Cathay Life Launches the Industry's First Digital Group Insurance Platform "groupins+"
Making Things Simpler, Offering Corporate Customers a Highly Efficient Insurance Enrollment Experience

Obtain a Price Quotation in 3 Minutes, Plan Group Insurance Online Using Diverse Information, and Enjoy the Services of a Team of Professionals

Cathay Life is following the group's footsteps in digital transformation, and aims to upgrade the customer service experience by offering several new digital services. Last month (14th), it became the first life insurance company to be approved by the Financial Supervisory Commission to offer insurance enrollment services via video conferencing. Today, it is launching the industry's first digital group insurance platform "groupins+", which integrates group insurance products and services for corporate customers to quickly obtain complete information on group insurance and receive a customized price quotation in 3 minutes. "groupins+" will serve as a powerful tool for the human resources department of companies and significantly improve their efficiency in group insurance enrollment.

 

Creating a New Digital Business Model Tailored to the Needs of Corporate Customers

According to data of the Ministry of Labor, the number of companies with 5 or more employees and the number of employees has continued to increase in recent years, and the total number of employees enrolled in insurance has reached nearly 10 million. Yet, group insurance premiums accounted for less than 1% of overall life insurance premiums in Taiwan in 2020, showing that there is still great room for the group insurance market to grow. Liu Shan-Chi, President of Cathay Life Insurance, said: "Cathay Life sees the group insurance market's development potential, and also observed the dependence of small and medium enterprises and startups on services provided by its personnel when enrolling in group insurance. This has created the pain points of time-consuming insurance enrollment process, fewer products to choose from, and low flexibility. We utilized our digital and technical capabilities to develop the group insurance platform groupins+ based on customer needs. The platform allows corporate customers to obtain an accurate price quotation in 3 minutes, offering a new highly efficient digital insurance enrollment experience." Cathay Life's groupins+ not only digitalizes the group insurance experience, but also integrates the services and functions needed by corporate customers when enrolling in group insurance, emphasizing the convenience of the platform's interface, the speed of services, and user experience.

 

Digital Group Insurance Services – Simple, Fast, and Convenient

groupins+ lets users make their own decisions by creating a shopping model similar to e-commerce "pick and choose your own product combinations." The platform offers three modes to help corporate customers easily complete group insurance planning, allowing them to choose their own products, select packages for different situations, or go through a Q&A process. The human resources departments of companies can choose a product package for 12 theme-based situations on the platform, and then increase or adjust the contents of coverage based on the company's actual needs. The platform is also designed with a Q&A mechanism for new members of the human resources department, and only takes 1 minute to analyze the coverage needed and obtain the best recommendations. If users encounter any problems on the platform, they can directly make a consultation reservation with a group insurance consultant, who will assist them with submitting insurance applications offline and completing insurance enrollment, allowing customers to enjoy "simple, fast, and convenient" digital services.

 

 

Item	Current status of the group insurance market	Features of groupins+
Information on group insurance	w Dependent on delivery by sales agents w Hard to obtain complete information online	w Provide information on the coverage of group insurance and group insurance guidelines for newbies w Immediately consult the team of professional group insurance consultants
Products packages	w Product packages are inflexible w Takes several days to several weeks for a quote on a customized package	w Customers can pick and choose their own combination for group insurance w A price quotation can be immediately obtained online for customized group insurance
After-sales service	w Dependent on assistance from sales agents w Tedious administrative procedures and long processing time	w Linked to the group insurance B2B system, allows administrative procedures and data analysis to be completed online

 

Lin Chia-Ying, Senior VP of Cathay Life's Digital Transformation Office, said that Cathay was able to offer the industry's first flexible digital group insurance experience in such a short amount of time because of the large amount of time it has spent surveying and understanding what customers really need, and also established a complete middle platform microservice framework to support digital scenarios and application development, providing customers with exclusivity based on data. Cathay defined the team's common language based on the domain driven design methodology, and gathered domain-specific knowledge, such as programming and business logic, into the development model. This allows the cross-departmental team to more quickly reach a consensus in response to changes in the external environment, and agilely develop new functional modules to resolve complex business problems. For example, development of the group insurance B2B system took over a year to complete, but "groupins+" only took 8 months starting from scratch to its release in the market.

 

Cathay Life constantly engages in groundbreaking innovations in the process of digital transformation, and upholds the group's spirit of "What if We Could" as it continues to introduce technological innovations into its insurance business, providing individual customers and corporate customers with a wider variety of insurance services. Cathay Life has created a customer-centric digital service experience and developed groundbreaking financial services to establish a new insurance value chain.(20211104)

 

* Official website of groupins+

https://cathaylife.tw/dzAkDV