Cathay Life Insurance Unveils New 'Health First' Strategy

Rhea-AI Summary

Cathay Life Insurance, Taiwan's largest insurance company, unveiled a new health-first strategy focusing on risk identification and customer health improvement. The strategy includes the introduction of the wellness program 'FitBack' within the Cathay Life App, incentivizing policyholders to enhance health in exchange for reduced premiums. With over 20 million policies, the company emphasizes proactive health management, particularly for the elderly and those with suboptimal health, partnering with clinics for personalized care. Cathay Life aims to lead the market in spillover insurance profits while adapting to challenges like an aging population and technological advancements.

Positive

• Launch of the 'FitBack' wellness program to encourage health goals.
• Top market position in profits from spillover insurance policies.
• Personalized healthcare partnerships with local clinics.
• Focus on proactive health management to reduce claims.

Negative

• None.

From protection to prevention, it covers four major areas to take care of customers

TAIPEI, Feb. 16, 2023 /PRNewswire/ -- Cathay Life Insurance, Taiwan's largest insurance company, has announced a detailed new strategy for customers, along with its latest operational performance in the health sector.

With risk identification as the core pillar, the company is utilizing technology to better serve customers in areas such as improving health awareness, suboptimal health, and elderly care. The company has also increased commitment to spillover insurance policies, encouraging customers to improve their health in return for a reduced premium or bonuses. These four focus areas allow Cathay Life Insurance to provide the most complete health coverage in the industry.

"Cathay Life Insurance has eight million policyholders and services more than 20 million insurance policies in Taiwan. Facing challenges such as an ageing population, the pandemic, emerging technology, and the environment, it is necessary to approach insurance in a more agile and digital way to fulfill customer needs," shared Able Lin, spokesperson of Cathay Life Insurance.

Since the launch of spillover insurance policies in 2018 that included a successful wellness program, Cathay Life Insurance has continued advocating for a transition from protection to prevention to engender a healthier society and for customers to utilize their policies to the fullest potential.

One of the four major areas in the strategy involves the newly launched wellness program "FitBack", which is embedded in the Cathay Life App. It serves as a constant reminder and encouragement for customers to stay committed to health goals, upgrade their membership levels, and reap the rewards. The company also joined hands with cross-industry partners to create health-orientated tasks for customers.

To further generate awareness about the importance of keeping healthy, Cathay Life Insurance has actively expanded its spillover insurance policy offerings in recent years to focus on preemptive prevention and reduction of claims. Presently, the company ranks top when it comes to profits from spillover insurance policies in the market and is aiming to strengthen its position with the launch of the industry's first spillover insurance policy that combines membership levels with discounted premiums.

As for the area of suboptimal health, Cathay Life Insurance is partnering with local and renowned clinics to provide comprehensive care services. The teams comprise doctors, nutritionists, pharmacists, and educators to craft a personalized approach to healthcare for policyholders.

For the elderly population, the company is also consistently improving its services for this group of customers, training staff to be health consultants that are well-versed in elderly care and governmental resources and working with the Industrial Technology Research Institute to develop cognitive function testing services.

Insurance is for the people, and Cathay Life encourages its employees to adopt transformational thinking — in order to provide relatable and personalized services for the ageing society of Taiwan and to build a feasible blueprint for national health together.

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SOURCE Cathay Financial Holding Co., Ltd.

FAQ

What is Cathay Life Insurance's new strategy announced on February 16, 2023?

Cathay Life Insurance announced a health-first strategy focusing on risk identification and improving customer health, including the 'FitBack' wellness program.

How does Cathay Life Insurance plan to reduce premiums for its policyholders?

The company offers incentives through its 'FitBack' program, encouraging customers to maintain health in exchange for reduced premiums.

What target market is Cathay Life Insurance focusing on with its new health strategy?

The strategy mainly targets the elderly and individuals with suboptimal health, providing tailored healthcare services.

What distinguishes Cathay Life Insurance's spillover insurance policy in the market?

It combines membership levels with discounted premiums, setting it apart in the spillover insurance space.