{"id":15563,"date":"2024-12-21T16:19:45","date_gmt":"2024-12-21T09:19:45","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=15563"},"modified":"2024-12-21T16:19:45","modified_gmt":"2024-12-21T09:19:45","slug":"cpic-life-hk-based-in-hong-kong-and-serving-the-greater-bay-area-via-upgrades-of-products-services","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=15563","title":{"rendered":"CPIC Life (HK): Based in Hong Kong and Serving the Greater Bay Area via Upgrades of Products\/ Services"},"content":{"rendered":"

SHANGHAI<\/span><\/span>, Dec. 21, 2024<\/span><\/span> \/PRNewswire\/ — In December 2024<\/span>, China Pacific Insurance Company(CPIC) celebrates the 15th anniversary of its H-share listing.<\/p>\n

In mid-November 2021<\/span>, China Pacific Life Insurance (Hong Kong<\/span>) Company Limited (“CPIC Life (HK)”) received the approval\u00a0from the Hong Kong Insurance Authority to conduct\u00a0long-term insurance business in Hong Kong<\/span>, marking the official launch\u00a0of the company.\u00a0<\/p>\n

On the back of the\u00a0brand 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.<\/p>\n

Continuous product innovation to meet customer needs<\/b><\/p>\n

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<\/i>“, the\u00a0first whole-life insurance product with increasing SA in Hong Kong<\/span>, 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.<\/p>\n

The company upgrades its product offerings continuously to enhance their competitiveness. In June 2024<\/span>, it\u00a0launched “Shidai Yuexiang<\/i> Savings Plan 2,” which includes the option of “increasing withdrawal amounts”, the first of its kind on the market. Take\u00a0a 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\u00a0for “alternate beneficiaries”. After the first policy anniversary, the primary beneficiary can designate\u00a0up to two alternate beneficiaries, which helps to mitigate\u00a0potential losses caused by his\/her premature deaths and ensure a smooth wealth succession across generations.<\/p>\n

In response to growing demand for health protection, CPIC Life (HK) debuted “Chang An Xin<\/span><\/i>“, 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<\/span> and additional cancer protection covering over 210 state-of-the-art cancer medications and medical devices around the world.<\/p>\n

CPIC Premier Club: health and retirement solutions<\/b><\/p>\n

Given its\u00a0vision of “a life insurer with the best customer experience”, in December 2022<\/span>, CPIC Life (HK)\u00a0established the “CPIC\u00a0Premier Club” to realign\u00a0resources across the mainland and Hong Kong\u00a0and provide its\u00a0members with professional retirement solutions and health management services. Gold\u00a0members and above will be granted privileged access to “CPIC Home”, i.e., they and their immediate family can\u00a0apply for admission\u00a0in 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<\/span>, the company realised direct payment\u00a0of\u00a0retirement community expenses with insurance benefits on Hong Kong<\/span> issued policies. Customers simply need to complete an authorization form\u00a0and then the insurance benefits can be paid directly for expenses of retirement communities. The arrangement considerably streamlines the cumbersome procedures in\u00a0cross-border payments and currency exchange. It is also part of the big effort to assist Hong Kong<\/span> residents seeking to spend their retirement years in the mainland and ease the\u00a0fiscal pressure on the Hong Kong<\/span> government amid an aging population. By the end of 2024, nearly 200 eligible customers of the company\u00a0received admission certificates of “CPIC\u00a0Home”, an indication of\u00a0the success of its\u00a0“products\u00a0+ service” strategy.<\/p>\n

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.<\/p>\n

Driving change via innovation and empowering services with technology<\/b><\/p>\n

CPIC\u00a0Life (HK) is committed to technological innovation, especially in terms of mobile on-line services.\u00a0In late 2023, it\u00a0successfully developed a mobile app\u00a0which provides a wide range of services including policy inquiries, receipt notifications, and contact information\u00a0updates. It\u00a0plans to bind insurance policies to WeChat by the end of 2024, which will enable faster and easier access to policy and company information, further\u00a0enhancing customer experience.<\/p>\n

Winning A3 rating for the first time as well as many other awards\/honours<\/b><\/p>\n

CPIC\u00a0Life (HK) received a vote of confidence on the international capital market for its operational and financial strength in October 2023<\/span>, when Moody’s Investor Services assigned it\u00a0an A3 insurance financial strength rating with a stable outlook. It was the first time the company had received any ratings from the\u00a0Moody’s. Over the years, CPIC\u00a0Life (HK) has won\u00a0widespread recognition from the industry and other communities of Hong Kong<\/span>, with\u00a0multiple 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.<\/p>\n

Fostering exchanges of Shanghai<\/span>-based companies in Hong Kong<\/span> and fulfilling corporate social responsibility<\/b><\/p>\n

In 2024, the company coordinates multiple cultural and sports activities among peers, promoting exchanges\u00a0and cooperation among Shanghai<\/span>-based companies in Hong Kong<\/span>, particularly financial institutions. It\u00a0also strives to fulfill its corporate social responsibilities, organizing volunteer\u00a0activities such as\u00a0distribution of\u00a0meal boxes to underprivileged\u00a0people in the community to\u00a0contribute\u00a0to a better society.<\/p>\n

As an “outpost” of CPIC’s internationalization strategy, CPIC\u00a0Life (HK) will vigorously<\/span> support\u00a0national initiatives such as the Belt\u00a0&\u00a0Road and the Greater Bay Area. It\u00a0will continue to innovate in products and services\u00a0so as to\u00a0meet customers’ diverse needs for risk protection and wealth management and provide customers with “responsible, intelligent\u00a0and caring” service.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

SHANGHAI<\/span><\/span>, Dec. 21, 2024<\/span><\/span> \/PRNewswire\/ — In December 2024<\/span>, China Pacific Insurance Company(CPIC) celebrates the 15th anniversary of its H-share listing.<\/p>\n

In mid-November 2021<\/span>, China Pacific Life Insurance (Hong Kong<\/span>) Company Limited (“CPIC Life (HK)”) received the approval\u00a0from the Hong Kong Insurance Authority to conduct\u00a0long-term insurance business in Hong Kong<\/span>, marking the official launch\u00a0of the company.\u00a0<\/p>\n

On the back of the\u00a0brand 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.<\/p>\n

Continuous product innovation to meet customer needs<\/b><\/p>\n

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<\/i>“, the\u00a0first whole-life insurance product with increasing SA in Hong Kong<\/span>, 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.<\/p>\n

The company upgrades its product offerings continuously to enhance their competitiveness. In June 2024<\/span>, it\u00a0launched “Shidai Yuexiang<\/i> Savings Plan 2,” which includes the option of “increasing withdrawal amounts”, the first of its kind on the market. Take\u00a0a 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\u00a0for “alternate beneficiaries”. After the first policy anniversary, the primary beneficiary can designate\u00a0up to two alternate beneficiaries, which helps to mitigate\u00a0potential losses caused by his\/her premature deaths and ensure a smooth wealth succession across generations.<\/p>\n

In response to growing demand for health protection, CPIC Life (HK) debuted “Chang An Xin<\/span><\/i>“, 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<\/span> and additional cancer protection covering over 210 state-of-the-art cancer medications and medical devices around the world.<\/p>\n

CPIC Premier Club: health and retirement solutions<\/b><\/p>\n

Given its\u00a0vision of “a life insurer with the best customer experience”, in December 2022<\/span>, CPIC Life (HK)\u00a0established the “CPIC\u00a0Premier Club” to realign\u00a0resources across the mainland and Hong Kong\u00a0and provide its\u00a0members with professional retirement solutions and health management services. Gold\u00a0members and above will be granted privileged access to “CPIC Home”, i.e., they and their immediate family can\u00a0apply for admission\u00a0in 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<\/span>, the company realised direct payment\u00a0of\u00a0retirement community expenses with insurance benefits on Hong Kong<\/span> issued policies. Customers simply need to complete an authorization form\u00a0and then the insurance benefits can be paid directly for expenses of retirement communities. The arrangement considerably streamlines the cumbersome procedures in\u00a0cross-border payments and currency exchange. It is also part of the big effort to assist Hong Kong<\/span> residents seeking to spend their retirement years in the mainland and ease the\u00a0fiscal pressure on the Hong Kong<\/span> government amid an aging population. By the end of 2024, nearly 200 eligible customers of the company\u00a0received admission certificates of “CPIC\u00a0Home”, an indication of\u00a0the success of its\u00a0“products\u00a0+ service” strategy.<\/p>\n

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.<\/p>\n

Driving change via innovation and empowering services with technology<\/b><\/p>\n

CPIC\u00a0Life (HK) is committed to technological innovation, especially in terms of mobile on-line services.\u00a0In late 2023, it\u00a0successfully developed a mobile app\u00a0which provides a wide range of services including policy inquiries, receipt notifications, and contact information\u00a0updates. It\u00a0plans to bind insurance policies to WeChat by the end of 2024, which will enable faster and easier access to policy and company information, further\u00a0enhancing customer experience.<\/p>\n

Winning A3 rating for the first time as well as many other awards\/honours<\/b><\/p>\n

CPIC\u00a0Life (HK) received a vote of confidence on the international capital market for its operational and financial strength in October 2023<\/span>, when Moody’s Investor Services assigned it\u00a0an A3 insurance financial strength rating with a stable outlook. It was the first time the company had received any ratings from the\u00a0Moody’s. Over the years, CPIC\u00a0Life (HK) has won\u00a0widespread recognition from the industry and other communities of Hong Kong<\/span>, with\u00a0multiple 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.<\/p>\n

Fostering exchanges of Shanghai<\/span>-based companies in Hong Kong<\/span> and fulfilling corporate social responsibility<\/b><\/p>\n

In 2024, the company coordinates multiple cultural and sports activities among peers, promoting exchanges\u00a0and cooperation among Shanghai<\/span>-based companies in Hong Kong<\/span>, particularly financial institutions. It\u00a0also strives to fulfill its corporate social responsibilities, organizing volunteer\u00a0activities such as\u00a0distribution of\u00a0meal boxes to underprivileged\u00a0people in the community to\u00a0contribute\u00a0to a better society.<\/p>\n

As an “outpost” of CPIC’s internationalization strategy, CPIC\u00a0Life (HK) will vigorously<\/span> support\u00a0national initiatives such as the Belt\u00a0&\u00a0Road and the Greater Bay Area. It\u00a0will continue to innovate in products and services\u00a0so as to\u00a0meet customers’ diverse needs for risk protection and wealth management and provide customers with “responsible, intelligent\u00a0and caring” service.<\/p>\n

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