KGI Life is working with distribution partners and the Yunlin County Government to promote microinsurance for a tenth consecutive year, extending basic coverage to disadvantaged residents who qualify under the program.
This year Taishin International Bank, Taiwan Cooperative Bank, Bank of Panhsin, First Commercial Bank and Far Eastern International Bank have joined the effort, which is expected to benefit nearly 10,000 eligible residents in the county. KGI Life said the initiative reflects its culture of thinking one step further and doing a little more for society.
Microinsurance is a core component of inclusive finance, giving economically disadvantaged households basic protection so they can get on with their lives without constant worry. KGI Life has partnered with local governments across Taiwan for years, donating premiums to widen access. The Company has been recognized by the regulator with an outstanding performance award for 11 consecutive years and a disability care award for six, and has this year provided basic microinsurance coverage to nearly 100,000 qualifying residents nationwide.
For many disadvantaged families, microinsurance is the first policy they have ever held. Because such households have thinner reserves, they are less able to absorb shocks. When an emergency strikes, microinsurance pays out quickly to cover immediate needs, easing financial pressure and keeping daily life on track. KGI Life said the coverage functions as urgent relief that limits the damage a single accident can inflict on a family's finances. The Company will continue to hold up the microinsurance safety net, turning protection into a stabilizing force in society and building an insurance experience that is inclusive and equitable, as it works toward its goal of becoming the most recommended and trusted life insurer.