Japan Post starts recovery from insurance scandal

After an insurance mis-selling scandal, the new CEO of Japan Post Hiroya Masuda has pledged to regain the public’s trust in the postal operator.

“We are facing the biggest crisis since the foundation (of the postal group),” Masuda, 68, told executives of the group on his first day in the new post.

As part of this Masuda vowed to make an all-out effort to resolve all the problems that stemmed from its financial arm selling insurance products that were disadvantageous to customers.

“We will eliminate our customers’ disadvantages as soon as possible,” said the former internal affairs and communications minister, the post that supervises the group’s services. “We must regain trust step by step.”

The new CEO has called in his executives to engage in customer-oriented operations. Where bad news is going to emerge, this must be reported swiftly. The previous management was accused of taking too much time to deal with the insurance scandal.

An investigation into the insurance mis-selling found 12,836 suspected breaches of the law or in-house rules in the five years to March 2019. Only 670 of these have been confirmed.


Comments are closed.