TOKYO -- Sompo Japan Nipponkoa Insurance plans to reduce its payroll by 4,000 positions by the end of March 2021 -- a nearly 20% decrease from the fiscal year ended March 2018.
The Japanese insurer's nonlife business is under pressure, in part, due to a series of natural disasters in the country in recent years. To cope, it intends to enhance efficiency by automating more clerical processes while scaling back hiring of new graduates.
