Dai-ichi Life Innovation Fund (DLIF) was launched to foster a culture of innovation within the Dai-ichi Life Group. The DLIF provides up to $5 million annually to fund bold ideas that are collaborative and align with the group's strategic themes. Ideas are submitted twice a year and pitched to senior executives, with the most promising receiving funding and support. Notable funded ideas include using dynamic pricing for vehicle insurance based on driving data, combining online and offline insurance sales in Cambodia, and an AI avatar to assist customers and agents. The DLIF aims to accelerate the group's innovation capabilities through developing talent and collaborating both internally and externally.

1. Submission for Insurer Innovation Awards 2023
Dai-ichi Life Innovation Fund (DLIF): Foster a Culture of
Innovation
Dai-ichi Life Holdings, Inc.
April 2023

2. 2
1、Background
Dai-ichi Life Group at A Glance
*1: The rating scores are as of July 21, 2022. The JCR rating is for Dai-ichi Life Holdings and the others are for the Dai-ichi Life Insurance Company.
*2: Figures are for the latest available 12 months as of the extraction date from Bloomberg of 10 June 2021. This ranking does not include mutual companies.
*3: Figures are extracted from “advrating. com” as of end of June 2020 . This ranking does not include mutual companies.
• S&P: A+,
• Fitch: AA-,
• A. M. Best: A+,
• R&I: AA-
• JCR: A+
• In 1902, the Dai-ichi Life Insurance Company was
established as the first mutual life insurance
company in Japan
• Since 2007, it has expanded into overseas markets
• Today, it operates in 10 countries with approximately
65,000 employees worldwide who support its growth
Life insurance Total Premiums*2
93.0
50.0 45.0
35.0 33.0 28.0 27.0 26.0 25.0
China
Life
Generali
Dai-ichi
Great-West
AIA
Allianz
CNP
Power
Manulife
Total assets of life insurance companies*3
1,144
915 903
768 721
635 580 571 564 494
Allianz
Prudential
US
AXA
Metlife
L
&
G
Manulife
Generali
Aviva
Dai-ichi
CNP
(USD
bn)
(USD
bn)
With a 120-year history, we are a top global player in our industry
History Financials
Credit Rating*1

3. 3
Australia
Vietnam
Indonesia
India
Thailand
Cambodia Myanmar
USA New Zealand
Innovation teams across 4 regions Insurance businesses operated in
10 countries
Innovation
Lab
London
Europe
Innovation
Lab
Silicon Valley
North America
DLI Asia Pacific
Singapore
Asia Pacific
DLIF launched to foster group innovation culture!
Japan
Innovation Dedicated Teams
Innovation Planning Group
Innovation Acceleration Group
Dai-ichi Life
Innovation Lab
(Tokyo)
1、Background
Dai-ichi Life Group’s Global Network

4. 4
• Bold and innovative ideas
• Insights beneficial for the group
• Collaborative projects involving multiple markets
• Align with the 5 key “themes”: simplification,
compliance, experience, value and ESG
Fund Size 5M USD/year
Selection Criteria
• Foster an innovation culture
• Achieve group synergies
• Develop innovation capabilities
• Explore innovative solutions
• Promote important R&D that is difficult to see results in
the short term
Objectives
• Align with group strategy
• Group optimization with a mid-to-long-term vision and
a C2B perspective
• Encourage bold challenges with tolerance towards
failure (“fail fast and learn fast”)
Operating Principles
Pitch Day 2 times/year
Judges Senior executives across the group globally
2、DLIF
Overview

5. High quality ideas submitted to
the Innovation Fund
Training & Coaching
(support)
Community of Innovators
(facilitate)
Benefits to group company’s
local projects
・Provide basic training to
generate validated business
propositions
5
2、DLIF
Forming a Community of Innovators
・Target skilled colleagues
interested in innovation
・Grow the community of
innovators & collaborators
・Build innovation skills from
insights and use cases
・External speakers & insights
・Develop selected innovation
advocates / coaches in BUs
・Boost networks &
collaborations
・Leverage group resources

6. 6
2、DLIF
Local Innovation Programs Stimulated by the DLIF
Asia Pacific
Japan
United States
Australia
Training Program for
Digital Transformation
Talents
Idea Developers
Program
Innovation Fellowship
Program
Innovation Showcase
AI/Data Science
Community
Forming of innovator community
The north star

7. 7
R3: 8 ideas submitted → 6 ideas pitched → 5 ideas funded 2.3M USD in total
R4: 6 ideas submitted → 5 ideas pitched → 4 ideas funded 1.6M USD in total
Timeline for R4
～Jan Feb Mar～
Application window
Screenin
g
★Submission deadline
Pitch
prep
Fund transfer
★Pitch day
Ideas
submitted
Ideas
passed
Ideas
funded
2、DLIF
Round 3 and Round 4 Operations
Over 100 people took part in the pitch day of
R4

8. 8
Country Idea Summary
United
States
Vehicle
Health
Dynamic pricing insurance of asset protection based on driving, maintenance
training/repair, and other activity histories
Cambodia
Inclusive
Insurance
Combining offline touchpoints and online procedures, it simplifies insurance
purchase and raises awareness for customers, redefining CX
Japan AI Avatar
Interactive AI avatars to support customers' life plans and improve CX as well
as productivity with sales channels
United
States
Finfluencer Marketing to Gen Z with SNS influencers and direct sales platform
India You Matter
Mental health status checkup/early intervention and needs creation through
SNS behavioral analysis
Japan
Metaverse
Life Design
3.0
An online game to encourage people to find a healthy balance of finances,
health and social connection to others
Australia
Embedded
Insurance
Provide personalized and embedded insurance propositions using API
2、DLIF
Excerpt from Funded Ideas

9. 9
3、Funded Idea Showcase
CX Transformation with Interactive AI Avatar “ICHI” (PoC)
Talk to ICHI
※The screen is an MVP for
PoC
The interactive AI Avatar “ICHI” enables our sales agents to
focus on in-person cases and provide better customer service
Customers Sales Agents Life Insurer
Receive thorough
in-person support
from agents
Interactive AI Avatar
“ICHI”
Support
Receive quick and
efficient support
from AI Avatar
Customer
contact data
Customer
contact data

10. 10
3、Funded Idea Showcase
CX Transformation with Interactive AI Avatar “ICHI” (Future Vision)
SNS、
ads, etc
Potential customers on platform
Leading Nurturing Purchase decision
Database
Engage and cross-selling with
group companies
Database
Micro
insurance
Chat
First contact
w/ Dai-ichi
Life
Potential customers
Encounter ICHI
unexpectedly in
daily life
Life
insurance
Digital
contents

11. 4、Beyond the DLIF: A Continual Journey Onwards
11
•Foster an innovation culture
•Achieve group synergies
•Enhance group collaborations
•Apply projects with potentials
•Develop digital transformation talent
•Leverage global talent
Accelerate internal group
innovation capabilities
Boost external collaboration
through open innovation