50 Leading Companies of the Year 2018

An Interview with Dan Amos, Aflac Incorporated Chairman and CEO: ‘We See Ourselves as the Undisputed Leader of Our Industry’


“Whether clients are looking for Individual or Group Products or customized or portable plans, we provide a consistent and comprehensive suite of products that can help meet any need.”

The concept of Health Insurance was proposed in the year 1694 by Hugh the elder Chamberlen from Peter Chamberlen family. In the 19th Century “Accident Assurance” began to be available which operated much like modern disability insurance. This payment model continued until the start of the 20th century. During the middle to late 20th-century traditional disability insurance evolved into modern health insurance programmes. Today, most comprehensive health insurance programmes

cover the cost of routine, preventive and emergency health care procedures and also most prescription drugs.

In view of the above-mentioned scenario, we’re thrilled to present Aflac Incorporated.

Aflac provides voluntary supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S.

The Aflac Japan segment offers voluntary supplemental insurance products, including cancer plans, general medical indemnity plans, medical/sickness riders, care

plans, living benefit life plans, ordinary life insurance plans, and annuities in Japan.

The Aflac U.S. segment provides products designed to protect individuals from depletion of assets comprising accident, cancer, critical illness/care, hospital indemnity, fixed-benefit dental, and vision care plans; and loss-of-income products, such as life and short-term disability plans in the United States.

The company sells its products through sales associates and brokers, independent corporate agencies, individual agencies, and affiliated corporate agencies.

Aflac was founded in 1955 and is headquartered in Columbus, Georgia.

Dan Amos, Aflac Incorporated Chairman/CEO, spoke exclusively to The Silicon Review. Below is an excerpt.

Q. Why was the company set up? And how did you expand your company and its offerings over the years?

After witnessing their father die from cancer, three brothers (my father and two uncles), John, Paul and William Amos created American Family Life Insurance in 1955 (later renamed Aflac), selling a product specifically designed for people diagnosed with cancer. Aflac insurance was designed to cover the things that major medical won’t– everyday living expenses, after realizing that debilitating diseases and injuries are more impactful than solely medical bills. With that principle in mind, Aflac’s product offerings have expanded to disability insurance, specified health events, hospitalization and more. The difference between major medical and Aflac’s voluntary insurance is that the company pays cash benefits directly to policyholders unless otherwise assigned, and does so often in a single business day.

Q. What kind of responses have you received from your consumers over the years? How have they motivated you to shape your offerings/grow the company?

We listen to our customers. The world and specifically the insurance industry is undergoing significant innovations and we want to lead our industry in that category. Because our customers expect efficiencies that were unheard of 10 years ago, we now process and pay claims in a single business day. We listened to our customers and invested in a One Day PaySM system that enables us to do so (not for all claims, but for millions each year). Our philanthropic cause is childhood cancer, so we created a new, innovative, comforting robot Aflac Duck, called My Special Aflac Duck, which is designed to help children cope with their cancer treatments. This invention was named Best of Show at the 2018 Consumer Electronics Show and TIME Magazine recently named it one of their 50 Best Inventions of 2018. Once again, we listened to children and families going through this terrible diagnosis and designed our technology in accordance with their wishes.

To date, we have distributed more than 1,550 Ducks and have invested more than $3 million into the project.

Q. Fostering a culture of feedback is crucial to the success of every organization. How is this true with your company?

The founders of Aflac operated under the theory that if you take care of the employees, they will take care of the business. This has been a core theme at Aflac for the 60+ years that we have been in operation. Aflac is known for its openness and transparency and that begins with employees. You cannot demonstrate authentic openness if employees feel as though they do not have a say.

Q. Customer service varies, but companies can still be successful. How do you maintain your customers’ trust and loyalty?

We maintain our customers’ trust by honoring promises. The insurance industry is selling a promise. You don’t drive a policy off the lot and you don’t consume it. It is a piece of paper that holds no meaning unless the company honors their commitment during your time of need. We retain the trust of our customers by honoring our commitment and paying legitimate claims quickly and efficiently.

Q. Where do you see your company a couple of years from now?

We see ourselves as a leader of our industry and will continue to stay ahead of the pack.

Dan Amos: A Brief Background

Dan Amos is Chairman and CEO of Aflac Incorporated. At more than 28 years at the helm, he is the second longest tenured CEO in the Fortune 200, trailing only Warren Buffet. Under Dan’s leadership, Aflac’s annual revenues have gone from $2.7 billion in 1990 to more than $23 billion today. Dan is the son of Co-founder Paul S. Amos I.

“We help you build an employee benefits program that works for your clients’ bottom line and provides the coverage their employees want. Group and individual product solutions pay benefits directly to the insured unless otherwise assigned, and fast. All set up through the convenience of payroll deduction.”

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