Taiwan only has six years before it transitions from an aged society to a hyper-aged society, and the economic pressure and healthcare demands of the elderly population are set to become potential issues. Cathay has made a breakthrough in the ex-post compensation function of insurance in recent years, and instead achieves ex-ante prevention by encouraging customers to independently manage their own health, thereby maintaining social stability in an era of rapid demographic changes.

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Themed Investing / Lending

●Aging Society and Health Investment / Lending: In 2019, Cathay referenced the definitions of related industries made by the National Development Council and PRI, and included aging society and health service, product, and facility supply industries into the scope of the aging society and health industry. Aging society and health investing/lending amount reached NT$415.6 billion in 2019.

 

Small Amount Whole Life Insurance

●Cathay Life was the first to offer small amount whole life insurance, which has low enrollment requirements and low premiums, in 2017. Small amount insurance allows the elder, who may have difficulty to apply insurance because of age, to easily obtain basic insurance coverage.

●As of the end of 2019, Cathay Life provides basic economic security for approximately 200,000 policyholders, the highest in the industry.

 

Post-cancer Care Insurance

●Cathay Life introduced Asia's first exclusive Medical Insurance for Cancer Patients in 2018, so that cancer patients can get required coverage. This product provides coverage for the top 12 common primary cancers in Taiwan, which means that about 80% of cancer patients can be covered. 818 cancer patients were able to gain medical insurance within one year after launched. Cathay Life and the Hope Foundation for Cancer Care jointly offered a series of promotion activities and lectures to provide care and support, accompanying policyholders in the fight against cancer as they strive to live a new life.

●Cathay Life provides the most timely support and companionship to cancer patients who are unable to apply commercial medical insurance after being diagnosed with cancer. The insurance gained wide approval in society and inspired industry peers to follow suit. Cathay Life also won the 2018 Taiwan Corporate Sustainability Awards – Social Inclusion Award for the insurance by this product.

 

Platform for Health Promotion -Cathay Walker

●Cathay Life developed the platform “Cathay Walker” to help policyholders acquire the habit of walking 7,500 steps daily by providing incentives for reaching weekly and monthly goals. Insurance can gain a new function of “Prevention” by helping policyholders to stay in good physical condition.

●As of the end of 2019, the 220,000 participants on Cathay Walker walked approximately 175.4 billion steps, enough for 142.6 round trips to the moon.

Cathay Walker accompanies policyholders in maintaining good physical health through rewards for reaching goals.

 

Health-Promoted Insurance

●Cathay Life led the industry in combining insurance with health management in 2014, and added the prevention function to insurance.

●Since 2018, Cathay Life has expanded the coverage of health-promoted insurance to encourage people to enroll in health-promoted insurance with their family and friends, so that they can develop the habit of regular exercise while enjoying insurance coverage.

●8 health-promoted insurance policies are available for applying to Cather Walker project. Among them, two major illness products are exclusively in the industry that allow customers to receive claims with a NHI major illness certificate, providing greater coverage compared with conventional dread disease insurance policies.

●Cathay Life further designed a special underwriting mechanism for unhealthy customers, so that sub-health policyholders can improve their health and gain greater coverage through the insurance policy. Cathay Life aims to lead Taiwanese towards a healthy life by encouraging all citizens to participate in.

 

 

Long-term Care Insurance with in-kind Benefits

●Cathay Life led the industry in offering 2 long-term care insurance products with in-kind benefits. Customers’ needs for long-term care services are met by service providers when the need arises, helping lift the burden of long-term care on policyholders.

●Cathay Life was the first to work with an external long-term care institution “Chunghwa Senior Care” in offering an insurance with in-kind benefits that pre-orders long-term care services. When policyholders require long-term care services, they may freely choose between services or pay-outs in cash, thus creating a more flexible long-term care safety net and improving the quality of life for the elderly.

 

Cathay At Your Side Health Project

●Cathay integrated the resources of Cathay Life and its hospitals, and worked together with an US-based unicorn insurance company, Clover Health, in developing a chronic illness risk prediction model. We launched the “Cathay At Your Side Health Project” on this basis, using AI and big data analytics to screen policyholders with chronic illnesses as high health risks, and worked together with healthcare institutions to actively assist and thoughtfully accompany policyholders in managing their health. We hope to prevent greater risks from occurring, and transform the role of insurance companies from passively providing insurance claims to actively and thoughtfully staying at the side of policyholders for staying healthy.

●Health advisors play an important role in the “Cathay At Your Side Health Project”. This project is backed by Cathay General Hospital with the concept of “patient-centered”. The project tracks and cares for high risk policyholders with chronic diseases, caring for them one-to-one like family and friends to help them achieve their health management goals.

●Furthermore, Cathay will jointly establish a health risk index prediction model together with the startup Knowtions Research. Besides providing insurance coverage and payout, it will also help each customer understand his/her own health score, promoting regular physical health management rather than seeking an insurance payout after getting sick. This will instill the values of health promotion and disease prevention among policyholders.

Cathay General Hospital is patient-centered. Health advisors actively provide services to policyholders and accompany policyholders to achieve true health management.

Disability and Retirement Trust

●CUB has been using trust profession to protect the assets of elderly and disabled people for a long time. These trusts allow people to entrust different types of property at the same time, and ensures that trust properties are used exclusively for designated purposes. As of the end of 2019, a total of NT$1.265 billion was trusted into Disability & Retirement Trusts.

 

Target Date Fund

●Cathay SITE realized that many Taiwanese people were insufficiently prepared for retirement and offered the “Cathay Target Date 2029/2039/2049 Fund of Funds” in 2019. Target date fund of funds are the most popular among Europeans and Americans for retirement planning, as they provide investors with the easiest to understand investment method. All investors need to do is think about when they plan on retiring and choose the fund with the closest target date, while asset allocation is handled by a team of professional fund managers, who adjust the ratio of stocks and bonds based on the fund's life cycle.

●Cathay SITE is constantly optimizing the Cathay Retirement Plan Platform for more people to better achieve their pension planning. It only takes five simple steps to calculate the amount needed to retire, and takes into consideration the individual's labor insurance, labor pension, and national pension, clearly calculating any gaps in their pension, so that they can prepare for retirement in advance.

“Cathay Retirement Plan Platform” allows people to prepare for retirement in advance


Cathay FHC cares for the needs of Taiwanese people. We use our core competencies to provide solutions for society's potential risks and issues, and realize inclusive finance by creating a strong insurance safety net that increases the accessibility of financial services to different groups.

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Themed Investing/Lending

●Community and Inclusive Finance Investing / Lending: Cathay established the scope of the Community and Financial Inclusion Industry, which includes education and micro finance industries, after referencing PRI definitions of related industries in 2020. Total community and inclusive finance investing/lending amount reached NT$9.2 billion in 2019.

 

Micro Insurance

●Cathay Life and Cathay Century were both commended by the Financial Supervisory Commission in 2019, in which Cathay Life was recognized for the sixth consecutive year for its micro insurance and also won an award of Taiwan Insurance Excellence Performance – Micro Insurance Promotion Excellence Award.

●Cathay Life ranked first in the domestic micro insurance market. From product launch to the end of 2019, Cathay Life and Cathay Century's cumulative insured amount reached NT$89.5 billion with over279,000 insured persons, and timely economic support provided to 679 disadvantaged households.

 

Student Group Insurance

●Cathay Life provides student group insurance to cover three million students with the total insured amount at approximately NT$3 trillion.

●Cathay Life's 5,500 student group insurance service personnel serve as “campus sustainability promotion ambassadors,” and provide activities and teaching materials on sustainability issues, such as “anti-drug campaign” and “knowledge of wealth management and insurance.” The project upgrades the function of group insurance from compensation services to prevention, from ex-post to ex-ante, and instills students with important sustainability concepts, creating a mutually beneficial cycle.

●The project has reached 18 counties and cities with approximately 130,000 participants online and offline since 2017. The satisfaction rate exceeds 99%.

●Cathay Life and the well-known online learning platform PaGamO collaborated in 2019, and used an innovative model to educate students with information about drugs so that they will say “No” to drugs, hoping to help more students stay away from drugs and grow up healthily and happily.

Cathay Life offers student group insurance and jointly implemented the Sustainable Campus Project with the K-12 Education Administration. Volunteers of Cathay go into campuses and introduce anti-drug knowledge through games.

Digital and Data Ecosystem in Southeast Asia

●In Cambodia, DDT and CUB (Cambodia) worked together with the second largest telecom company Cellcard and provided financing loan services to high quality customers figured out by using data. It is the first micro loan project in Cambodia to use telecom data as the basis for credit ratings.

●In Vietnam, DDT assisted the Indovina Bank (IVB) in working with the local e-commerce platform iCare Benefits, which linked employee salary accounts from companies to the platform. And the IVB provides financial services such as installment payments and loans starting in September 2019. The services were used by nearly 30,000 local customers as of the end of the year.

●Cathay Insurance Vietnam is collaborating with the largest online travel platform iVIVU, and became the first to provide one-stop travel insurance services to online travel agencies (OTA). This significantly shortened the waiting time of insurance enrollment or claims.


SME loans

●CUB offers a number of SME financing projects and had provided loans to 87 SMEs as of the end of 2019; the loans totaled NT$279 million.

●CUB has been recognized with the “Credit Guarantee Loan Growth Award” from the SME Credit Guarantee Fund of Taiwan for three consecutive years, and also the “Award for Assisting Regional Development” in 2019.

●As of the end of 2019, the balance of SME loans provided by CUB reached NT$209.4 billion, and the balance is expected to grow 5% in 2020.

 

Social Enterprise Loans

●CUB, Taipei City Government, and the SME Credit Guarantee Fund jointly implemented the Social Enterprise Preferential Loan Project, providing direct guarantee and low-interest preferential loans to qualified enterprises.

●Loans for 8 social enterprises were approved as of the end of 2019; the loans totaled NT$21.32 million.

 

MFI Loans

●CUB provided finance to PRASAC Microfinance Institution Limited (PRASAC), Cambodia’s largest micro-finance institution, to show commitment and determination on corporate sustainability through the support of inclusive finance.

●CUB provided a syndication loan as Mandated Lead Arranger in the amount of US$100 million with other domestic banks for PRASAC in 2018, backing PRASAC in developing micro-finance and SME loans.

●As of the end of 2019, the balance of loans provided by CUB (including branches) to MFIs has reached US$58.6 million.

 

CPBL Gambling Prevention Trust

●CUB began working with the Taiwan Professional Baseball Development Association, Chinese Professional Baseball League (CPBL) and individual professional baseball teams in 2009 in offering a trust for professional baseball players. CUB was the first bank to set up such a trust and currently has the most players as our settlors. As of the end of 2019, the trust property principal has reached NT$132 million, allowing both players and fans to truly enjoy the game.

 

Charitable Trust

●The trust property principal of CUB's charitable trusts was the largest in the industry as of the end of 2019 at NT$37.63 billion. CUB has helped several founders and owners of companies listed on TWSE/TPEx and social elites to establish charitable trusts for the purposes of charity, education, and children's welfare in hopes of enhancing the transparency of charitable donations and ensuring that donated funds are truly used on those in need and contributed to the society.

 

Crop Insurance

●Cathay Century's “Mango Crop Insurance Linked to Government Disaster Relief Efforts” and “Mango Crop Insurance Linked to Regional Harvests” provide farmers with flexibility when enrolling in insurance, thereby protecting farmers' asset safety. As of the end of 2019, the total insured amount reached NT$34.27 million.

●Cathay Century began offering Guava Crop Insurance in Changhua, Tainan, and Kaohsiung in 2019. Data from local weather stations are used as the basis for filing claims. The “typhoon wind speed and rainfall” linked product was tailored for the areas, using fair and objective data to not only improve claims speed because there is no need to conduct a disaster investigation, but also avoid claims disputes.

●Total insurance coverage reached NT$6.77 million as of the end of 2019.

 

Investment under Regular Savings Plan

●Cathay Securities launched a new service on its mobile platform in 2019 for clients to invest in a fixed sum of money listed in Taiwan with a regular plan. Cathay Securities provides a platform for clients to easily participate in the capital market, especially for those who are just about to accumulate their assets yet too busy to monitor the financial market , by lowering the single stock minimum subscription amount from NT$3,000 to NT$1,000.

●Aiming to promote financial inclusion, Cathay Securities shares more profits with these types of clients by charging them NT$1 for every subscription amount under NT$10,000.

●Until end of December 2019, more than 16,000 investors used this service and the AUM grew to NT$155 million within just 3 months since the launch of the service.

 

Investment in an Anti-Fraud Software Company

●The Cathay Sustainability PE Fund of Cathay SITE invested in Gogolook, the company that developed the telephone fraud filtering software Whoscall, in 2019. The company utilizes a database of over one billion telephone numbers worldwide to develop anti-fraud technology, and analyzes and simulates the behavior of fraud groups through data of malicious calls detected by users, in hopes of creating a zero fraud environment in Taiwan.

●Fraud cases never seem to stop in Taiwan. There have been over 23,000 fraud cases in Taiwan each year in recent years. The NPA is thus working with the financial industry to prevent fraud and has been quite successful. Cathay Life and CUB were successively recognized by the NPA for contributing to the interception of fraud cases.

●Cathay utilized its financial competencies in fraud prevention, and worked together with the Criminal Investigation Bureau (CIB) and the Smart Aging Alliance of National Taiwan University in developing the board game “Fraud Prevention Team” in 2019. The board game uses real world cases to help the elderly learn anti-fraud knowledge in an entertaining way.

Cathay and the CIB jointly promoted the board game “Fraud Prevention Team” in Xinglong Elderly Day Care Center, allowing the elderly to learn anti-fraud knowledge through a game.


Enhancing Risk Prevention Awareness

●Cathay Century utilizes its core competency in loss control to provide enterprises with the knowledge of risk management and prevention, and also provides professional inspections to reduce the frequency and severity of disasters. Thus, Cathay strives to achieve sustainable operations on the basis of Cathay and its customers.

●To strengthen the corporate loss control services, Cathay Century reinforced electrical equipment inspections in 2019 by establishing ultrasonic electrical inspection service to solve the blind spot of infrared equipment detecting high voltage discharge, and improving the ability to inspect the electrical equipment inspection service.

●Cathay Century holds loss control seminars every year to strengthen customers’ risk awareness. In 2019, Cathay Century held 2 seminars with a total of 121 corporate customers participating.


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