According to a survey, uninsured population following the COVID-19 pandemic has reduced from 12.4% in 2022 to 4.3% this year. As the general public are increasingly aware of risks, the number of insurance customers is growing too. However, facing overwhelming amount of information and complex online campaigns, uninformed customers may find difficulties in deciding suitable products for themselves, if they were not exposed to insurance-related information before. Insurance terms and policy clauses in the promotional materials may give them a headache. It is especially difficult for the elderly and the visually-impaired to understand policy details.
In order to help people understand their coverage, and materialize the spirit of inclusive finance and treating customers fairly principles, KGI Life (formerly known as China Life) has proactively promoted the easy-to-understand insurance movement since 2023, becoming the pioneer in the industry to roll out graphic policy clauses and easy-to-understand introductory materials that apply broadly to various products, including life, annuity, A&H and ILP. A friendly product introductory section is established on the corporate website. To cater customers’ needs better, in 2024, we further elaborate common insurance terms in plain language from insurance clauses and notification documents, and compile them as the “KGI Life Plain-language Insurance Dictionary”. Through the implementation of the text-to-speech service and classification search, KGI Life makes sure that customers can better understand their rights and interests.
