Winners of the 20th Asia Insurance Industry Awards 2016
Life Insurance Company of the Year
Fubon Life Insurance Co Ltd
For launching programmes which fill protection gaps for the elderly and those living in rural areas, as well as using technology efficiently to streamline the company’s processes for both agents and insureds while maintaining profitability and offering innovative investment products, Fubon Life is this year’s Life Insurance Company of the Year.
In 2015, Fubon Life was the leader in Taiwan market, making after-tax profits of NT$41.02 billion (US$1.24 billion) and an EPS of NT$7.16, a 16% growth y-o-y. It posted a new premium income of NT$205.3 billion, growing 7.5% y-o-y, and a total premium income of NT$474.4 billion. Its total asset value exceeded NT$3 trillion thanks to risk control and adequate investment allocation.
Fubon Life’s three distribution channels – bancassurance, tied agents, and brokers & others – helped it maintain a competitive edge in a low-margin environment. By March 2016, customers could access its bancassurance products through 80% of all banks in Taiwan via their more than 4,000 branches. Its first deferred-sales-charge-discretionaryinvestment bancassurance product raked in nearly NT$5.7 billion in three weeks after launch and NT$8.6 billion by end 2015. To improve the service efficiency for its bancassurance channel, its “Application Counter on the Cloud” enabled new customers to complete their policy applications in 10 minutes.
Fubon has also equipped tied agents with Cloud, online and mobile service capability, thereby optimising application and claims procedures and making full use of in-depth digitalisation.
It actively recruits talent, especially among the young – the average age of new agents in 2015 was 29.7. The total sales headcount reached 18,823, representing an industry-leading growth rate of 12.8%.
To address the lack of social security net for the elderly, Fubon Life introduced the “Four Major Retirement Accounts” product to fill this protection gap. The innovative product – which covers major injuries/diseases and chronic diseases, and long-term care with monthly payments and offers protection for policyholders’ different phases of life, especially in later stages – has met with good response. In 2015, its long-term care products enjoyed a 29.1% growth.
Further, Fubon Life has also addressed the issue of dementia among the aged through its “Caring Program for the Elderly with Dementia”, training 20,000 employees from over 400 of its business locations to be “guardian angels” for dementia patients and their families, and setting up a website to promote the awareness of elderly care.
To fill the wide insurance gap of the population in rural areas, Fubon Life introduced its “Beyond the Border Recruitment Program” which has established 77 business locations around the country to offer localised services, develop training courses on business expansion and recruit with a special focus on internal entrepreneurship. More than 2,000 agents have enrolled in the programme to expand the reach of Fubon’s services to remote townships and villages.
It also launched its “Good Neighbor” and “Charity Ambassador” programmes to support the physically/mentally challenged, minorities/children and elderly people via nearly 100 charity organisations in Taiwan.