Sustainable Insurance | Excellent Customer Experience | Innovation | Shin Kong Life Sustainability

Excellent Customer Experience

SKL is committed to creating a high-quality and comprehensive insurance service journey for customers through the development of innovative financial services, the promotion of digital transformation, and the continuous implementation of treating customers fairly.

Sustainable Insurance

Providing a Sense of Security

SKL adheres to the Principles of Sustainable Insurance (PSI), incorporating ESG and sustainability issues into the company's decision-making. In response to trends in social structure changes and policyholder needs. We are committed to developing and providing insurance products that meet the life planning needs of citizens, ensuring that product designs and service processes are in compliance with regulations, and fully protecting consumers' rights and interests.

01

Product Design
  • Continuously monitor ESG trends and incorporate ESG issues into the product development process. Establish inclusive product measurement mechanisms and consistently provide insurance products that align with the public's life plans. Ensure fair treatment of customers and achieve financial inclusion.

  • Adhere to relevant regulations governing insurance product design and development during the product development process. Conduct pre-sale "Insurance Product Management Committee" meetings and "Insurance Product Evaluation Team" meetings. Implement post-sale review mechanisms through the "Insurance Product Management Committee" to regularly assess sales conditions, ensuring sustainable operations and the protection of consumer rights.

SKL Product Development and Design Process

01

Conception of Product Demand
Data Collection and Research
  • Exchange in the industry
  • External and internal needs and proposals
  • Requirements of the competent authority
Follow ESG trends

02

Product Design
Product Design, Risk Assessment and Management
  • Determination of the product structure
  • Product evaluation
  • Academic cooperation
Assess ESG risks

03

Product Review and Selling
  1. Insurance Product Evaluation Team
  2. Insurance Product Management Team

04

Product After-sales Management

02

Sales and advertising promotion
  • Ensure all product sales and promotions comply with legal information disclosure requirements. Draft product terms and conditions in accordance with the demonstration clauses provided by the competent authority, and complete reviews according to legal procedures.

  • Following the "Regulations Governing Public Disclosure of Information by Life Insurance Enterprises," we provide sample policy contract clauses in the information disclosure and product sections of our official website, allowing customers to understand the details of our products.

  • With respect to the review and approval mechanisms of application documents, the Company has formulated the "Insurance Product Sales Operations" and "Advertising and Press Release Operations" in accordance with the "Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises" in the internal control system. In compliance with the "Self-Regulations for Solicitation Advertisement in the Insurance Industry", the Company has formulated the "Management Regulations on the Use of Promotion Materials for Product Sales" to specify that information on insurance products, advertisements, and business solicitation activities should be truthful and accurate, and the contents should be clear and precise with a warning message to protect the rights and interests of policyholders. For products or services labeled as "green" or "sustainable", it is required to check whether the relevant statements comply with the principles set forth in the "Reference Guidelines for Financial Institutions on Anti-Greenwashing" when they are disclosed in external press releases.

  • Establish the "Business Solicitation Processing and Procedures System" to rigorously control internal regulations, ensuring that all advertising, business recruitment, and promotional activities by sales units and agents provide accurate advertising information, thereby safeguarding policyholders' rights.

  • Launch the "fraud prevention and risk control model for external agents" to prevent the abnormal solicitation of external agents, misappropriation of premiums, improper marketing, and improper persuasion of policyholders through risk warnings.

03

Underwriting
  • Establish "Risk Management Mechanisms" and "Insurance Product Sales Operations" in the internal control system to strictly control the underwriting of new contracts and relevant underwriting processes. Underwriting is conducted in accordance with the "Underwriting System and Procedures" and the "Offshore Insurance Units (OIU) Underwriting System and Procedures.

  • Underwriting personnel all have the underwriting expertise required to evaluate the risk-bearing capacity of the company, to assess the basic information of the insurer and the insured, motives for insurance, benefits of insurance, degrees of need, suitability, occupations, income, finance, sources of funds for insurance premiums, and health status, as well as to watch out for moral hazards or improper tax savings to ensure just and impartial underwriting services.

  • Establish the Underwriting Risk-ranking Model and apply big data in underwriting risk management to combine past claims data and underwriting experience with data mining techniques for risk screening and for conducting random physical checks of high-risk customers.

  • In accordance with the inclusive finance policy, ensure that no form of unfair treatment is tolerated in underwriting for insured parties with certain conditions or those with physical or mental disabilities. For elderly applicants, underwriters should proactively show care and conduct thorough evaluations during the underwriting process, ensuring the appropriateness of the insurance coverage and the applicant's ability to recognize any potential harm to their insurance interests. This helps protect elderly customers and prevent elder abuse, aligning with the nature of insurance products and the principle of fair treatment.

  • In accordance with the inclusive finance policy, ensure that no form of unfair treatment is tolerated in underwriting for insured parties with certain conditions or those with physical or mental disabilities.

04

Claims
  • Continuous improve compensation mechanisms and processes, and establish the advanced quick claim risk analysis system to divide operations: Low-risk cases are processed with the automatic compensation mechanism for the system to automatically adjust the payment amount for quick payments, shortening the time required for processing claims to within hours.

  • Since 2021, policyholders who are over the age of 18 can access mobile claims services with the assistance of sales personnel through the Insurance Technology Sharing Platform. Policyholders with policies from multiple insurance companies can apply online for medical, disability, and critical illness claims with any insurer. This service offers simultaneous processing across multiple insurers and integrates Mobile ID (MID) technology for digital identity verification, streamlining the claims application process, enabling policyholders to complete claims online with a single click.

  • In compliance with regulatory requirements, we provide clear reasons and explanations, along with the applicable laws or contractual terms, in written notifications to policyholders regarding cases where claims have not been paid.

Innovative Sustainable Products

Environmental Sustainability Products
Spillover-effect Insurance Products
Product Features

Launched Taiwan's first investment-linked policy linked to ESG offshore structured products, namely, "Wen Wan Li Foreign Currency Investmentlinked Annuity Insurance". This product is linked to green bond investment targets guaranteed by BNP Paribas, in combination with the "tree planting campaign", whereby the policyholders of SKL can plant one tree in Aceh, Sumatra, Indonesia for every US$10,000 invested.

For more information on our insurance products, visit the company website

Results

From initial launch until the end of 2024, we sold

2283

policies

final underwriting amount of

103

AUD million

planted

6590

trees

Product Features

Encouraging Taiwanese people to manage their health, we have launched various innovative spillover-effect insurance products. Through the design of mechanisms such as effective step count, effective exercise, and healthy sleep, insurance can be extended from post-incident compensation to early prevention for health promotion of policyholders.

For more information on our insurance products, visit the company website.

2024 Results

From initial launch until the end of 2024, we sold

160088

policies

FYP of approximately

4.269

billion

Awards and Honors

21th National Brand Yushan Award "Best Product"

SDGs