What Nippon Souken does

Nippon Souken Co., Ltd. (株式会社日本総険) is a Japan-registered independent insurance broker (保険仲立人) founded in December 1996 in Takamatsu, Kagawa Prefecture, and listed on the Tokyo Stock Exchange TOKYO PRO Market since August 4, 2023 — the first insurance broker to list on any TSE market. The company was registered as the first broker with the Shikoku Finance Bureau and operates under a fiduciary "best advice" obligation to clients rather than as a tied agent of any insurer. Its core offering, IBA COVER, is a structured insurance design methodology that combines on-site risk surveys conducted by an in-house technical department, competitive bidding across a 12-insurer non-life and 8-insurer life panel, customized policy assembly, ongoing loss-prevention consulting, and end-to-end claims handling including an outsourced complaint-response service with over 6,000 cumulative cases (~300 per year). A second product line, Minhoke (みんほけ), launched in 2018 and patented in 2021 (Patent No. 6925004), is Japan's first crowdfunding-based insurance product targeting small business owners.

The firm's revenue is generated primarily through insurance brokerage commissions on placed premiums, with optional separate consulting fees for loss-support advisory and a transaction-fee component from the Minhoke platform. Distribution is exclusively direct: a field-sales team conducts initial consultations and on-site risk surveys at no charge, then delivers tailored proposals through three sales/operations nodes (Takamatsu HQ, Tokyo regional office opened April 2019, and Sapporo office opened October 2025), supported by a CS Center handling accident reporting. The company operates two wholly-owned subsidiaries — Nippon Souken Trust Technologies Co., Ltd. (acquired January 2019) and Nippon Souken in Customer Co., Ltd. (acquired December 2017) — and markets through its own Sonpo Insight editorial platform, public lectures, regional PR, and sponsorship of the Setouchi International Art Festival. The target customer base is Japanese small-to-mid-market enterprises across healthcare, manufacturing, construction, service, retail, and amusement sectors that lack in-house insurance expertise and rely on Nippon Souken as a single fiduciary counterparty.

Name

Nippon Souken

Legal name

株式会社日本総険

Website

https://iba-ns.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Nippon Souken is a Japanese independent insurance broker (保険仲立人) serving small and mid-market enterprises with risk-survey-based policy design, competitive insurer bidding, claims handling, and loss-prevention consulting; headquartered in Takamatsu, listed on TSE TOKYO PRO Market.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Carriers and Related Activities (524)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

Keywords

• Insurance brokerage
• Risk management consulting
• Commercial insurance
• Claims handling services
• Business continuity planning

Headquarters

HQ city

Takamatsu

HQ country

Japan

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Brokerage Commissions (保険仲立手数料): Commissions received from insurance companies for arranging insurance contracts on behalf of clients. As an independent insurance broker registered with the Financial Services Agency, Nippon Souken acts as a fiduciary for clients and is compensated by insurers based on placed premium volume.
2. Loss Support Consulting (ロスサポートコンサルティング): Risk consulting fees charged for specialized advisory services beyond standard brokerage. According to their customer-first policy, this is separately agreed upon in writing and is optional, not a standard charge.
3. Minhoke Insurance Product (みんホケ): A crowdfunding-based insurance product targeting small business owners (initially restaurant owners) — Japan's first crowd-funded insurance product. Business model patent obtained (Patent No. 6925004). Revenue from policy premiums arranged through this platform.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Nippon Souken is an independent insurance broker (保険仲立人) that designs and arranges commercial insurance policies on behalf of Japanese corporate clients, performing on-site risk surveys, soliciting competitive bids from multiple insurers, and providing end-to-end claims handling and complaint negotiation. Beyond corporate brokerage, it runs Minhoke, Japan's first crowdfunding-based insurance product targeted at small business owners, and offers ancillary risk consulting services.

Differentiator

Problem solved

Functional benefit

Brands

• IBA COVER: Insurance broking and agency product offering tailored insurance procurement services for corporate clients.
• 損保のインサイト
• みんホケ

Products and services

• IBA COVER — Insurance Broking & Agency Service Customized insurance design and brokerage service for Japanese corporate clients. Performs risk analysis, runs competitive bidding across multiple insurers, and delivers tailored policy design covering property, liability, workers' compensation, and other lines.
• Minhoke (みんほけ) — Crowdfunding-Based Insurance Product Crowdfunding-based insurance solicitation platform targeting small business owners (initially restaurants) that aggregates group purchasing power to deliver occupation-tailored coverage. Distributed through a dedicated digital storefront.
• Claims Handling Service (保険金請求支援) End-to-end claims handling service operated through a dedicated CS Center, including accident reporting intake, insurer coordination, and support through the insurance payout process for all placed policies.
• Complaint Response Service (クレーム応対) Outsourced liability dispute handling service in which Nippon Souken specialists negotiate with counterparties on the client's behalf. Reduces client burden and provides expert representation in claim-related disputes.
• BCP (Business Continuity Planning) Consulting Business continuity planning advisory service that helps clients prepare operational continuity measures in the event of incidents, complementing the firm's insurance design and loss prevention offerings.
• Loss Prevention Seminars (ロスプリベンション) Recurring disaster reduction seminars and ongoing 'Loss Meetings' that educate clients on risk reduction and insurance utilization, with the aim of reducing claim frequency and supporting premium cost reduction.
• Risk Survey (リスクサーベイ)

Quantifiable outcome

• Documented premium reductions of up to 70% (service industry), with most clients achieving significant savings through competitive bidding and coverage optimization
• +3 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Nihon Soken Trust Technologies Inc. (株式会社日本総険トラストテクノロジーズ)coreOthersGroup subsidiary acquired in January 2019 (originally 終活バンク株式会社, renamed in November 2019). Operates under the Nippon Souken Group. The subsidiary also received the '素敵にたかまつ女性活躍企業' certification independently.
• Nippon Soken in Customer Inc. (株式会社日本総険inカスタマー)coreOthersGroup subsidiary acquired in December 2017 (originally 株式会社H&G, renamed to 株式会社日本総険H&G in 2019, then to current name in February 2023). Focused on life and non-life insurance agency business. Capital and business alliance with H&G concluded December 1, 2017.
• General Insurance Companies (損害保険各社)coreChannel Partner/ Reseller/ DistributorAs an insurance broker, Nippon Souken places policies with multiple insurance companies including Mitsui Sumitomo, Tokio Marine, Sompo Japan, New India, Aioi Nissay Dowa, Secom Sompo, Chubb, Lloyd's Japan, AIG, Hyundai Marine, Atradius Credit Insurance, and Nisshin Fire. The company conducts competitive bidding among these insurers on behalf of clients.
• Life Insurance Companies ( 생명보험会社)coreChannel Partner/ Reseller/ DistributorArranges life insurance products through partner life insurers including Mitsui Sumitomo Aioi Life, Tokio Marine Anshin Life, SOMPO Himawari Life, Taiyo Life, NN Life, AXA Life, Gibraltar Life, and ORIX Life Insurance.

Scale indicators5 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Marsh Japan: Marsh Japan is the Japanese operation of Marsh & McLennan, the world's largest insurance broker. It competes directly with Nippon Souken for commercial insurance placements and risk advisory mandates across mid-market and enterprise segments in Japan.
• Aon Japan: Aon Japan is the Japanese arm of global insurance broker Aon plc. It provides risk management, commercial insurance brokerage, and reinsurance services targeting similar enterprise and mid-market clients as Nippon Souken, with broader international reach.
• Willis Towers Watson Japan: WTW Japan is the local presence of Willis Towers Watson, a major global insurance broker and risk advisory firm. It offers commercial insurance placement and risk consulting to Japanese corporates, directly overlapping Nippon Souken's core offerings.
• Lockton Companies (Japan): Lockton is the world's largest independent insurance broker with operations in Japan. It pursues a similar independent broker model to Nippon Souken, competing for enterprise risk management and commercial insurance placement business without carrier affiliation.

Broad incumbents

• Tokio Marine & Nichido: Tokio Marine & Nichido is Japan's largest P&C insurer with a vast tied agency distribution network. It is both a key insurer partner for Nippon Souken's placements and a competitor through its direct sales force offering commercial insurance products.
• Sompo Japan Insurance: Sompo Japan is one of Japan's three major P&C insurance groups with extensive tied agency operations. It serves as both a placement partner for Nippon Souken's brokered business and a broad incumbent competing for the same Japanese corporate clients through direct channels.
• Mitsui Sumitomo Insurance: Mitsui Sumitomo Insurance is a leading Japanese P&C insurer with nationwide tied agency distribution. It is one of Nippon Souken's primary insurer partners for competitive bidding while also offering direct corporate coverage to similar client segments.
• Aioi Nissay Dowa Insurance: Aioi Nissay Dowa Insurance is a major Japanese P&C insurer part of the MS&AD Insurance Group. It places through both tied agents and broker channels, making it a partner in Nippon Souken's carrier panel and an incumbent competitor for direct corporate accounts.
• Nisshin Fire Insurance: Nisshin Fire is a Japanese specialty P&C insurer focusing on commercial and small business segments. As one of Nippon Souken's listed insurer partners and a direct writer of similar commercial products, it represents both partner and competitor dynamics in Nippon Souken's target market.

Others

• Atradius (Japan): Atradius is a global credit insurance provider with Japanese operations, listed among Nippon Souken's carrier partners. It is a supplier in Nippon Souken's insurer panel for trade credit insurance rather than a direct competitor, but operates in adjacent insurance distribution in Japan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nippon Souken