Cathay is committed to providing our customers with an easy-to-navigate and personalized digital finance experience. By offering practical and convenient financial services tools, Cathay FHC helps customers stay in control of their finances and wealth management.
Cathay as a Service (CaaS) Ecosystem Service Platform
Using "Cathay as a Service" (CaaS) as the core concept, we established the "CaaS Ecosystem Service Platform" as a portal for cross-industry collaboration that provides integrated one-stop resources. The platform provides digital services for all corporate partners that seek collaboration with Cathay. In 2022, the platform launched a new "exclusive offer for Cathay customers" partnership model, extending the partnership invitation to corporate partners with a combined Cathay customer base of more than 14 million. With the expanded ecosystem, the CaaS platform has gathered over 200 digital financial services, connected with nearly 100 corporate partners, and facilitated more than 120 collaborations.
CUBE App - One-Stop On-Demand Digital Finance Platform
CUB transformed its customer experience offering and brand image in 2022 by launching the brand-new CUBE App. Everyday financial services such as money transfers, cardless withdrawals, credit card services, loan applications, investments and insurance can all be performed through the app, making it a true one-stop, on-demand digital financial platform. Furthermore, Cathay's resources and business were integrated into the app. In addition to Cathay Securities, which launched online securities investment account registration through the app, allowing customers to invest in Taiwanese and U.S. stocks through dollar-cost averaging, Cathay Life also launched several cross-industry financial products. The CUBE App provides digital empowerment to Cathay's customers and gracefully balances security, experience and innovation, making the customer experience more autonomous, flexible, convenient and personalized. For example, customers can switch between different types of rewards from the Cathay CUBE card via the CUBE App. This innovative approach gives customers control by allowing them to make the choice that best suits their needs, making it mutually beneficial for CUB, corporate partners and our customers. Furthermore, the app was the first in the industry to integrate the FIDO to provide "biometrics authentication" for customer login to provide a convenient and secure financial services environment. Furthermore, the CUBE App provides a "flex loan" option that facilitates speedy online loan applications with just a single click, and with automatic financing available in as little as five minutes. This offering allows for pay-as-you-go functionality, with interest accruing solely based on the on-demand usage. Such attributes enable the tailoring of loan usage, representing a departure from traditional lending practices. Notably, CUB launched an "equal principal payment" feature by the end of 2022, aimed at providing highly personalized loan products to assist customers at different stages of life, whether it be a first-time small loan or the pursuit of family endeavors. These loan options are accessible via the CUBE app. As of the close of 2022, the CUBE APP has attracted more than 6.3 million digital users, generating an average of nearly 30 million visits per month. Our users benefit from the financial services and online banking capabilities offered through the CUBE APP, with transaction frequency increasing sixfold over the past five years.
Cathay Vision Experience (CVX)
During the Level 3 epidemic alert in 2021, Cathay Life was the first insurance company in Taiwan approved by the supervisory bureau to launch a remote insurance enrollment platform - Cathay Vision Experience (CVX). This platform offers an all-in-one online insurance service that encompasses enrollment, policy alterations, premium services, and claims. The platform aims to provide uninterrupted services with an enhanced digital experience for our valued customers. The platform processed 87,000 policies as of the close of 2022.
Self-Assembled Insurance
Targeting the insurance needs of the digital natives, Cathay Life broke away from the traditional framework to launch " Self-Assembled Insurance," a digital platform for personal insurance. Cathay Life is the first to introduce a "component-based insurance product" that can be mixed and matched under a single policy. The product is designed to be easy to understand and with a relatively lower premium cost, enabling policyholders to tailor their insurance coverage to suit their individual needs and budgets. The website attracted approximately 490,000 visitors in 2022, processing nearly 33,000 policies, with younger customers between 20-39 accounting for 63%. This performance marks a substantial increase of 44% when compared to traditional sales channels.
groupins+
In response to businesses' group health insurance needs, Cathay Life has leveraged insurance technology to optimize its services. The introduction of the digital group insurance platform "groupins+" offers all-in-one group insurance digital services. By utilizing this platform, businesses can efficiently select and customize the appropriate policy coverage to suit their specific needs and receive a prompt premium estimate, facilitating the creation of a tailored insurance coverage solution with ease. The approach substantially increases group insurance enrollment efficiency by providing businesses with comprehensive digital services. As of the close of 2022, groupins+ attracted 330,000 views, becoming the best group insurance enrollment channel among businesses seeking a transparent and zero-contact remote experience.
iSmart Variable Life Insurance
With a scientific approach, Cathay's robo investment services leverage big data analysis to create a diversified portfolio. Cathay assesses the portfolio using a 24/7 smart monitoring system, reducing the client's need to monitor the market while offering them a long-term and sustainable asset allocation. In addition to a diversified portfolio containing stocks and bond funds created by Cathay robo investment services, CUB and Cathay Life also jointly launched a new portfolio - "Cathay Life iSmart Variable Life Insurance" at the end of 2022. By combining robo investment services and life insurance, our customers can reap the benefits of smart investments and life insurance coverage, offering additional security to our customers and their families, making it an excellent product for the sandwich generation and pre-retirees. Additionally, Cathay employs a recalibration mechanism that generates portfolio rebalance recommendations to prevent emotional and irrational investment decisions during volatile market conditions. Our investment recommendations are transparent, and we give our clients the final say on investment decisions. As a result, Cathay's robo investment services witnessed a 20% increase in assets under management (AUM) compared to 2021.
Sure n’ Safe
Cathay Life and CUB have jointly introduced an innovative business model, wherein customers can seamlessly open a savings account and enroll in a "Sure n’ Safe" injury insurance in a single transaction. This innovative approach allows all or parts of the interest generated from the savings account to be allocated as the premium for an accident or injury policy, thus revolutionizing digital insurance services. This model eliminates the limitations posed by customers' insurance awareness or abilities to make policy decisions, aligning instead with the savings preferences of digital natives to establish a protection net for them. Furthermore, the industry-first model was patented in Taiwan in 2022. Since its inception, the "Interest=Insurance" service has accumulated 3.7 million views as of the end of 2022.
Cathay Securities App - All-in-One Digital Investment Service
Cathay Securities has been proactively consolidating Cathay's resources. Following the integration of functions and services in 2022, Cathay Securities has commenced offering all-in-one digital investment services. By leveraging cutting-edge digital technology, we are able to streamline the investment process, thereby enhancing investment efficiency for investors. Cathay Securities led industry peers to become the first to attract more than 1 million digital customers. The service is widely recognized in the contactless era by our customers, as evidenced by the regular investment contribution amount exceeding 10 billion, with 90% of investment purchases being made digitally.