Cigna Taiwan, the local subsidiary of the US insurance provider, aims to increase its premium income by double digits this year on the back of growing demand for protection policies and diversified sales channels, chief executive Arthur Cozad said yesterday.
With a focus on medical, dental, disability, life and accident insurance, the insurer will not consider acquiring its two troubled peers, Global Life Insurance Co (國寶人壽) and Singfor Life Insurance Co (幸福人壽), but will pursue organic growth, Cozad said.
“Cigna has no intention of adjusting its business model and [will] promote savings-like insurance policies,” Cozad said.
Cigna Taiwan posted a net income of NT$191.54 million (US$6.39 million) in the first quarter of this year, emerging from net losses of NT$21.33 million last year attributable to operating costs and expenses, company data showed.
The insurer has 908 employees in Taiwan and plans to add 200 telemarketing sales agents this year and next year, Cozad said, as the emerging digital market may pose huge business opportunities.
An internal survey showed Taiwanese on average spend 2.78 hours per day surfing the Internet for pleasure alone, lending support for policy sales online, he said.
More than 60 percent of the respondents would have contact with insurers over the telephone and more than 30 percent via the Internet, the survey found.
Taiwan ranks high in terms of insurance penetration, with individuals owning an average of 3.06 insurance policies for themselves and 3.22 policies for family, the survey indicated.
In addition, Taiwanese would spend 16.5 percent of their income to purchase insurance policies, according to the survey.
Almost all policyholders have medical insurance, followed by accident insurance, driven by demand for hospitalization and surgery coverage, the survey said.
The findings fall in line with an increasing life span of 79.9 years among Taiwanese last year, the survey said.
Taiwanese aged over 50 have higher Internet exposure than young peers, making policy sales online practical, the company said.
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