Promoting a More Equitable, Inclusive Society

The World Health Organization defines a society as "aging" when 7% or more of its population is 65 or over, as "aged" when the ratio hits 14%, and as "super-aged when it hits 20%. In April 2018, the Ministry of the Interior announced that Taiwan had reached the threshold for an "aged society" a month earlier, when 14.1% of Taiwan’s population was 65 years old or above. A subsequent National Development Council estimate said Taiwan will likely only need another eight years to exceed the 20% threshold and join Japan, South Korea, Singapore and some European countries as a super-aged society. These trends show that Taiwan’s population is aging at an alarmingly rapid rate, and the Interior Ministry has said public policy in the future will focus on the country’s low birth rate and the mounting burden of the working-age population in caring for and supporting retirees.

At the same time, average life expectancy is on the rise in Taiwan, exposing more people to longevity risk, health risks such as dementia and disabilities, and the risk of inflation. According to the 2016 National Health Insurance Statistics Summary put out by the Ministry of Health and Welfare, the 65 and over age bracket used more inpatient resources than any other age group in Taiwan, reflecting the importance of preparing ahead of time for potential medical expenses later in life. With the rise in longevity risk, a growing single population, and the low birth rate, young adults should begin addressing longevity risk as early as possible by investing appropriately in health coverage while they are in good shape and earning an income.

One of the SDGs supported by Fubon Financial Holdings is Goal 3 – to ensure healthy lives and promote well-being for all at all ages. To achieve that goal in Taiwan’s aging environment, the Company caters to demand from an aging population for long-term care, coverage for out-of-pocket medical expenses often faced by older patients, and whole-life medical insurance. It has also taken on the problem of people being rejected for private coverage because of pre-existing conditions by creating targeted protection products that fill in the gap. Fubon’s impaired risk insurance for diabetes patients, for example, has a "spillover" clause that encourages the insured to keep their blood sugar levels under control in exchange for lower premiums. The product raises the customer’s health awareness while lowering the risk of claims.

Initiatives 2018 Action Plans Results
Create a Good Senior Living Environment Introduced impaired risk insurance for people with diabetes.
  • Put Taiwan’s first "impaired risk ‘spillover’ policy" on the market.
Promoted elder care trusts.
  • Assets held in trust totaled NT$697 million, up more than 80% from the end of 2017.
  • According to Trust Association of R.O.C. statistics, growth in Fubon’s elder care trust assets and customers in 2018 were the highest of any privately run bank in Taiwan, showing that recent efforts to promote these trusts are paying dividends. In 2018, Fubon was named as an outstanding elder care trust provider by the Financial Supervisory Commission based on its annual evaluation in 2017.
Provide Services for the Elderly Established a strict "abnormal transaction control mechanism" for financial products to protect the interests of elderly customers.
  • For customers aged 70 years and above who are subject to the highest level of control based on a risk profile assessment, a "risk warning" is issued for every transaction; the first time they apply for professional investor/professional client status, a two-week "cooling-off period" is imposed from the time their application is approved.
Continued to provide preferential services for senior insurance customers.
  • Benefits such as health checks and home care provided; free home delivery service for medicine added.
Good Neighbor Initiative Teamed up with nine major Integrated Dementia Care Centers around Taiwan to promote dementia prevention education, in response to the Ministry of Health and Welfare’s "Dementia-friendly Communities" initiative.
  • Successfully got more than 8,000 elderly people out of their homes and broadened their social circles.
Continued to promote Community Living Circles to strengthen the public’s health knowledge and awareness.
  • Held 14 talks in urban areas by well-known professionals and 34 health forums and local events that were attended by more than 12,000 people.
Care for the elderly and people with dementia.
  • Held 2 gatherings to support families with new dementia patients.
  • Distributed 2,627 wristbands to keep dementia patients from going missing.
Local Services Outreach Program.
  • Got involved in 49 local activities, involving caring for disadvantaged seniors and students and promoting good health, that reached 20,000 people.
Board game and healthy walking activities.
  • Held 3 large-scale board game and healthy walking activities that drew the participation of more than 10,000 people; events raised awareness of caring for the elderly and preventing dementia.
Collaborated with county and city governments on senior activities.
  • Board game activities extended to community locations, involving nearly 4,000 seniors.
  • Sponsored the New Taipei City Brain Health Bus, offered cognitive care services in 100 locations that reached nearly 5,000 people.
Extended social responsibility to campuses, combine CSR and USR (university social responsibility) to forge social values.
  • Mobilized 11 universities, 843 student volunteers and Fubon employees to serve communities and small neighborhoods.

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