Sony Life Insurance Co., a division of Sony Financial Group, will eliminate its exclusive agency system. The decision follows the discovery of misconduct by an agent at an exclusive agency. The company received approximately 30 customer complaints. These complaints involve improper financial conduct.
Sony Life will convert exclusive agencies to general agencies. The insurer is reviewing all contracts handled by these agencies and their employees. The company is also reviewing all customer financial dealings. Sony Life is contacting affected customers to investigate similar issues. The company will provide progress updates by the end of May.
This shift aims to rebuild trust and enhance governance and control systems.