With our vision to “InsureTech, happinees get. - Smart, Simple, Safe.” Cathay Life incorporates insurance in people's lives through the use of technology. We are committed to providing the best products and services to offer citizens appropriate protection and other diverse insurance service experiences. In doing so, we satisfy people's insurance needs and protect the happiness of every family, thus fulfilling our corporate mission to “Cathay Life, sunshine in your life.”
In response to the COVID-19 pandemic, we launched exclusive products to offer a strong support for Taiwanese people：
Fully understanding elderly people's needs, Cathay Life continues to develop multifaceted insurance products combined with exclusive services for elderly customers, so that our policyholders can enjoy comprehensive protection for their golden years. Furthermore, we received the Innovative Growth Award of the Taiwan Corporate Sustainability Awards in 2020 for launching the first dementia insurance in the industry.
Cathay Life is proactively building an inclusive financial environment by obliterating economic and physical barriers that expose individuals or families to risks. We are committed to optimizing the accessibility of financial services in our insurance products to improve people's willingness to purchase insurance and facilitate insurance enrollment, thereby realizing inclusive finance and providing a stabilizing force for our society.
In 2009, we became the first in the industry to launch micro-insurance services, for which we have proactively worked with county and city governments, as well as with social welfare organizations to provide micro-insurance with basic protections to those people in need. As of the end of 2020, we have provided this type of insurance to nearly 240,000 individuals reaching a total of NT$79.9 billion. Among them, above 700 families received timely economic support from micro-insurance to get through difficulties. In 2021, we won the “First Place”, “Excellent Performance Award”, and “Excellent Economic Relief Award“in the Micro Insurance Contest held by the Insurance Bureau, Financial Supervisory Commission (FSC)
In 2017, we launched the industry's first petty amount whole life insurance, a policy that can be purchased by almost anyone. Petty amount whole life insurance are low application requirements and low premiums, allowing people in poor health condition and in their old age to obtain basic insurance coverage easily. As of the end of 2020, we have provided basic protection of economic security to approximately 220,000 policyholders, and provided an extra insurance coverage of approximately NT$65 billion against personal risks. These results were the best in the industry.
In 2021, we won the Elderly Friendly Award for our petty amount whole life insurance from the Insurance Bureau, FSC.
The number of people with “three highs” (high blood pressure, high cholesterol, and high blood glucose) and cancer is increasing year by year; however, those wishing to enhance protection after falling ill with these diseases are commonly unable to enroll in any type of insurance. For this reason, Cathay Life continues to provide insurance products for physically disadvantaged people and develop innovative policies to fulfill the needs of those with “three highs” or cancer and in need of medical care benefits, thus fighting diseases hand in hand with our policyholders and helping reinforce the safety net of insurance
Since 2017, we have offered student group insurance, which has provided personal safety protection to three million children with a total insured amount of approximately NT$3 trillion. In addition, we jointly implemented the Sustainable Campus Project with the K-12 Education Administration, for which we received the Buying Power Special Award from the Ministry of Economic Affairs in 2020.
Following the development of new technologies under the trend of digitalization, Cathay Life is actively optimizing the convenience of financial services, advancing customer service experience and improving service satisfaction. In doing so, we not only improve our efficiency when handling inquiries or other matters of policyholders, but also lift the burden on human resources, creating a win-win situation for policyholders and the company.
The overall customer satisfaction with our digital services was 94% in 2021, and satisfaction with our online insurance application service has exceeded 97% for three consecutive years.
The advancement of digital technology has significantly changed the behavior of consumers and made online activities the norm. In response to these changes, Cathay Life Insurance has developed convenient one-stop online insurance services. Apart from Cathay Vision Experience (CVX), a remote insurance service platform, online services featuring innovative components and platforms were planned to introduce a brand-new online insurance service model that enables citizens to enjoy fast and convenient online services.
In order to provide convenient online insurance services, we began to offer insurance products that accept online enrollment at the end of 2014, so that customers can complete the enrollment process without dealing with sales personnel or uploading/ downloading any documents. In 2020, our online product portfolio includes 16 products for customers to choose from, including travel insurance, life insurance, and accident insurance. As of 2021, the satisfaction rate is 97% for 3 consecutive year.
Cathay Life began providing mobile insurance services in 2012, which integrate insurance application, claims, premium payments, and policyholder services. Customers can complete various insurance services using tablet, thus saving the trouble of sending documents back and forth. In conjunction with smart underwriting technology and claims risk rating system, time for follow-up processing can be shorten significantly, thus providing immediate insurance services.
Since 2018, Cathay Life has launched the chat bot “Alpha”, which is available on Cathay Life's website, App, and Line account to help customers solve all kinds of insurance issues, including insurance details inquiry, insurance policy changes, travel insurance application, and policy loans, etc. As of 2021, the number of users exceeded 2.51 million. Furthermore, Alpha had a problem-solving rate of 96% note1 and a satisfaction rate of 95.5%. Customers’ waiting time were effectively reduced during phone calls or counter visits.
Cathay Life is committed to our service philosophy of being customer-centered by providing diverse heart-warming services and listening to the customers. We provide more user-friendly service, so that customers can feel our warm care during every service journey.
In order to protect customer rights and interests, Cathay Life has built a corporate culture that centers on the spirit of “treating customers fairly.” In 2018, Cathay Life became the first in the industry to establish the Treating Customers Fairly Committee. Through active participation and promotion, the Board of Directors has helped internalize the spirit of fair customer treatment in Cathay Life employees from top to bottom. 2020, Cathay Life increased the frequency of reviewing its implementation of fair customer treatment principles, and added customer satisfaction to the list of key performance indicators of fair customer treatment. In doing so, we examined our relevant practices more comprehensively and demonstrated our determination to realize fair customer treatment and protect customer rights. Cathay Life has been rated excellent (ranked top 20% among insurance companies) in the fair customer treatment assessment conducted by the FSC for three consecutive years.
In 2020, to understand the key driving factors of customer satisfaction, we conducted surveys based on more finely divided nodes of service journeys and formulated various optimization plans based on the feedback. In 2021, the overall customer satisfaction reached 98.5% (better than the 97.7% in 2020); net promoter score (NPS) reached 21.1 (better than the 16.6 last year).
Considering service inspections by professional institutions, we continue to improve our services and protect customer rights:
