(1) Customer Care Initiatives
When disaster strikes, we immediately initiate checks on policyholders and strive to collect information on injuries and casualties among policyholders. We also activate our customer care measures, including quick claims processing, premium payment extensions, interest-free loans, and free policy reissuing. After Typhoons Megi, Meranti, and Nepartak struck Taiwan in 2016, our rapid-response measures and notifications led to a total of one policyholder applying for an interest-free loan. After the February 6 earthquake that hit Tainan the same year, Yuanta Life immediately inspected the list of casualties and activated policyholder care measures. Our staff was dispatched to provide relief payments and assist in handling claims as quickly as possible. A total of five Yuanta Life policyholders died in the disaster, with another two injured, resulting in total claims payments of over NTD 900,000.
(2) Introducing Protection Products to Solve Social Problems
To meet the challenges that an aging population and a declining birthrate pose to society, in 2016 our product development focused on products aimed at three major needs: Retirement Lifestyle, Retirement Healthcare, and Retirement Care. Guided in our work by a strategy of primarily developing protection products with long payment terms, supplemented with wealth management products, we have launched a series of long-term-care oriented disability support insurance products, including one of the main such products on the market. We have also incorporated planning tools like regular cancer screenings into our whole life insurance for the protection of older policyholders and their retirement plans. Moreover, we have also strived to open up new markets, including developing major illness protection products using the Catastrophic Illness Card as a basis for claims.
(3) Launching Injury Microinsurance to Benefit the Underprivileged
In 2014, Yuanta Life launched Yuanta Life Injury Microinsurance, providing the economically disadvantaged and other specified groups with basic insurance protection. In 2015, we toured Taiwan to hold four explanatory events, and in the latter half of 2016, we again held events in Taipei and Taichung, giving nearly 100 social workers a better understanding of insurance and putting into action the Company’s commitment to “giving others chances, helping others, and thus helping ourselves.” These social workers are now equipped with a basic knowledge of the insurance products and services the Company offers, and able to provide that information to underprivileged families they work with, emphasizing the ability of microinsurance to help rescue economically underprivileged families should disaster strike. By the end of December 2016, Yuanta Life had sold a total of 204 microinsurance policies, collecting a total of NTD 80,000 in premiums and protecting those 204 policyholders for a total value of NTD 100.8 million. Into the future, we will continue to consult with other social welfare organizations, helping more underprivileged people receive aid and protection while also addressing shortfalls in existing social insurance.
(4) Developing Diverse Protection Products to meet Particular Needs
Yuanta Life works to plan adequate and appropriate insurance products, continuing to develop products that suit the needs of particular groups. For example, in 2009 we launched a non-smoking policy that provides non-smokers with a lower premium during the policy’s term, and in 2016 we launched a cancer insurance product aimed specifically at the elderly. In order to continue providing our customers with a range of options, in 2017 we expect to also provide group pensions and group insurance.