Company: Cathay Life Insurance Co., Ltd., Taipei, Taiwan
Company Description: Founded in 1962, Cathay Life Insurance is the largest subsidiary of Cathay Financial Holdings (with total assets over US$392.8 billion), the largest in Taiwan, with which one-third of the population is insured. With over 8.1 million clients and 20 million effective contracts, Cathay Life Insurance topped the industry in both market share and reputation.
Nomination Category: Product & Service Categories
Nomination Sub Category: Consumer Services
 Nomination Title: Innovative Cancer Insurance with Genetic Test and Health Promotion Plan
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Cathay Life Insurance has paid attention to social trends and has conscientiously understood the needs of the people. According to the Cancer Registry Annual Report by the National Health Administration in 2021, one person is diagnosed with cancer every 4 minutes and 19 seconds averagely, which shows that cancer has consistently been the leading cause of death among the population, and the rate of cancer incidence is without slowing down.
However, with the advancement of medical technology, cancer is no longer considered incurable. According to statistics from the National Health Administration, taking common cancers among Taiwanese as an example, the 5-year survival rates for early-stage colorectal cancer, cervical cancer, and lung cancer all exceed 90%, indicating that with proactive cancer treatment and follow-up, there is still a high probability of returning to a healthy state.
Therefore, Cathay Life Insurance launched a new innovative cancer insurance, Cathay Life Yi-Shin-Kang-Ai Cancer Term Insurance (Spill-Over) (In-Kind Payment Insurance), hereinafter referred to as “Yi Shin Kang Ai”, on May, 18, 2023. With 3 features of “P.P.T.”, this cancer product combines spill-over and in-kind payment to provide the best cancer coverage to the people.
The design of "spill-over insurance " refers to insurance products which integrated with insureds’ self-managed health practices, including regular exercise, healthy diet and adequate sleep etc. With mechanisms such as premium discounts to encourage insureds to manage health actively to gain the benefits of prevention beforehand.
In-kind payment refers to the option available to policyholders to choose between cash or predefined items or services within the coverage limit as insurance claim when an insurance event occurs.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 336 words used.
The innovative three-in-one insurance combines functions of prevention, protection, and post-event tracking to accompany policyholders in staying away from cancer, fighting cancer, and recovering from cancer:
- Prevention: Product is designed with a health program, “FitBack”, to encourage insureds to pursue health and to stay away from cancer.
According to the report from World Health Organization, at least one-third of cancers are preventable. Therefore, we believe that preventing cancer starts with a "healthy lifestyle”.
Since 2014, Cathay Life Insurance has been a pioneer in advocating the concept of "prevention." It was the first to establish a diverse ecosystem of missions and connect with cross-industry partners, creating Taiwan's only membership-based health program, "FitBack". This program encourages members to exercise regularly, eat well, and get enough sleep. By completing specified tasks, members can upgrade their membership levels and enjoy a premium discount of 2% to 3% on the spill-over insurance, “Yi-Shin-Kang-Ai”.
- Protection: Provide financial supports to allow insureds to focus on fighting cancer.
If an insured is diagnosed with cancer, "Yi-Shin-Kang-Ai" provides an immediate lump-sum claim payment help him/her to face the substantial medical expenses associated with cancer treatment.
If targeted therapy is required, which is often not covered by national health insurance and can be expensive, this product provides additional benefit to ensures that insureds can choose the best treatment option without financial concerns.
Meantime, the "Premium Waiver" mechanism can help policyholders to be exempted from the risk of income interruption due to cancer treatment, thereby ensuring they can continue paying their ongoing insurance premiums.
- Track: Combining precision medicine with the in-kind payment insurance to monitor cancer for recurrence or metastasis.
Cancer treatment is a long-term battle, and regular monitoring and surveillance are crucial. Within five years of being diagnosed with severe cancer, "Yi-Shin-Kang-Ai" provides cancer monitoring care benefits, and collaborates with high-quality genetic service providers for in-kind payment benefits. By utilizing personalized precision medicine to assess treatment outcomes and monitor cancer recurrence or metastasis, we are committed to advancing towards the path of recovery with policyholders.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 331 words used.
"Yi-Shin-Kang-Ai" has received significant recognition in the market, not only clinching the top spot in this category of insurance product but also driving the overall sales of Cathay Life Insurance's spill-over and in-kind payment insurance, securing the dual champion title in Taiwan. Additionally, customer satisfaction has reached record highs, making it a resounding success!
- "Yi-Shin-Kang-Ai” achieved remarkable success in 2023, selling 22,000 policies and generating first year premium by 400 million NTD, leading the second-place by nearly 180 million NTD. It was the champion in terms of sales volume among similar cancer insurance in the same year.
- “FitBack” has demonstrated successful guidance for participants to develop healthy habits and effectively implement self-health management!
- Taking the health mission of "Walking" as an example, based on data from 2023, it was found that the average daily steps of users of "FitBack" increased approximately 23%, after joining. The average monthly step count showed significant growth.
- As of the end of 2023, the total membership of "FitBack" reached 1.01 million, making it the largest participation across Taiwan.
- In 2023, Cathay Life Insurance achieved a market share of 45% in spill-over insurance policy, ranking first in the industry.
- In 2023, the total cancer coverage of "Yi-Shin-Kang-Ai” exceeded 26.5 billion NTD, supporting nearly 22,000 policyholders in the journeys of cancer prevention and treatment.
- R-NPS represents the likelihood of customers to recommend the company to others and we were the first in the industry to adopt it domestically.
According to the "Taiwan Financial Industry NPS White Paper” from beBitTECH in 2022, the R-NPS score for the life insurance industry in Taiwan was -21.6%. However, with dedicated service, Cathay Life Insurance achieved an impressive R-NPS of 35.1% in 2023, with a yearly growth of 5.9%. This marked the fourth consecutive year of positive growth. Additionally, the repurchase intention of policyholders reached 97.4%. Various services were highly praised by customers, indicating a more detailed and warmer service experience perceived by policyholders.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
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