Sustainable Insurance | Excellent Customer Experience | Innovation | Shin Kong Life Sustainability
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, SKL continues to develop and provide insurance products that meet the life planning needs of the fellow citizens, and ensures that consumers' rights and interests are met and protected through the following principles:
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
- Insurance Product Evaluation Team
- 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.
- Pay attention to the solicitation of external agents and the mechanisms for reviewing and approving application documents; have the "Management Regulations on the Use of Promotion Materials for Product Sales" formulated in accordance with the "Self-Regulations for Solicitation advertisement in the Insurance Industry" to ensure the accuracy, clarity, and completeness of product information. Ensure all brochures or promotional materials, including fonts and risk warnings, are fully disclosed as per relevant regulations to protect consumer rights.
- 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
- Follow the "Underwriting System and Procedures" and the "Offshore Insurance Units (OIU) Underwriting System and Procedures" to handle underwriting operations.
- 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.
- 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.
Air Pollution Insurance Product
Food Safety Insurance Product
Spillover-effect Insurance Products
Product Features
Continuously sold the upgraded "Plug-in Air Pollution Annotated Clauses", which strengthened the lifelong coverage for the heart and lung, including two major lung diseases (pulmonary fibrosis and chronic obstructive pulmonary disease)
For more information on our insurance products,
visit the company website.
2023 Results
From initial launch until the end of 2023, we sold
1,725
policies
FYP of approximately
914
million NTD
Product Features
Introduced the industry's first "Food Safety Lifetime Medical Health Insurance Rider," which covered hospitalization and surgical expenses due to digestive system diseases.
For more information on our insurance products,
visit the company website.
2023 Results
From initial launch until the end of 2023, we sold
455
policies
FYP of approximately
249
million NTD
Product Features
Encouraging policyholders to proactively manage their health and supporting financial inclusion, we have launched the "Go New Inclusive Term Insurance." This product is available for individuals aged 0 to 65. It promotes concepts such as "compensation for accidents, refund for staying alive, money for walking, exemption from payment for illness, and change for a thousand NT dollars." It integrates with the SKL app to record points accumulation digitally, and encourages policyholders to improve their health through the spillover-effect mechanism.
For more information on our insurance products,
visit the company website.
2023 Results
Since the launch of our spillover-effect insurance products, a total of
128,462
policies have been sold
FYP
36.75
billion NTD
Awards and Honors
20th National Brand Yushan Award "Best Product"SDGs
