BOC Life plans for cross-industry business collaboration

It will partner with a local, large medica service organization to launch a new wellness platform.

BOC Group Life Assurance Company Limited (BOC Life) today announced that it will take further steps in expanding to the retirement and health management markets. The company aims to create innovative insurance business ecosystem through cross-industry partnerships, bringing customers enhanced experience while creating new values.

Reviewing the business performance in the first half of 2020, BOC Life performed well during this difficult time. It maintains the third place in the market, with remarkable results of online insurance sales achieved. The total amount of online sales doubled, compared to the last quarter, which further increased the market shares of direct sales to nearly 60%. It is also in a leading position in the deferred annuity and RMB business segments.

“In view of the unfavorable circumstances including COVID-19, our company will continue focusing on the local market, especially the retirement and health management sectors which are in huge demand. We are now taking proactive initiatives to foster cross-industry business cooperation, creating an innovative insurance ecosystem.” Wilson Tang, Chief Executive of BOC Life said at the press conference. He mentioned that the Company is allocating more resources to expedite the development of online platforms, connecting the products and value- added services with the use of InsurTech. It also focuses on customer experience to meet the more diversified and personalised customer needs.

Looking forward, Wilson is positive about the performance of the insurance market in the long run, though the industry is facing a challenging time in the economic downturn. The awareness of insurance will be raised to a large extent. In the long term, this helps the steady growth of the insurance industry.

“After the pandemic, customers of all segments will better understand the rationale of insurance – that is to get prepared for tomorrow and to tackle the unpredictable risks in life, especially from the health management perspective. People will be very concerned about how to live a long, healthy life.” He added.

Wilson said that BOC Life will partner with a local, large medical service organization to launch a new wellness platform, connecting insurance products and value-added healthcare service. This is to provide a first line of defense for health management with customers and their families in the post pandemic times.

In addition, BOC Life recently launched SmartUp Pro Whole Life Plan (SmartUp Pro)Note 1 and Forever Wellbeing Whole Life Plan (Forever Wellbeing) Note 1, particularly designed to meet the market demand for family wealth and health protection. The insured is allowed to change the beneficiary for unlimited times. If necessary, the plan can be passed on to the next generation. Not only can the health protection be passed on, but also can the policy value continue to grow over time.

Both whole life plans aim to provide mid-to-long term steady returns with customers. The plans offer guaranteed and non-guaranteed returns. The projected total rate of return for SmartUp Pro could reach 6% per annum.

Forever Wellbeing is tailor made for 5 types of major critical illnesses and conditions, covering cancers, heart diseases, stroke, kidney failure and admission to Intensive Care Unit for at least 120 consecutive hours. Unlike similar plans in the market, this plan does not require body check, which is more convenient, saving time for customers.

What’s more, within designated coverage period, Forever Wellbeing also provides extra benefits of PHEIC Infectious Diseases, on top of the existing coverage. The highest claim amount is HK$110,000 and its coverage also includes COVID-19. As long as the epidemic is classified as ‘Public Health Emergency of International Concern’ by the World Health Organization, it will be covered in the plan.