Creates “mobile payment x insurance” convenient payment landscape by targeting LINE Pay ecology
According to statistics from the Financial Supervisory Commission (note 1), the number of mobile payment users in Taiwan had reached 10.49mn by the end of September 2020, up 4.61mn or 78.4% from the same period a year earlier, indicating usage by 1 in every 2.5 citizens on average among Taiwan’s population of 23.56mn. Meanwhile, Mobile payment operator LINE Pay had 8.4mn subscribers and its transaction amount surpassed NT$35.6bn in the January to September 2020 period (note 2). Fubon Life Insurance has since partnered with LINE Pay to design a “LINE Pay card binding insurance payment” service and received approval from the Financial Supervisory Commission’s Insurance Bureau for a six-month test run. Effective immediately, citizens can bind LINE Pay with credit cards from one of three designated banks (note 3), including Taipei Fubon Bank, to make insurance payments. As the time required to input credit card information is saved, the payment process becomes more convenient.
Fubon Life Insurance President Benson Chen indicated that “usage scenario” is an equally key and important metric when it comes to the expansion of mobile payment applications and the promotion of customer service by insurance operators. Payment of insurance fees through a mobile payment platform is a new business along with LINE Pay’s ongoing expansion of lifestyle venues that accept it. Fully compliant with all relevant regulations, the LINE Pay population is now able to bind credit cards to pay for insurance, greatly improving payment convenience. LINE Pay does not collect insurance fees; instead, it acts as a payment portal, while the collection of insurance fees continues to be handled by the bank. Since regulatory approval, Fubon Life Insurance has become the first local insurance brand to formally join the LINE Pay ecosystem. Fubon Life Insurance continues to lead when it comes to the innovative application of insurance services, thereby accelerating the insurance process while providing an outstanding service experience.
Quicker payment of initial premiums on NTD non-investment-linked products
Traditionally, payment of insurance premiums on credit cards requires the insured to provide the credit card number and effective date to the insurance company. “LINE Pay binding credit card insurance payment” reduces the complexity of filling out information. It also confirms the payer’s identity, enhances transaction accuracy, and reduces the possibility of consumer disputes. When applying for insurance on a mobile device, the only requirement is to scan the QR Code or click on a link in order to complete payment of NTD non-investment-linked insurance products on the credit cards of one of the three banks bound to LINE Pay, including Taipei Fubon Bank.
Note 1: FSC statistics, source: https://www.fsc.gov.tw/ch/index.jsp
Note 2: LINE Pay’s public relations press release “LINE Pay users reach 8.4mn, averaging 1 per 2.8 persons”
Note 3: During the trial run period, credit cards and debit cards issued by Taipei Fubon Bank, Chinatrust, and Union Bank of Taiwan are eligible (excluding debit cards issued by Union Bank of Taiwan)