Inclusive Services

Promotion of Inclusive Product Services

With consideration to the needs of different policyholders and an aging population, we continue to promote traditional single premium payment and regular payment life insurance denominated in different currencies, annuity products suitable for retirement planning, health insurance that improves the quality of healthcare, and investment-linked insurance policies that simultaneously meet investment and insurance needs, in order to meet the different needs of policyholders in different stages of life. Policyholders can fill in gaps in their coverage through proper insurance planning, and maintain the quality of future life and healthcare by planning in advance.

Health Management Insurance with Spillover-effect

According to statistics of the Ministry of the Interior, the average life expectancy of Taiwanese people has reached 80.86 years, but the number of unhealthy life years has also reached 8.02 years, showing that citizens face the dilemma of poorer health and quality of life in their later years. To encourage policyholders to develop good habits for self-health management, we provide health management products with spillover effects, which provide additional coverage based on whether conditions agreed to in advance are achieved. The combination of health management products and self-management not only helps policyholders reduce costs, but also enjoy insurance coverage and maintain good health. As a result, insurance products will not only provide compensation for damages, but also provide prevention mechanisms to lower the risk of policyholders becoming ill, lower the claims rate of insurance companies, and reduce the consumption of healthcare resources by society.

Building a Complete Retirement Safety Net

The importance of preparing for retirement in advance is being recognized in more and more countries with aging societies, but knowing and doing are two different stories for people stuck in between or with low net worth. We provide three major categories of products on the "Retirement Preparation Platform," namely term life insurance, critical illness insurance, and small amount whole life insurance. Consumers can purchase insurance on their own online at any time of the day in a few simple steps, and can choose from multiple premium payment periods as well as insurance amounts.

Micro Insurance

In response to the government policy to promote micro insurance, we lifted restrictions on the elderly collecting living allowances on medium and low income spectrum according to the Senior Citizens Welfare Act and their family members so that they can purchase micro accident insurance, providing basic security to the economically disadvantaged at affordable premiums, and preventing accidents from severely impacting households financially.

Investment-linked Products

Our investment-linked insurance is aligned with ESG. We jointly launched a discretionary investment account with ESG as the core investment strategy together with Barings SICE in May 2022 – Barings Green Trend Discretionary Management Account. It uses green trends as the theme along with four topics for allocating investment targets, including "low carbon economy, agricultural upgrade, mobility revolution, and resource transition." Management by a professional investment institution allows customers to seize ESG investment opportunities through investment-linked insurance policies.

Long-term Care Products

The average life expectancy of Taiwanese people has reached 80.86 years, but the number of unhealthy life years has also reached 8.02 years, including being in a disability, bedridden, and having a chronic illness. It is necessary to take long-term care more seriously, raise awareness of long-term care (LTC) insurance, and provide comprehensive coverage through LTC insurance.

Policyholders receive a one-time payment along with subsequent installment payments to cover the considerable expenses at the beginning and also provide steady support for long-term care.
Multiple standards for determining claims, including determination of physiological function disorder, cognitive function disorder, and degree of disability, to provide more comprehensive coverage.

Treating Customers Fairly Management Mechanisms

We established internal regulations as the highest guiding principles for treating customers fairly, and adopted the "Guidance for firms on the fair treatment of vulnerable customers" provided by the Financial Conduct Authority (FCA) to strengthen service mechanisms for underprivileged financial consumers. We aim to create a corporate culture that attaches importance to financial consumer protection, and ensure that the overall transaction process for providing financial products and services treats financial consumers fairly and reasonably. The FSC revised the "Principle for Financial Service Industries to Treat Clients Fairly" in May 2022, and we also examined our rules and regulations, establishing the Fair Customer Treatment Policy, Fair Customer Treatment Strategy, and amended the Rules for Implementing the Principles of Treating Customers Fairly, which were reported to the Board of Directors for approval. Clear standards are set forth in internal regulations from policies and strategies at the highest level to implement regulations.

To increase the scope and depth of treating customers fairly actions and to cooperate with the competent authority's sustainable finance policy, in 2022, we implemented treating customers fairly actions through "Digital leap, carbon reduction for sustainability," "Equality and care, value spillovers," and "Customer rights protection, ethical corporate management." We were recognized for excellent performance by the competent authority’s "Financial Industry Treating Customers Fairly Evaluation" for four consecutive years.

We uphold the value of being customer-centric when implementing customer-oriented strategies for treating customers fairly. We led the industry in establishing a customer service charter in Chinese and English, and disclosed our customer service commitment and multiple two-way communication channels to financial consumers, so that customers can access complete services and resources for treating customers fairly. We fulfill our corporate social responsibility and promote sustainability and equality by expanding the concept of treating customers fairly to the family members of policyholders.