FinTech

Fubon Insurance

Going Digital: Higher Efficiency, Real-time Operations

In 2014, Fubon Insurance became the first general insurer to receive regulatory approval to offer insurance coverage online, and it continues to bring customers convenient, professional and innovative digital services. Beyond adding new online insurance products and developing coverage calculators, the company has also focused on automating internal systems so that once a customer submits an online insurance application, it is processed and a policy is issued automatically. This saves a substantial amount of time compared with approving and issuing policies manually.

At the end of 2015, Fubon Insurance completed its e-policy initiative. As part of the project, it worked with network certification company Taiwan-CA Inc. to have every policy undergo “insurance policy authentication & validation” (ISAV) and ensure that personal information is secure and will not be leaked. Within an hour of applying for coverage, customers can check the detailed breakdown of the policy, regardless of the type of insurance. Also, 80% of those who apply for travel insurance online ask for electronic rather than paper policies.

At the same time, Fubon Insurance’s business app helps sales agents reduce or eliminate the large amounts of paper they typically use in their daily activities. The App includes such tools as electronic flyers, electronic insurance applications, electronic payment bar codes and an electronic reporting system. On the claims side, the Fubon Insurance mobile App combines e-signature and image upload functions, and the e-claims process saves Fubon agents the hassle of having to go back and forth between the parties involved to collect necessary documents.

In the future, Fubon Insurance will remain committed to developing innovative mobile functions, optimizing its internet and mobile services platform and expanding the types of insurance policies available online, hoping to create a paperless services environment through a peerless digital and mobile services platform.