Company: Cathay Life Insurance, Taipei City, Taiwan
Company Description: Cathay Life was established in 1962. During the early years of the insurance industry, the company earned a reputation as an industry pioneer. Through half a century filled with competition and challenges, the company has remained true to its core value. Cathay Life has nearly eight million customers and over fifteen million valid contracts, making it Taiwan’s largest insurance company.
Nomination Category: Customer Service & Call Center Awards Achievement Categories
Nomination Sub Category: Award for Innovation in Customer Service - Financial Services Industries
 Nomination Title: Pioneering the Future of Service-Innovation at Every Touchpoint
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the nominated achievement since July 1, 2022, OR written answers to the questions? (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 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 submitting written answers to the questions for this category, provide them in the spaces below.
- Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 189 words used.
Established in 1962, Cathay Life is Taiwan’s largest insurance company, insuring one-third of the population. The company consistently achieves a customer satisfaction rate of over 97% and serves more than 8 million customers with over 20 million valid contracts, making it the industry leader in both market share and reputation.
As a trailblazer in sustainable insurance, Cathay Life joined the 2023 "Nature Action 100," the world’s first investor initiative focused on nature. The company has also led the industry for over a decade in promoting paperless and remote insurance services, driving significant environmental sustainability efforts.
Cathay Life embraces the integration of “Insurance + Technology,” innovating while ensuring strict adherence to regulations. It is the first life insurer to achieve dual certifications for “BS 10012” and “ISO 29100,” and has successfully completed the ISO 27001:2022 update, aligning with global information security standards.
Committed to inclusive finance, Cathay Life offers round-the-clock customer support, multilingual services, sign language interpretation, and accessible facilities for elderly and disabled clients. The company has received widespread recognition for its excellence in insurance, sustainability, and customer experience, setting the benchmark for the industry.
- Outline the nominated achievement since July 1 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 248 words used.
Cathay Life Contact Center has optimized the customer experience using innovative technology. It is committed to promoting self-service and actively guiding customers to complete applications online. The center has also implemented smart quality inspection to ensure service quality. By utilizing insurtech, it has successfully integrated of both virtual and physical service channels, as detailed below:
Cathay Life Insurance was the first Taiwanese life insurance company to introduce a ChatBot service in September 2018. Through ongoing training and optimization, the ChatBot offers personalized insurance consultations, predicts customer needs, and notifies users of relevant benefits. It also guides conversations towards product promotions when necessary, providing seamless 24/7 service for an efficient, customer-centric experience.
Introduced in December 2020, the voicebot offers a 3-minute self-service process for purchasing travel insurance. Additionally, voicebot verifies customer identity by Know Your Customer(KYC) to provide futher services.
- Artificial Intelligent Customer Service Platform(Agent Assistant)
Launched in September 2021, the Artificial Intelligent Customer Service Platform predicts inquiries and provides representatives with customer profiles and needs predictions.In 2024,voiceprint recognition will streamline verification, reducing identity check time by 69%, enhancing service speed and minimizing fraud risk.
Cathay Life pioneered Taiwan’s "one-stop remote insurance service" platform, enabling transactions and contract changes through video services. This unique service saves customers 75% of travel time, breaking geographical barriers.
Cathay Life uses big data and speech-to-text technology in its smart quality inspection system to deliver consistent service, gain customer insights, and ensure professional risk control.
- Explain why the achievement you have highlighted is unique or significant. If possible compare the achievement to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 252 words used.
After over six years of continuous training and optimization, the team has mastered nearly 4,000 knowledge points by the end of 2024. Since its launch in 2018, the service has handled over 14 million customer interactions, achieving a first-contact resolution rate of 96% and a customer satisfaction rate of 95%. It was also named Most Popular Brand by the National Brand Yushan Award [REDACTED FOR PUBLICATION]
Through voice-enabled conversations, customers can independently complete 40% of their travel insurance purchases, saving 30% of verification time. This innovative technology has also been granted a patent. [REDACTED FOR PUBLICATION]
- Artificial Intelligent Customer Service Platform(Agent Assistant)
The number of incoming complaints dropped by 50% from 2022 to 2024, and the proper handling rate reached 95% in the past year, helping the company control the complaint rate and improve service quality. [REDACTED FOR PUBLICATION]
With a customer satisfaction rate of 98.6%, Cathay Life has obtained a variety of new patents, aligning with ESG principles for carbon reduction and sustainable practices. [REDACTED FOR PUBLICATION]
Cathay Life uses an advanced, technology-driven approach to ensuring service quality through intelligent tools. In 2024, automated quality inspections (call out) were expanded from new contract tele-interviews to include 0800 (call in) consultation call recordings. Through human-machine collaboration, the coverage of quality inspections increased from 0.5% to 100%. [REDACTED FOR PUBLICATION]
- 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):
Total 168 words used.
To address customer pain points, the contact center continually leverages fintech and data applications while prioritizing information security protection, providing a highly impactful customer experience service. It has received multiple domestic and international awards for its excellence:
- Cathay Life Insurance was awarded the Taiwan Insurance Excellent Performance Awards—the highest honor in the Taiwanese insurance industry—for ten consecutive years, named a Fortune 500 company,and listed among the top 25% of Taiwanese financial services companies in adhering to the principles of treating customers fairly for six consecutive years.
- For the sixth time, it has been ranked in Brand Finance's "Global 500 2024" as one of the most valuable global brands, and is the only financial institution from Taiwan to make the list.
- Bronze Stevie winner for Customer Service Department of the Year - Financial Services of the Stevie Awards 2024: Stevie Awards winner for the eighth consecutive year and the only Asian company to receive the award
- Sustainability of the Year Award of the Insurance Asia Awards (IAA) 2024
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