Fubon Financial Holding closely monitors the effects of social change and leverages its core competencies and the influence of the financial sector to help eliminate poverty and stabilize society. It exerts that influence in part through innovative products and services, such as microinsurance and charitable trusts.
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|Initiatives||2019 Action Plans||Results|
|Microinsurance Policies||Continue to promote microinsurance policies and achieve annual sales targets.||Total premiums collected in 2019 for microinsurance policies amounted to NT$6.75 million, resulting in an achievement rate of 130% compared to the original target of NT$5.20 million.|
|Charitable Trust||Increase total assets under management in charitable trusts.||Total assets under management in charitable trusts totaled approximately NT$1.476 billion, up 15% from 2018.|
|Expand the scope of engagement charitable trusts and the amounts donated by them.||A total of about NT$206 million was donated from the charitable trusts in 2019, an increase of 44% compared to 2018.|
The primary purpose of microinsurance is to lend assistance to groups of individuals who are not eligible for public assistance but cannot afford standard commercial insurance. The policies feature inexpensive premiums to protect disadvantaged families in the event of a sudden accident, thereby alleviating the shortcomings of government social insurance programs and social assistance mechanisms.
Fubon Life and Fubon Insurance have teamed up with local county and city governments through a program organized by the Fubon Charity Foundation to extend microinsurance policies to eligible individuals in need. In addition, by establishing a close-knit volunteer network linking Fubon staff and social welfare groups at the grassroots level, we can identify coverage gaps among disadvantaged groups, giving Fubon agents the opportunity to explain the advantages and importance of microinsurance policies to those groups and help them apply for coverage. In this way, Fubon extends a helping hand and provides additional protection to the main income earners of disadvantaged households.
In 2019, Fubon Insurance worked with the Taipei City, Chiayi City and Penghu County governments, as well as the Yunlin County Youth Rehabilitation Association, the Huwei Association for People with Disabilities, the Wenshan School of Special Education, the Taipei Parents Association of Autism, and the Autism Society of Taiwan. Fubon Life cooperated with ten public welfare groups, including World Vision, the Chinese Christian Relief Association, and the Good Shepherd Social Welfare Foundation, expanding the number of people helped.
Fubon Insurance and Fubon Life microinsurance results in 2019
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|microinsurance||Actual Premium Income (NT$) in 2017||Actual Premium Income (NT$) in 2018||Actual Premium Income (NT$) in 2019||Sales Target in 2019||Achievement Rate||Sales Target in 2020|
Note: Fubon Life had 15,454 active microinsurance customers in 2019; Fubon Insurance had 4,261.
In 2020, Fubon will continue to promote microinsurance, work to increase renewal rates for existing policies, and enhance cooperation with large-scale social and charitable foundations. Offering insurance products that provide basic protection for financially disadvantaged households will enable more vulnerable individuals and families to get some protection against economic hardship in the event of an accident.
At a time when social changes are resulting in a widening rich-poor divide and the uneven allocation of resources, Taipei Fubon Bank is helping customers who want to give back to society set up different types of charitable trusts. The bank’s aim is to directly or indirectly promote an interest in public welfare and join with customers in spreading love and caring to all corners of society. The results achieved in this area are as follows:
- As of the end of 2019, Fubon was managing 25 charitable trusts, many of which highlighted different causes. Among them, one trust established at the end of 2019 after being approved by the National Development Council was Taiwan’s first public welfare trust, aimed at promoting public governance and social development.
- In 2019, a total of about NT$206 million was donated by the charitable trusts, an increase of 44% compared to 2018.
In the future, Taipei Fubon Bank will continue to promote charitable trust services by cooperating with news and media outlets on promotional efforts and pursuing more referrals from people who have set up charitable trust. In addition, we will make further efforts to develop standardized application documents, expand the scope of existing charitable trusts (in terms of monetary value), and increase the amount donated to increase the number of beneficiaries to spread more positive energy throughout society and make the world a better place.