Facing this volatile environment, China Life will continue to improve risk management mechanisms, achieve robust operation, foster sustainability based on ESG management, optimize policyholder service experience, and increase customer satisfaction in hopes of creating the greatest benefits and value for policyholders, shareholders, employees, and society to become the most reliable life insurance company in Taiwan.
According to the Global Risks Report 2021 published by the World Economic Forum, risks related to climate change have been considered as a major global challenge for five consecutive years. COVID-19 has continued to spread, imposing new challenges to the environment and society. As a participant in the insurance industry, a sector that is closely related to social trends, China Life has been committed to maintaining resilience and competitiveness to better adapt itself to changes and achieve sustainable development. China Life keeps its long-term promises to its policyholders using robust operation, contributing to social values and creating a better world.
In light of this, China Life focused on ethical management, professionalism cultivation, shared values creation alongside green services, and it fostered sustainability. In addition, the Company took the lead by establishing the Department of Corporate Sustainable Development, incorporating ESG issues into business and operation strategies. China Life used its core competence to positively influence society and demonstrate the results of its endeavors in sustainable development.
To ethically manage its business, China Life has long been dedicating itself to improving mechanisms for corporate governance and information disclosure. In addition to being recognized by the 7th Corporate Governance Evaluation of Taiwan Listed Firms as one of the companies in the Top 5%, China Life also became the second company winning the recognition from the Taiwan Corporate Governance Association for its excellence in CG6012 (2019) Corporate Governance Assessment. Facing increasingly complicated information security environment, the Company focused on information risk management and enhancement for personal information protection, becoming one of the leading companies passing the BS10012:2017 Personal Information Management System. The verification scope has been expanded to include all the Company’s business lines. This shows that the Company has been determined to protect the personal information of its customers. China Life also proactively responds to the UN PSI and PRI by incorporating ESG issues into decision-making process to ethically manage its business.
Professional cultivation is one of the Company’s focuses. China Life believes that talent is the most important asset. It values employees’ rights and interests and creates a workplace upholding diversity and inclusivity. The Company has been included in the Bloomberg Gender-Equality Index for two consecutive years. China Life was also awarded by RMIM two top awards for insurers, becoming a sought-after company among young jobseekers. In response to the trends in digital technology, China Life has been actively promoting digital transformation by developing its proprietary digital system and AI chatbot, which strengthens agents’ sales and recruitment capabilities. First mobile application using facial recognition in the industry and big data analysis jointly done with a financial innovative service provider have equipped agents with innovative digital tools to deliver customized, convenient, and warm services for policyholders.
To create shared values, China Life upholds the spirit of love and care and integrates resources provided by enterprises, the government, and local communities by promoting social service projects dedicated to diverse participation and building a network that contributes to shared values. Responding to the microinsurance safety network promoted by the UN and the government, the Company expanded the project scope to the eastern part of Taiwan in 2020 and called for enterprises and partners to donate money for the underprivileged households to pay their premiums to realize financial inclusion. The Company won awards from the FSC for its excellence in providing microinsurance for six consecutive years. China Life also launched projects to support farmers engaging in eco-friendly agriculture and donated organic rice to students living in rural and underprivileged areas. In addition, children also experienced farming to cultivate a sense of appreciation for food and sustainability.
To deliver green services and mitigate impact caused by climate change, China Life fulfilled its responsibilities as a global citizen by voluntarily signing up to support TCFD in 2019, executing climate actions, and investing in environmental sustainability. The Company also promotes many eco-friendly initiatives. The adoption of environment-friendly and energy-saving materials and methods for the Taipei Academy is a case in point. The Taipei Department of Cultural Affairs awarded the China Life a Taipei Tree Protection Award for the Company’s efforts in protecting trees growing in the environment. Improved green procurement practices and green supply chain management demonstrates the efforts that China Life has put in to reduce carbon emissions along the supply chain, winning recognition from the Environmental Protection Administration for the excellence in green procurement and green consumption promotion.
Stephanie Hwang, President