Fubon Life Insurance Co (富邦人壽), the life insurance unit of Fubon Financial Holding Co (富邦金控), yesterday announced it plans to cooperate with China Ping An Life Insurance Co Ltd (中國平安人壽保險), the largest privately owned life insurer in China, to enhance the quality of service for both firms’ policyholders.
It is to be the first cooperation between Taiwanese and Chinese life insurers following the Financial Supervisory Commission’s decision to allow cross-strait business cooperation earlier this year.
“Under the cooperation, Fubon Life’s policyholders may settle a claim at more than 700 China Ping An service counters if they have an accident in China,” Fubon Life president Benson Chen (陳俊伴) told a media briefing.
At the same time, Fubon Life will offer the same service to China Ping An policyholders, which total 60 million, in need of such services in Taiwan, Chen added.
Chen said more than 5 million Taiwanese visited China last year, with Chinese visitors to Taiwan standing at nearly 4 million, an indication of the necessity for cross-strait life insurers to expand their business scale and service collaboration.
Fubon Life accepted more than 2,000 claims related to its policyholders’ accidents in China last year, with total claims for medical-related services reaching NT$55 million (US$1.76 million), which Chen said indicates the importance of cooperation.
In related news, Cathay Life Insurance Co Ltd (國泰人壽), the life insurance unit of Cathay Financial Holding Co (國泰金控), is planning to cooperate with China Life Insurance (Group) Co (中國人壽保險集團), offering the same type of service.
Cathay Life’s board is expected to review the feasibility of the alliance in the near future, according to the company.
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