The Life Insurance Association (LIA) of Taiwan has been working to expand its digital services since the launch in 2020 of a one-stop InsurTech sharing platform for applying for insurance services.
The association says that in 2024, it will continue to respond to the expectations of insurance companies and the public, and expand the scope of the platform.
For instance, the LIA is working to bag inter-ministerial cooperation with the Ministry of Digital Affairs and the Department of Household Registration of the Ministry of the Interior to extend the one-stop service to allow cross-agency notification of changes in household registration information. The LIA also plans this year to extend the use of digital identity authentication methods via insurance passbooks to the InsurTech sharing platform and the mobile insurance application process.
InsurTech Application Sharing Platform
In line with FinTech trends, the LIA joined hands with 24 insurance companies in 2020 to create the one-stop "InsurTech Application Sharing Platform" that uses blockchain technology. The platform allows the public to enjoy convenient and fast one-stop services for insurance claims and data changes. As of the end of June 2024, a cumulative 2.16m transactions were executed, with the total number of claim settlement cases reaching 1.13m with the cumulative claim amount exceeding NT$55bn ($1.69bn), says the LIA.
In 2021, the LIA joined the Taipei City Government, Taipei United Hospital, Cathay Hospital, Shin Kong Hospital, and Wan Fang Hospital to launch an insurance claim settlement service, extending the one-stop sharing platform to hospitals.
Patients can authorise hospitals to use the InsurTech sharing platform to transmit their medical information to their designated insurance companies to facilitate claims applications. The online claim settlement service has now expanded to 27 hospitals.
Digital insurance passbook
The "Insurance Passbook" platform was built based on the current InsurTech application sharing platform by the LIA, the Non-Life Insurance Association, 22 life insurance companies and 14 P&C insurers, together with the partners Chunghwa Telecom and Taiwan Certificate Authority (TWCA).
The LIA says that through the passbook, a policyholder can check the status of all life insurance contracts for which he is the proposer or insured, including in-force and expired policies.
According to internal statistics of the "Insurance Passbook" platform, from its launch in June 2022 to the end of June 2024, there were more than 870,000 registered members, with the annual growth rate of the number of users exceeding 30%.