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.
(Click on the picture to zoom in)
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.
●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