Embracing the spirit of “giving back to society what one reaps from society,” Taipei Fubon Bank takes tangible action through its core banking competencies to express its concern for society and give back. Children of economically disadvantaged families, for example, are especially in need of being smart about money, but those that live in remote areas generally have less access to educational resources than those living in urban communities. To address this gap, the Company launched a “Budding Tycoon Outreach Program” in September 2012 in which it visits remote elementary and junior high schools to help young students facing economic hardship embrace healthy concepts about managing money. In 2014, the program visited 54 elementary schools around Taiwan, with Fubon Financial Holdings President Vivien Hsu and Taipei Fubon Bank Executive Vice President Morris Huang each taking a turn as an instructor. Beyond getting students to think about their attitudes toward money and imparting money tips, the program also taught them that success cannot be measured by wealth alone and helped them appreciate the importance of intangible assets such as friendship and credibility.
|2014 Outreach Program Activities||2013 Outreach Program Activities||Comparison|
|Toured 54 elementary schools; nearly 7,000 people participated||Toured 25 junior high schools; over 8,000 people participated||
||New board game developed in 2014|
|Organized essay contest on the topic “I’m a Good Custodian of Money”||Took the extra step of encouraging students to learn on their own in 2014|
The Company offers basic protection to economically disadvantaged households through microinsurance policies, which fill in gaps in government social insurance programs and social assistance mechanisms. Unlike households that can afford insurance and understand its importance, the economically disadvantaged often lack insurance awareness or simply do not earn enough to buy the insurance they need. Individuals or families that have not made insurance plans and lack the most basic of protections are extremely vulnerable to risk and face serious problems when the unexpected happens.
Microinsurance is designed to give low-income individuals and households access to insurance and features low premiums and an uncomplicated scope of coverage. Its aim is to provide the insured with a certain standard of protection to mitigate the economic hardship they would face were an accident to occur. Six specific groups are eligible for microinsurance (see note below for details).
To help the disadvantaged, Fubon Life became the first life insurer in the country to introduce one-year fixed term micro life insurance. This policy does not require the insured to get a physical checkup, costs little, offers a basic payout, is open to individuals or groups, and what it covers is straightforward and easy to understand. Fubon Life’s 14,000 agents are committed to promoting microinsurance in all corners of society and strengthening the protection afforded the economically disadvantaged.
To further raise awareness of microinsurance and increase the percentage of people insured, Fubon Life launched a campaign in 2014 to raise money to help low-income individuals and familes with their premiums. Nearly 2,000 Fubon Life employees contributed NT$4 million to subsidize the premiums of about 14,000 low-income microinsurance policyholders, opening a protective umbrella over people desperately needing help and fulfilling Fubon’s social responsibility as a corporate citizen.
Note: Those eligible include low-income people, defined as (1)those who are single and have annual incomes below NT$700,000 or (2)members of families where the combined annual income of the two spouses is below NT$700,000. They also include people belonging to specifically designated disadvantaged groups: (1)indigenous peoples (2)fishermen (3)people assisted by social welfare groups and (4) farmers.