Echoing UN’s Sustainable Development Goal 3, Good Health and Well-Being,
Fubon
Financial Holdings aspires to facilitate the well-being of each age group.
The
aging population calls for long-term care services, medical insurance
covering
self-paid special materials, and lifetime pay-as-you-go insurance. In
response
to the demand, as well as common cases of decline among applicants with
impaired
risks, the Company has developed a variety of insurance products to fill the
gap
between supply and demand. In impaired-risk insurance, we include spillover
benefits to encourage policyholders to control blood sugar levels with
premium
deduction as incentives. While strengthening policyholders’health
consciousness,
we also reduce the risk of claim settlements.
As Taiwan moves toward an aging society with a low birth rate, Taipei Fubon
Bank
actively promotes elder care trusts. The trust department was expanded to
include a larger trust operations team. Agile big data analytics was
introduced
to develop the right services and build a potential clientele so that we can
effectively assist clients with asset trusts in advance. Meanwhile,
leveraging
the influence of local branches across Taiwan, Taipei Fubon held multiple
trust
orientations to reach out to a broader clientele. Through casual
interactions
and easy-to-comprehend case studies, potential clients learned about the
purpose
and advantages of trusts.
Provide Services for the Elderly
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1
Promote elder care trusts
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Results
- In 2021, Taipei Fubon Bank handled 105 new asset trusts to care for the elderly and people with disabilities, benefiting 345 people.
- Elder care trusts had assets of NT$2.409 billion at the end of the year, up more than 17% from a year earlier.
- The only private bank recognized by the Financial
Supervisory
Commission as an outstanding elder care trust provider in
three
consecutive years
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2
Fraud Prevention – Elderly Clients
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Results
- 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
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3
Use Technology to Track People
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Results
- Worked with New Taipei City to use smart GPS watches and the websites of local social groups to better prevent people with dementia from getting lost and make it easier to find them. Nearly 100 people with dementia or senior citizens in rural areas have been helped by this service.
- Joined with the Federation for the Welfare of the Elderly to get hospitals to provide dementia bracelets to patients diagnosed with memory issues. More than 13,000 dementia bracelets were distributed accumulatively since 2016.
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4
Dementia Education Seed Project
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Results
- Partnered with the Taiwan Alzheimer’s Disease Association on a “Dementia Education Seed Project” and produced the animated videos “Signs of Dementia” and “Prevent People from Getting Lost” for distribution to elementary schools around Taiwan
- The project also held activities with the help of the Fubon Volunteers Association at Taipei Datong Elementary School and Heping Elementary School in Taichung to educate 210 teachers and students about Alzheimer’s.
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5
Medical Service Accessibility Project for
Elders
in Remote Areas
Medical Service Accessibility Project for
Elders
in Remote
Areas
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Results
- Partnered with Formosa Cancer Foundation to offer
transportation
subsidy to elderly cancer patients in remote areas in
Southern
and Eastern townships in Taiwan. Unprecedented in the
industry,
the project has helped 1,434 elderly cancer patients
increase
their willingness to seek medical treatment by offering a
maximum of NT$8,000 transportation subsidy per patient since
2017. The total subsidized distance traveled to medical
facilities reached 750 thousand km.
- The “Survey on the Predicament of Cancer Patients in Taiwan
to
Travel for Medical Treatment” and the "Documentary of
Elderly
Cancer Patient's Journey to Treatment” successfully raised
public awareness on medical accessibility in remote areas
(with
over 230 thousand views) and facilitated the donation of
over
NT$ 4.03 million made to Formosa Cancer Foundation.
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6
Senior Care Active Ageing
Program
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Results
- Held 564 events for senior citizens
- 7,143 people benefited from the program
Products for the Elderly
Fubon Life makes it its business to care about people’s health and meet the
growing needs of Taiwan’s rapidly aging society and continues to offer elder
care trusts and health-oriented insurance products.
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1
Hospitalization Insurance for Seniors
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Most pay-as-you-go medical insurance policies
only
protect people to the age of 75. Given that life expectancy is
rising in Taiwan and out-of-pocket medical costs continue to
increase, Fubon introduced pay-as-you-go hospitalization
insurance
that extends to the end of the policyholder’s life.
Product Name
- Fubon Life Hospitalization Whole-life Insurance Rider
2021 Policies
- Number of valid policies:698
- PremiumIncome:20 million
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2
Products for Seniors
– Long-term Care
Insurance
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Offer policyholders a variety of options by
diversifying long-term care products including long-term care
insurance that covers physiological disabilities, cognitive
disabilities, specific diseases that require long-term care,
etc.
Product Name
- Fubon Life Long-term Care Whole-life Insurance
- Fubon Life Full-Care Whole-life Health Insurance
- Fubon Life Long-term Care Term Health Insurance
2021 Policies
- Number of valid policies :12,682
- PremiumIncome:413.66 million
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3
Coverage for Special
Medical Devices and
Whole-life Medical
Insurance
Coverage for Special
Medical Devices and
Whole-life Medical
Insurance
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Provides coverage for devices such as coronary
stents, artificial hips, artificial knees, and artificial
intraocular lenses often needed by older people; introduced
medical
savings account insurance plan that includes coverage of
outpatient
expenses not covered by
national health insurance system.
Product Name
- Fubon Life Senior Wellness Whole-life Health Insurance
- Fubon Life Whole-life Medical Insurance
- Fubon Life LOHAS Wholelife Health Insurance
2020 Policies
- Number of valid policies :3,432
- PremiumIncome:82.37 million
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4
Deductible Pay-As-You-Go Hospitalization
Insurance
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Given the rise in self-paid medical expenses,
Fubon
introduced a deductible pay-as-you-go medical insurance
addendum.
Policyholders can choose to top up the amount of coverage to
include
costs of hospital ward daily rate, hospitalization, hospital and
outpatient surgery. Fubon also offers policyholders a variety of
plans to choose.
Product Name
- Fubon Life Hospitalization Term Insurance Rider
- Fubon Life Hospitalization One-year Term Insurance Rider
- Fubon Life Practical Hospitalization Term Insurance Rider
2021 Policies
- Number of valid policies :14,362
- PremiumIncome:79.05 million
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5
Retirement Return-of-
Premium Whole Life
Insurance
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To maintain the national income replacement
ratio
among retirees, Fubon introduced lifetime insurances with a
variety
of premium plans. Policyholders can start claiming money back at
the
age of 55, 60, or 65. It helps policyholders meet retirement
needs
by offering whole-life insurance and a stable cash flow.
Product Name
- Fubon Life Enjoy Wealth Return of Premium Whole-life
Insurance
2021 Policies
- Number of valid policies :345
- PremiumIncome:70.56 million
Health management product
In terms of general health issues, Fubon introduced impaired-risk insurance
for
diabetes sufferers that offered them comprehensive coverage. The concept
behind
traditional insurance policies is to provide a benefit after something
happens.
In contrast, "spillover" policies are proactive, providing discounts on
premiums
to policyholders who effectively manage their own health. We also uses an
app
from Health2Sync to encourage policyholders to manage their health; the
policy
was the first to offer discounts on premiums based on blood sugar data. The
lower a user’s glycated hemoglobin (HbA1c), the steeper the discount, up to
a
maximum of 40% off, an incentive that stresses prevention to keep people
healthy. In 2021, Fubon Life had 5,391 customers with "spillover" policies
,which generated NT $ 1.35 million in premiums.
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1
Impaired-risk Insurance for People with
Diabetes +
a “Spillover” Effect
Impaired-risk Insurance for People with
Diabetes +
a
“Spillover” Effect
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Offers medical coverage to people with diabetes
while giving them an incentive to manage their health; through
this
approach, health promotion concepts spill over into the policy.
Product Name
- Fubon Life Smart Term Health Insurance
2021 Policies
- Number of valid policies:534
- PremiumIncome:11.09 million
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2
Walking Spillover Policies
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Aside from providing basic insurance coverage, the policy also incorporates health management concepts through the use of a wearable fitness device. Customers who walk a certain number of steps can get a discount on their premiums or health management rebates.
Product Name
- Fubon Life Walker Term Health Insurance
- Fubon Life e-Term Life Insurance
- Fubon Life GO Term Health Insurance for Critical Illness
2021 Policies
- Number of valid policies :1,659
- PremiumIncome:12.19 million
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3
Cancer Checkup Spillover Policies
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Aside from providing basic insurance coverage, the policy also provides policyholders with next-generation circulating tumor cell testing and tumor marker testing. Policyholders can use this insurance product to better manage their health and get a discount on their premiums.
Product Name
- Fuyi Heritage Variable Interest Rate Whole Life Insurance
- Increased Value Health and Critical Illness Life Insurance
- Foreign Currency Variable Interest Rate Type Whole Life Insurance
- Fuyi Foreign Currency Variable Interest Rate Type Whole Life Insurance
- Hsinmei Foreign Currency Variable Interest Rate Type Whole Life Insurance
- Yihsin Hsiangfu Variable Interest Rate Whole Life Insurance
2021 Policies
- Number of valid policies :3,096
- PremiumIncome:1,320 million
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4
Standard & Designated Vaccination Physical Checkup Spillover Policy
Standard & Designated Vaccination Physical Checkup Spillover Policy
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Aside from providing basic insurance coverage, the policy also provides physical checkup services. The physicals provided include: standard health checks, long-term care disease checks, cardiovascular disease checks, and cancer checks. The product’s main goal is to encourage policyholders to manage their own health and detect diseases at early stages.
Product Name
- Fubon Life Health (In-kind benefits type) Insurance
- Medical Treasure Major Injury/Illness Term Health Insurance
2021 Policies
- Number of valid policies :102
- PremiumIncome:1.01 million