Ministry of the Interior statistics show that there are more than 470,000 people in Taiwan who need long-term care, and the number of people who will become incapacitated will surge 20% every five years in the future. Yet the coverage rate for long-term care insurance in Taiwan was only 1.4% in 2011, according to statistics from the Life Insurance Association of the Republic of China. The major obstacle to promoting long-term protection has been a lack of urgency driven by a sense that any potential problems are in the distant future, which has kept people from including it in their retirement protection planning. But with the consequences of a rapidly aging society and a low birth rate fast approaching, a greater consciousness of long-term care risk is urgently needed.
Though promoting long-term care insurance has been anything but easy, Fubon Life has made the category an annual priority since 2011 and led the industry in designing innovative long-term care coverage plans. In 2013, it launched a marketing campaign with the theme “For Secure Long-term Care, Fubon Is There” to raise awareness of long-term care planning. Long-term care education was promoted through media exposure, sales and marketing channels, and public welfare activities to help people in Taiwan develop more comprehensive retirement protection strategies.
1. Media Exposure
The Internet, specialized journals on finance and insurance, and the news media were used to create exposure for Fubon’s long-term campaign and make more people aware of long-term care insurance.
- (1) Fubon Life’s official website created a page dedicated to long-term care products under the heading “Protecting the Future.” It documents the long-term care challenges faced by people of different generations and offers retirement planning advice and information. It also collaborated with the Yahoo portal to have a link to the site appear whenever an Internet user searched the terms (in Chinese) “For Secure Long-term Care, Fubon Is There,”“retirement planning,”“product characteristics” or other advertising keywords.
- (2) The Company worked with specialized financial and insurance journals (such as Risk Management & Insurance Magazine and Money) to provide readers with complete and specialized information on long-term care, creating special editions on the “Need for Insurance in Long-term Care,”“For Secure Long-term Care, Fubon Is There,” and “Managing Money for Lifelong Happiness.” These publications reminded readers of the importance of long-term care insurance and of starting early to prepare for risks and uncertainty.
- (3) At the same time, to promote products catering to an aging society, the Company helped publicize long-term care product topics in the mainstream media, broadening the exposure of long-term care information.
2. Sales and Marketing
Extending the spirit of the Guardian of Love, microfilms, special publicity materials and marketing campaigns have been developed to strengthen Fubon insurance agents’ understanding of long-term care and their ability to inform customers on the subject when they get the chance, ultimately enhancing customers’ overall protection from risk.
- (1) The “Guardian of Love” microfilm series was produced to present several different themes related to long-term care, such as “Mom’s Treasury Box” on dementia, “Ah Chen’s Liter of Tears” on spinocerebellar atrophy and “Midsummer Sighs of a 17 Year Old” on paralysis. These short films were designed to help sales agents truly empathize with what people go through and recognize the importance of long-term care insurance in protection planning strategies.
- (2) Multiple marketing tools catering to different customer segments have also been developed. Among them: the “Enduring Love” and “9+1 Special Injury” handbooks; promotional flyers issued by specific channels; “123 Dream” cards; an “Unmovable Life Foundation,” and direct-mail marketing introducing simple insurance plans. These tools aim to assist people in applying long-term care education and product concepts.
3. Public Welfare Activities
Fubon closely monitors the many potential consequences and issues spawned by an aging society. It extends its spirit of “carefree care” to the health of the entire population and actively publicizes and promotes long-term care issues to get people to take protecting themselves from risk more seriously.
- (1) Reflecting its concern for the health of its policyholders, Fubon Life has set up a health care services team (formed by Fubon employees with professional health care backgrounds) that attends to policyholders at risk of needing long-term care or suffering from catastrophic illnesses. The specialized health services team offers health care services, customized advice and educational materials, and helps arrange second opinion consultations to enhance the quality of life of policyholders receiving long-term care.
- (2) Fubon has also gotten involved in seminars on dementia insurance and in exhibitions on long-term care and active aging. It joined with the Taiwan Alzheimer Disease Association and the Yilan County government to arrange seminars and exhibitions focusing on long-term care cases, active aging learning and education, and insurance and financial planning. These activities raised awareness of risk protection and gave people access to more comprehensive long-term care insurance coverage.
With the help of innovative long-term care product designs and integrated marketing communication strategies, Fubon Life had sold a cumulative 95,000 long-term care policies by the end of 2014. Sales efforts through bank insurance and telemarketing channels also had started showing success by then, indicating that people have begun to realize that long-term care insurance is a necessary part of family risk protection planning.