+29.0%Phase 1: Emergence of Online-only Insurance CompaniesOur first insurance project was the construction of a front desk system for LIFENET INSURANCE COMPANY, a pioneer in the online insurance industry. They highly evaluated the UI/UX capability that we had cultivated over many years in Financial Retail, which was key to securing the contract. This experience subsequently led to the expansion of the online sales channel of a comprehensive insurance company, and the number of clients has been growing since then.Phase 2: Establishment of a core systemThe deregulation of the life insurance industry has encouraged new entrants into the industry, and this has brought a turning point for Simplex. We received an order for a core system construction project from a company entering the life insurance industry from a different industry sector. Around the same time, in 2022, we won a contract from an online-only, non-life insurance company for a project to renew their core system to feature an overseas package. We also built a core system covering all tasks of insurance operations, with a focus on policy administration, which plays an important role in operations for any insurance company.Phase 3: For legacy system renewalTraditional Japanese insurance companies are undertaking important initiatives to revamp legacy systems. However, they are struggling to find effective solutions due to difficulties in migrating data and a shortage of human resources. Our goal under Vision1000, to be achieved in the early 2030s, is to be a company that can assist major insurance companies in legacy system renewal efforts. Currently, through various system construction projects, we are working to expand the library required for large-scale legacy system renewal. (▶Page 17 Acquisition of IP Rights)History of InsuranceSince 2010, competition in the Japanese insurance industry has intensified due to the emergence of online-only insurance companies and deregulation that has encouraged new entrants. Simplex entered the insurance market in 2013, and since then has been promoting DX in the insurance industry by leveraging its digital capabilities cultivated in the Financial Solutions domain.In MTBP2027, along with the expansion of our library, an important theme is to enhance Simplex Group's reputation among major insurance companies. For the time being, we intend to work on improving our reputation through a variety of projects, including support for cloud migration and the establishment of core systems limited to certain products.In addition, in renewing heavy legacy systems, it is essential to conduct a detailed analysis of existing systems and develop a renewal strategy that minimizes risks associated with data migration. By leveraging group synergies with our consulting firm Xspear, we hope to grow Insurance into a major pillar of our business, on par with Capital Markets and Financial Retail.Q. What factors have enabled you to expand Insurance domain in Q. Is the insurance system easy to generalize?Q. Are you also allowed to retain IP rights in the Insurance Q. Tell us about the growth potential and strategies in the Q. Are there any characteristics that differ between life and non-Future Growth StrategyAs we found out during our success in Capital Markets and Financial Retail, there are several essential processes to establishing top positions in niche areas. First, you must start any business with a challenger mindset. Even when achieving small successes, there will still be various challenges to tackle next. You can only become No. 1 by overcoming these. And to remain No. 1, you need to continue to take on the challenges that keep on coming.[Reference] FAQs about Insurance31Non-financial Solutions20134,0262,923such a short period of time?domain?Insurance domain.Q. How do you plan to develop major insurance companies?life insurance companies?Insurance provides IT solutions that support a series of insurance business processes from insurance design and application to policy management mainly for life and non-life insurers.Broad categoryMarket entryProvider(Millions of yen)RevenueFY3/22FY3/235,194YoYFY3/24Focusing on the expansion of library and the development of major insurer clients in a bid to win legacy system renewal projects. Insurance
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