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 six 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 U.N. sustainable development goals 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, 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.
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|Initiatives||2019 Action Plans||Results|
|Provide Services for the Elderly||Promote elder care trusts.||
|Establish a strict “abnormal transaction control mechanism” for financial products to protect the interests of elderly customers.||
|Care for the elderly and people with dementia.||
|Create a Common Good||Cooperate with Collaborative Care Centers.||Partnered with 21 major collaborative care centers around Taiwan on activities taken part in by more than 8,000 people.|
|Continue to promote Community Living Circles to strengthen the public’s health knowledge and awareness.||Held 8 talks in urban areas by well-known professionals that were attended by more than 3,495 people.|
|Continue the Local Services Outreach Program.||Got involved in 25 local activities that were attended by nearly 28,000 people; joined with local public welfare groups to organize five events focused on elderly care and community care.|
|Hold board game and healthy walking activities.||Held three large-scale board game and healthy walking activities, and promoted virtual walking events in conjunction with the results of the National Yang-Ming University survey (see below in section 5.5.1).|
|Collaborate with county and city governments on senior outings.||Reached nearly 9,200 people.|
|Extend social responsibility to campuses, combine CSR and USR (university social responsibility) to forge social values.||Collaborated with departments in 21 colleges and universities.|
|Recruit 6,000 new sales agents for tied-agent channel in 2019.||A total of 6,252 new sales agents were recruited and three new “Boundless Talent Project” sales offices were established in 2019.|
|Hold activities at branches with special themes.||Held 11 themed-branch events in northern, central and southern Taiwan in 2019 that were attended by more than 820 people.|
|Offer financial services in underserved areas.||Video “identity-proofing” service used in 6,752 cases in 2019.|
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