Overview
Promotes active participation of female employees and improvement in management ratios.
Competitiveness
High evaluation from certification as excellent company for women's active participation
Customers
  • Internal female employees
  • Management candidates
  • Human resources development departments
Products
  • Workplace environment improvement programs
  • Female manager training
  • Diversity promotion support

Sustainability promotion services

Overview
Insurance products and activity support addressing environmental and social issues.
Competitiveness
Advanced sustainability initiatives within the industry
Customers
  • Corporate customers
  • Local communities
  • Insurance policyholders
Products
  • Environmentally considerate insurance products
  • Social contribution programs
  • Local collaboration events

Education and training services

Overview
Supports enhancement of expertise and customer service skills for insurance sales staff.
Competitiveness
Practical training system utilizing in-house developed systems
Customers
  • Insurance agency employees
  • Franchise join stores
  • Individual agencies
Products
  • Insurance product education
  • Customer service skills training
  • IT system training

Customer data management services

Overview
Supports safe and efficient management of customer information.
Competitiveness
Data management functions specialized for insurance operations
Customers
  • Franchise headquarters
  • Insurance agencies
  • Sales companies
Products
  • Customer information management system
  • Contract history analysis
  • Customer follow-up tools

Sales support system provision

Overview
Support systems for sales activity efficiency and result maximization.
Competitiveness
Industry-specialized business efficiency know-how
Customers
  • Insurance agency sales staff
  • Sales channel managers
  • Marketing personnel
Products
  • Sales daily report management
  • Goal management system
  • Sales promotion tools

Industry collaboration and partnership promotion

Overview
Promotes collaboration and cooperation with various industry partners.
Competitiveness
Cooperation capabilities leveraging diverse industry networks
Customers
  • Insurance companies
  • IT companies
  • Sales partners
Products
  • Business partnership support
  • Joint development projects
  • Market collaboration

New service planning and development

Overview
Planning and provision of innovative services aligned with market needs.
Competitiveness
Aggressive investment and development structure in advanced technologies
Customers
  • Corporate customers
  • Consumers
  • Partner companies
Products
  • Fintech new product development
  • Insurtech innovative services
  • Marketing planning

Competitive Advantage

Strengths

  • Pioneer in walk-in insurance shops
  • High-precision consulting via in-house systems
  • Handling of wide range of life and non-life insurance products
  • Advanced fintech and insurtech adoption
  • High female manager ratio and diverse talent utilization
  • Nationwide franchise expansion capabilities
  • Strong business partnerships with insurance companies
  • Integration of IT and insurance agency business
  • High customer satisfaction and repeat rate
  • Flexible sales channel strategy
  • Initiatives in information security measures
  • Strong brand recognition
  • Uniqueness of insurance policy analysis technology
  • Rapid response to market changes
  • Abundant industry knowledge and know-how

Competitive Advantages

  • Operates Japan's first specialized walk-in composite insurance shop
  • Differentiation via in-house Insurance IQ System
  • One-stop provision of diverse insurance products
  • Sales support structure leveraging fintech technology
  • Operational know-how for numerous franchise stores
  • High social credibility in women's active participation
  • Early adoption advantage in online sales channels
  • IT service development specialized for insurance agencies
  • Improved customer attraction via strategic alliance with TSUTAYA
  • Deployment of unique services like smartphone hospitalization benefit applications
  • Strong customer data analysis and marketing capabilities
  • Rapid response to legal and regulatory changes in insurance
  • Strong partnerships with diverse insurance companies
  • Customer trust building through community-based services
  • Continuous sales efficiency improvement via new technology adoption

Threats

  • Intensifying competition in the insurance agency industry
  • Increasing competitors from online insurance sales expansion
  • Growing information security risks
  • Risks from legal and regulatory amendments in insurance
  • Decrease in store visits due to novel coronavirus
  • Burden of responding to diversifying customer insurance needs
  • Demand for technological innovation from rapid IT advancements
  • Challenges in talent acquisition and development
  • Intensifying price competition in insurance products
  • Expansion of fintech company entries
  • Decline in insurance subscription rates due to economic fluctuations
  • Insurance loss risks from natural disasters, etc.

Innovations

2021: Robo-advisor 'Ikkyu Family' released

Overview
Developed a robo-advisor for family insurance proposals, expanding customer convenience.
Impact
Contributes to increased customer consultations and business efficiency

2020: Smartphone hospitalization benefit application system developed

Overview
Digitalized hospitalization benefit procedures in collaboration with multiple insurance companies.
Impact
Faster application processing and improved customer satisfaction

2020: Internet insurance sales service launched

Overview
Strengthened online sales amid novel coronavirus impact, expanding non-store channels.
Impact
New sales acquisition and sales channel diversification

2023: Auto insurance quote automation service

Overview
Promotes automation of quoting operations in collaboration with Mitsui Direct Non-Life Insurance, etc.
Impact
Business efficiency and rapid customer response

2022: Insurance IQ System functionality enhanced

Overview
Advanced automated policy analysis functions, improving consulting quality.
Impact
Improved customer satisfaction and strengthened sales promotion

2024: Fintech collaboration platform construction

Overview
Strengthened IT platform specialized for insurance sales, collaborating with multiple financial institutions.
Impact
Improved system integration convenience

2023: Training program refresh for women's active participation

Overview
Introduced new training to enhance skills of female managers.
Impact
Maintaining female manager ratio and organizational revitalization

2021: TSUTAYA co-located insurance shop expansion

Overview
Increased number of co-located insurance shops in TSUTAYA stores, improving customer attraction.
Impact
Increased store visitors and sales expansion

2024: AI chatbot insurance consultation service

Overview
Achieved improved customer response efficiency with AI automatic response chatbot.
Impact
Reduced inquiry response time, improved customer satisfaction

2022: Contract management system cloud migration

Overview
Refreshed contract management system to cloud-based, improving operational flexibility.
Impact
Cost reduction and stable system operation

Sustainability

  • Promotion of women's active participation and diversity
  • Implementation of educational support activities for local communities
  • Paperless promotion to reduce environmental impact
  • Customer protection through strengthened information security
  • Employee health promotion and comfortable workplace environment
  • Participation in local disaster prevention and support activities
  • Governance strengthening for sustainable management
  • Promotion of environmental impact reduction at franchise stores
  • Proper management of customer information and privacy protection
  • Efficient insurance services via fintech utilization
  • Organizational revitalization through improved female manager ratio
  • Active participation in local events and co-creation promotion