Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Union Life focuses on retirement communities in China

[ff_author_box_style2]

In Action Summary

In an attempt to differentiate offerings, life insurers are shifting focus to related industries that supplement traditional insurance products and services

In an attempt to differentiate offerings, life insurers such as Union Life are shifting focus to related industries that supplement traditional insurance products and services

The Chinese life insurance industry is plagued with homogeneous products and commodity offerings. As a result, and in an attempt to differentiate offerings, life insurers are shifting focus to related industries that supplement traditional insurance products and services. For instance, Union Life is developing retirement communities outside urban hubs including more than 130,000 square meters of land in Wuhan, capital of Hubei province in Central China, and is busy securing more land for retirement communities in other regions such as Hefei of Anhui province, Shenyang of Liaoning province and Guangxi Zhuang autonomous region.

Furthermore, Union Life has created differentiated life insurance products which guarantee accommodation for the policyholder in such retirement communities for their golden years after they reach a particular age as stipulated in the insurance policy. For example, one of Union Life’s products requires policyholders to pay CNY 48,000 (US$7,890) a year which includes the right to reside in the community after they turn 70. According to Union Life, this is the first insurance product in China, which provides a return in kind to policyholders.

Most insurers see such retirement community developments as a long-term investment rather than representing a short term impact. To capitalise on this opportunity, other insurers like Taikang Life, China Life Insurance, Ping An Insurance and New China Life are making similar moves into the OAP care market.

References

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in