Mega Millions and Powerball lottery jackpots combined are now over $1bn in US

Apple launches privacy website ahead of EU speech

Britain is one of the worst offenders for giving foreign aid contracts to its own firms rather than boosting the economies of developing nations, a new report warns.

The sale of Wembley Stadium has been called off after billionaire Shahid Khan withdrew his £600m offer to the Football Association 

UK Annual house price growth has slowed to a five-year low, according to official figures.

 

Shares in airline Flybe have plunged after it warned full-year profits would be lower than expected following weaker consumer demand over recent weeks.

Paddy Power Betfair fined £2.2m over gambling check failings

BRANDS FINANCE TOP STORIES

Taiwan’s Nan- Shan offers all around excellence in life insurance services

Taiwan’s oldest life insurance company continues to remain relevant and popular in the country on account of its diverse product portfolio

Founded in July 1963, Nan Shan Life Insurance is one of the oldest life insurance companies in Taiwan. Headquartered in Taipei city, and operating for more than 50 years it has built itself as a dependable name in safeguarding the lives and livelihoods of Taiwan’s citizens. With over 360 offices that offer extensive services in each corner of the country, over 4,1000 employees and 30,000 agents – it has managed to provide top-quality services to more than six million customers, which account for more than a quarter of Taiwan’s population.

Ruen Chen Investment Holding Co., Ltd, a joint venture of Ruentex Group and Pou Chen Corporation, became the largest shareholder of Nan Shan in August2011 and brought in top-notch professional management. This significantly bolstered the operations of the organisation, leading it to spectacular growth.

It launched its “Envision Project” in 2014. Co-developed with SAP – one of the leading software companies in the world—it has aimed to set the standard for best practice in insurance industry around the globe. Its goal has been to apply state-of-the-art technology, to build a framework of services – that will help redefine the insurance industry.

In September 2016, Nan Shan Life extended its footprint and formed Nan Shan General Insurance as itssubsidiary to provide one stop shopping of general and life insurance services — as part of their goal to build a risk-free protection net. In May 2017, Nan Shan Life took over all assets and liabilities of the troubled Chaoyang Life Insurance–with measures to protect the rights and interests of the original policyholders intact.

Building a bedrock of financial stability

Nan Shan’s operations are built out of a strong financial backbone. It has consolidated a prominent position in the insurance marketplace.

Nan Shan’s financial highlights for Fourth quarter of Q4 2017, year to date include being ranked No. 1 in the Industry in terms of paid-in capital; with NT $102 bn. Its total assets were valuated to be NT$ 4 trn – which made it rank No. 2 in terms of total asset value in the industry. Its shareholder equity was calculated at NT $187 bn – which is rank No. 3 in terms of shareholder equity in the Industry.

As a result, it has achieved some of the best credit ratings amongst private insurance companies in Taiwan. It was rated twAA+ by Taiwan Ratings, and A- by Standard & Poor’s global ratings.

Continuing to innovate

Nan Shan has continuously ideated and executed towards building products that satisfy across as diverse a spectrum as possible.

It offers a comprehensive range of life insurance products—that range from short-termto long-term and permanent life insurance for its clients. It also offers a full range of health insurance products that ensure that policyholders have the option of always choosing a well-rounded insurance plan that most perfectly suits the requirements for their health and well-being.

Nan Shan developed both the industry’s first accidental fracture insurances  that provided the ideal option to cater to the increasing needs of protection of the elderly, and the industry’s first personal micro-insurance product, which provides the economically disadvantaged with basic accidental death and disability protection at affordable rates.

The company also has its eye on emergent social trends that will identify the needs and requirements of the future.  This so far includes long- term healthcare insurance products—that secure the customers’ lives after retirement, and foreign-currency and investment- type insurance policies, which will help customers diversify their investment plans and make the allocation of their assets more flexible.

Diversifying its channels to create value

Nan Shan employs the usage of an extended network of service channels that ensures that the intangible nature of its commitments—are always translated into tangible, positive value delivery. The network includes insurance agents, financial institutions, corporations and the internet itself.

It has more than 30,000 agents employed and committed to this endeavor. It also has greatly expanded bancassurance channels that are formed with more than 30 banks – both state and privately run. It is also the country’s first insurance company that provides group insurance productsand has been able to enjoy a significant market leadership in this area.

The company in the future, is fully committed to developing the best insurance agents, leveraging partnerships to expand bancassurance channels, leading the market in corporate and group insurance, and creating an online insurance platform with FinTech innovation.

Building a reliable, peerless customer service

Insurance is a customer- oriented business that requires a delicacy of touch in its interactions. As a result, Nan Shan offers a wide variety of features regarding it.

The process of insurance claim is fast, concise and completed within 20 minutes. Clients are met at a location of their choosing with just a call away. Advance payments for hospitalization are available. ‘Cloud’ services are used to provide remote healthcare. Policyholders can settle bills directly with their insurance claims upon discharge from the hospital.

The company has deployed innovative use of technology as well. It was the first to provide a “Healthy Life” services platform for customers to enjoy easy access to a health-related database offering health-related knowledge and hospital locations.A Nan Shan Life mobile app provides a wide variety of services — services including paying premium and making queries. The Nan Shan Club offers members amazing discounts and promotional activities that include living, transport, food and beverage and entertainment.

These efforts are well-recognised by the customers as well. Nan Shan was first in the industry to obtain TÜV Rheinland Group’s SQS certification and become officially ISO 9001 : 2015 certified. The company had the lowest complaint case rate among medium- and- large-sized insurance companies. The high amount of customer satisfaction placed the retention rate of its policies second in the industry—in the 13th month.

Demonstrating social responsibility and public well-being

Social responsibility is an important aspect of Nan Shan’s management strategy. It has been making long-term contributions in various areas, including support for the disadvantaged, community medical assistance, educational promotion for younger generations, environmental sustainability, and the development of local economies – through a strong network of nearly 360 service locations worldwide – and employing around 40,000 staffers, including agents and resources from the Nan Shan Life Charity Foundation.

This has helped the organization be proactive in areas such as : community medical assistance, support for the disadvantaged, educational promotion for children, environmental sustainability and the development of local economies. These comprise Nan Shan’s area of operations – and as a springboard for its further expansion as a corporate citizen.

Leave a Comment