CPIC Life (HK): Based in Hong Kong and Serving the Greater Bay Area via Upgrades of Products/ Services
SHANGHAI, Dec. 21, 2024 /PRNewswire/ -- In December 2024, China Pacific Insurance Company(CPIC) celebrates the 15th anniversary of its H-share listing.
In mid-November 2021, China Pacific Life Insurance (Hong Kong) Company Limited ("CPIC Life (HK)") received the approval from the Hong Kong Insurance Authority to conduct long-term insurance business in Hong Kong, marking the official launch of the company.
On the back of the brand and overall strength of CPIC Group (stock code: 02601.HK), its parent company, CPIC Life (HK) has been steadfast in pursuing value growth, focusing particularly on channel development to enhance its capacity for value-oriented business development: new business premiums grew by nearly 40 times in a space of two years; during the same period, new business value grew more than tenfold; total assets increased fourfold.
Continuous product innovation to meet customer needs
The company is committed to customer needs, offering a wide range of life insurance and wealth management products centering on the "Golden Triangle" of "health, retirement and wealth", which spans different stages of customers' life. It pursues product innovation and launched "Shidai Xinxiang", the first whole-life insurance product with increasing SA in Hong Kong, which is already a highly popular product type in the mainland. The new product provides more choices of protection to local customers and offers options of multiple currencies and policy inheritance to meet customer needs for flexibility.
The company upgrades its product offerings continuously to enhance their competitiveness. In June 2024, it launched "Shidai Yuexiang Savings Plan 2," which includes the option of "increasing withdrawal amounts", the first of its kind on the market. Take a five-year pay plan as an example, the withdrawal amount would increase by 2% annually starting from the sixth policy anniversary, helping customers manage inflation. The plan is also the first on the market to allow for "alternate beneficiaries". After the first policy anniversary, the primary beneficiary can designate up to two alternate beneficiaries, which helps to mitigate potential losses caused by his/her premature deaths and ensure a smooth wealth succession across generations.
In response to growing demand for health protection, CPIC Life (HK) debuted "Chang An Xin", a critical illness product with affordable premium and relatively extensive coverage. The plan includes payment of 300% of basic SA in the event of cancer. It also provides access to premium healthcare resources and networks of CPIC Group, including a VIP card for specialty drugs up to HKD12mn and additional cancer protection covering over 210 state-of-the-art cancer medications and medical devices around the world.
CPIC Premier Club: health and retirement solutions
Given its vision of "a life insurer with the best customer experience", in December 2022, CPIC Life (HK) established the "CPIC Premier Club" to realign resources across the mainland and Hong Kong and provide its members with professional retirement solutions and health management services. Gold members and above will be granted privileged access to "CPIC Home", i.e., they and their immediate family can apply for admission in any retirement community under CPIC Home that has opened for business. In a sense, one insurance policy now covers retirement of three generations. In October 2024, the company realised direct payment of retirement community expenses with insurance benefits on Hong Kong issued policies. Customers simply need to complete an authorization form and then the insurance benefits can be paid directly for expenses of retirement communities. The arrangement considerably streamlines the cumbersome procedures in cross-border payments and currency exchange. It is also part of the big effort to assist Hong Kong residents seeking to spend their retirement years in the mainland and ease the fiscal pressure on the Hong Kong government amid an aging population. By the end of 2024, nearly 200 eligible customers of the company received admission certificates of "CPIC Home", an indication of the success of its "products + service" strategy.
The company also diversified the suite of value-added services of the club, including CPIC Family Doctors, specialty drugs, CAR-T, proton-ion treatment, the "Longevity Retreat" home-based care, and immune-cell storage & therapy provided by Shanghai Cell Therapy Group, which helped to improve the health and well-being of its customers in an all-around manner.
Driving change via innovation and empowering services with technology
CPIC Life (HK) is committed to technological innovation, especially in terms of mobile on-line services. In late 2023, it successfully developed a mobile app which provides a wide range of services including policy inquiries, receipt notifications, and contact information updates. It plans to bind insurance policies to WeChat by the end of 2024, which will enable faster and easier access to policy and company information, further enhancing customer experience.
Winning A3 rating for the first time as well as many other awards/honours
CPIC Life (HK) received a vote of confidence on the international capital market for its operational and financial strength in October 2023, when Moody's Investor Services assigned it an A3 insurance financial strength rating with a stable outlook. It was the first time the company had received any ratings from the Moody's. Over the years, CPIC Life (HK) has won widespread recognition from the industry and other communities of Hong Kong, with multiple industry awards, including the "Excellence Award for Cross-Border Insurance Services" and the "Outstanding Innovation Service Award" from Bloomberg Businessweek (Chinese Edition), as well as "Outstanding Innovation Service Awards - Life Insurance - Health Insurance" and "Deferred Annuity Product of the Year Awards" from Hong Kong New City Finance Radio.
Fostering exchanges of Shanghai-based companies in Hong Kong and fulfilling corporate social responsibility
In 2024, the company coordinates multiple cultural and sports activities among peers, promoting exchanges and cooperation among Shanghai-based companies in Hong Kong, particularly financial institutions. It also strives to fulfill its corporate social responsibilities, organizing volunteer activities such as distribution of meal boxes to underprivileged people in the community to contribute to a better society.
As an "outpost" of CPIC's internationalization strategy, CPIC Life (HK) will vigorously support national initiatives such as the Belt & Road and the Greater Bay Area. It will continue to innovate in products and services so as to meet customers' diverse needs for risk protection and wealth management and provide customers with "responsible, intelligent and caring" service.
SOURCE China Pacific Insurance (Group) Co., Ltd
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