American Family Life Assurance Co. (Aflac), known in the U.S. for its infamous duck commercials, is now the largest provider of individual insurance in Japan.
The company’s CEO, Daniel Amos, discussed with the FOX Business Network’s Maria Bartiromo what’s affecting the global economy and how a simple duck elevated Aflac’s (NYSE:AFL) global presence.
“In the United States, when we took it public, our name recognition was under 10% and then all of a sudden it started jumping. And at the end of three years, it was 80 [percent] and today is 93 in the United States and is about 95 in Japan,” Amos said during an interview on Mornings With Maria.
Amos says Aflac’s success is driven in this current business environment by the void in the U.S. healthcare system due to increasing out-of-pocket expenses for consumers.
“In Japan, you got a single pay system but it’s gone from no deductible to 10 to 20 and now to 30. And here in the United States with Obamacare, there’s big gaps created through co-pays and deductibles when people buy that and they need products to fill those gaps.”
Business in Japan continues to grow as the insurance company partnered with Japan Post Holdings Co., the largest insurer in the world, to sell policies for Aflac.
The chairman also discussed what’s on the minds of millennials and says their biggest concern is how companies are giving back to the community.
“We have the Aflac Cancer Center at Children’s Healthcare in Atlanta. And our salesforce has given over $65 million of their own money and we’ve given total over $100 million and that’s the kind of things we are putting forward to show we are a balanced company in today’s world,” Amos said.