Inclusive Services

Sustainable Insurance Practices

KGI Life voluntarily supports the United Nations Principles for Sustainable Insurance (PSI), integrated the spirit of PSI into the overall strategic planning, and incorporated ESG issues into the business management system and decision-making process, so as to better understand sustainability opportunities and risks. We implemented the PSI in links of the life insurance value chain, including product design, sales, underwriting, and after-sales service.

Comprehensive Insurance Product and Services

Health Management Spillover-Effect Insurance

According to statistics of the Ministry of the Interior, the average life expectancy of citizens has reached 79.84 years as of 2022. The Ministry of Health and Welfare also announced that the healthy life expectancy at birth is about 73.3 years. To effectively prevent elderly people from becoming disabled, bedridden, or suffer from chronic disease at an earlier age, KGI Life recommends that policyholders begin self-health management sooner, such as cultivating and maintaining good living habits and exercise habits, or utilizing health management insurance policies with spillover effects, not only provides insurance coverage, but also allows policyholders to earn additional rewards if the agreed conditions are met. The combination of self-health management and insurance coverage not only reduces expenses for policyholders, but also provides them with insurance coverage with the added benefit of maintaining their physical strength. It further elevates insurance products to not only serve claim functions, but also bring about preventive health effects, keeping policyholders away from the risk of illness, which will indirectly lower the claims rate of insurance companies, and reduce the overall 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.

Microinsurance

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.

ESG Investment-linked Products

KGI Life and Barings SICE jointly launched the "Barings Green Trend Discretionary Management Account" for the bancassurance channel, with ESG as the core investment strategy. It adopts green trends as the main theme along with four topics for allocating investment targets, including "low carbon economy, agricultural upgrade, mobility revolution, and resource transition." KGI Life further expanded to the agent channel in 2023, and linked the account to different types of investment-linked products, providing customers with diverse options and maintaining the spirit of sustainability.

Long-term Care Products

In recent years, the life expectancy of citizens has increased due to advancements in medical technology. According to the "2022 Simplified Life Expectancy Table" of the Ministry of the Interior, the average life expectancy of citizens is 79.84 years. The Ministry of Health and Welfare announced in 2021 that the healthy life expectancy was 73.3 years. This means that number of unhealthy life years reaches 7 years, including disability, bedridden, and chronic illness. We need to address long-term care more seriously, raise awareness of long-term care (LTC) insurance, and provide comprehensive coverage through LTC insurance.

Treating Customers Fairly

Sound corporate governance and ethical corporate management are the cornerstones of KGI Life's sustainable development. We treat financial consumers fairly, fulfill our long-term commitment to customers through sustainability practices, and implement KGI Life's business philosophy of "fairness, empathy, and treating customers as we would ourselves," fulfilling our responsibility of financial consumer protection to achieve the mission of sustainable financial development in the long term.

We referenced the FCA's Guidance for Firms on the Fair Treatment of Vulnerable Customers and amended the Company's Fair Customer Treatment Policy, Fair Customer Treatment Strategy, and Guidelines for Implementing the Fair Customer Treatment Principles in 2023, in order to embed the culture of treating customers fairly and services. The amendments expanded the scope to vulnerable groups (groups whose first language is not the official language), and included contents of the friendly financial services and Convention on the Rights of Persons with Disabilities (CRPD) into the training courses of directors, responsible persons, senior managers, and all employees. We also used a variety of methods to improve the digital divide based on the characteristics and needs of vulnerable customers, so that there are clear regulating standards for top-level policies, implementation strategies, and implementation regulations.

Upholding the core spirit of love and care, we continue to supervise and deepen existing fair customer treatment practices, and also actively respond to financial consumer protection-related laws and policies of the competent authority. We continue to focus on international trends and best standards for treating customers fairly, and take action to promote and optimize different aspects, as well as adopt the use of big data and AI technology based on our core insurance expertise in protecting consumer rights and interests, optimize the customer experience, and deliver service value through human warmth, demonstrating financial inclusion by providing different ethnic groups with access suitable financial services, expanding the coverage and influence of friendly financial services, and providing a positive force for social stability.

Treating Customers Fairly

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