Cathay Life unveils ‘Health First’ strategy

Last January, the Taiwanese insurer found itself at the clutches of the global pandemic as Cathay Life’s shares dipped after it revealed that pre-tax earnings fell short of analyst estimates.

Approaching insurance in a more agile and digital way

“Cathay Life Insurance has eight million policyholders and services more than 20 million insurance policies in Taiwan,” said Able Lin, spokesperson for Cathay Life Insurance. “Facing challenges such as an ageing population, the pandemic, emerging technology, and the environment, it is necessary to approach insurance in a more agile and digital way to fulfill customer needs.”

Cathay Life’s spillover insurance policies date to 2018 and include a very successful wellness program. To date, the insurer has continued advocating for a transition from protection to prevention to engender a healthier society and for customers to utilize their policies as best they can.

A newly launched wellness program called “FitBack” serves as one of the four major areas in the strategy. The FitBack is embedded within the Cathay Life app and serves as a reminder and encouragement for customers to stay committed to their health goals, upgrade their membership levels, and reap the resulting rewards. Cathay Life’s partnerships with cross-industry partners also served to provide various other health-oriented tasks for customers.

As for generating awareness about the importance of staying healthy, Cathay Life has actively expanded its spillover insurance policy offerings in recent years, focusing on preemptive prevention and reduction of claims. The insurer currently ranks top when it comes to profits from spillover insurance policies, and Cathay Life seeks to retain and strengthen this position with the launch of an industry-first spillover insurance policy that combines membership levels with discounted premiums.