China Life Insurance: Strengthen the popularization of financial knowledge and improve the comprehensive financial literacy of the elderly

In October 2023, the State Council issued the Implementation Opinions on Promoting the High-Quality Development of Inclusive Finance, providing guidance for building a high-level inclusive financial system and promoting the high-quality development of inclusive finance. In order to further improve the coverage, availability and satisfaction of insurance services for elderly customers, Chinese Life Insurance Co., Ltd. (hereinafter referred to as "Chinese Life Insurance Company") has launched the construction of an age-appropriate service system in the whole system since 2021, and continuously optimized the insurance service experience of the elderly group by strengthening service supply and improving service capabilities.

The product cuts in to improve the risk protection level of the elderly group

Focusing on the diversified pension planning and risk protection needs of elderly customers, Chinese Life Insurance Company has conducted in-depth research and extensive exploration to create a rich and diversified age-appropriate product system.

Customize exclusive products. According to the risk characteristics and protection needs of the elderly group, exclusive products such as "Sunset Red", "Silver Age Health" and "Silver Age Worry-free" have been launched, forming a diversified product line covering multiple protection needs such as accidents, diseases, medical treatment, and nursing. These products raise the age of application, expand the number of people who can be insured, and some medical insurance products can reach the maximum age of 80 years old, and the renewal age can reach 100 years old, and expand the scope of insurance to some people with chronic diseases. In 2023, in addition to policy-based business, Chinese Life Insurance Company provided about 60 million illness and accident insurance benefits to elderly customers. Enrich product types. It has built a pension product system covering a variety of products such as annuity, endowment, personal pension, exclusive commercial pension insurance, etc., to meet the diverse pension planning needs of different groups. To help the expansion of the third pillar, the company has accumulated reserves of 1.8 trillion yuan for the insurance business with pension attributes.

Guarantee the bottom line and tighten the money bag for the elderly customers

The financial security of elderly customers is particularly important, because they may lose life-saving medical treatment money and living pension money.

Chinese Life Insurance Company attaches great importance to ensuring the safety of elderly customers' funds. On the one hand, the company strengthened consumer education and publicity, actively promoted the "Inclusive Finance Promotion Month" action according to the deployment of the State Administration of Financial Supervision and Administration, and organized and carried out popular science activities such as normalized financial knowledge "entering nursing homes", "entering universities for the elderly" and "entering communities". Taking advantage of the outlets, the company has established a "consumer protection education base" in more than 2,500 offline counters to continuously carry out financial literacy education and publicity for the elderly. In 2023, more than 3,900 financial literacy popularization activities for the elderly will be held. On the other hand, Chinese Life Insurance Company has strengthened risk management and control, and carried out risk investigation on businesses handled by elderly customers that may involve high risks; Pre-warning for transaction services involving large sums of money to beware of financial fraud and illegal fundraising; Conduct a one-by-one return visit to the borrowing business of elderly customers to confirm the true wishes of customers and ensure the safety of funds.

Quality endorsement, holding up the elderly for a happy and beautiful life

In order to allow elderly customers to obtain insurance services conveniently and satisfactorily, Chinese Life Insurance Company has comprehensively transformed various service touchpoints, optimized service processes, and provided more intimate and exclusive services for the elderly.

In traditional service channels such as counters and telephones, Chinese Life Insurance Company has continued to improve the service experience of elderly customers by expanding service functions and carrying out age-appropriate transformation over the years. The counter is equipped with wheelchairs, reading glasses, magnifying glasses and other facilities, and a window for the elderly is set up to provide "one-to-one" escort and priority calling services for the elderly at the counter, and door-to-door services for the elderly who are inconvenient to go out. Some counters also set up a health experience area to facilitate elderly customers to measure blood pressure and blood sugar. In the past two years, the company has provided face-to-face and warm counter services for more than 9.5 million elderly people. In terms of telephone services, the company is the first in the industry to launch the "one-click access manual service for elderly calls", equipped with special skill groups for the elderly, and launched manual services in 53 dialects and 3 minority languages, so that elderly customers who do not speak Mandarin can also communicate without barriers.

In terms of intelligent services, Chinese Life Insurance Company actively explores and innovates, and is committed to helping elderly customers cross the digital divide and enjoy the dividends of digital technology development. In 2023, it will become the only mobile app in the insurance industry to be certified by the Ministry of Industry and Information Technology (MIIT) for ageing and accessibility. Through concise page layout, intelligent voice navigation, one-click direct service assistant, timely and eye-catching business reminders, and in-flight customer service that can be used by video dialogue, the elderly mode allows elderly customers to enjoy a clear, audible, understandable and easy-to-operate experience. Since its launch in 2021, it has served more than 40 million customers.

In response to the claims settlement that customers are most concerned about, Chinese Life Insurance Company has successively launched "claim prepayment", "claim direct payment", "critical illness one-day claim", as well as "door-to-door compensation" services exclusive to elderly customers. In 2023, the company's overall claim settlement time will be accelerated to 0.38 days, and the compensation amount for elderly customers will be 15.977 billion yuan, more than a quarter of the total compensation amount. Elderly customers received 99.8% odds, higher than the overall 99.7%.

Ecological layout to optimize the supply of elderly care services

The trend of smaller, aging and living alone in China's social family structure has increased the demand for socialized elderly care services. Chinese Life Insurance Company plays the responsibility of a large-scale financial and insurance enterprise and incorporates the construction of a pension service ecology with national life characteristics into the company's long-term strategy.

Clarify the "one main and multiple auxiliary" pension service supply model, start the layout of 14 pension projects in 13 cities, and plan to form a pension service supply capacity in about 30 cities across the country by the end of the 14th Five-Year Plan. In terms of supporting services, Chinese Life integrates cutting-edge old-age, medical and rehabilitation resources at home and abroad to build a "rich, professional and safe" old-age service system to make customers feel at ease and rest assured.

As an integral part of the construction of age-appropriate construction, Chinese Life Insurance Company is also committed to improving the health literacy of elderly customers and helping them form a healthy physique. Through the "Internet + Health" model, the company provides a series of health and wellness value-added services for the elderly, including online live broadcast activities such as "Listening to Famous Doctors, Talking about Immunity" and "Silver Health Preservation", as well as hundreds of special health information and short video courses for the elderly.

Serving the elderly and solidly promoting the high-quality development of inclusive finance is the proper meaning of the entire financial industry. In the future, Chinese Life Insurance Company will adhere to customer-centricity, continue to polish its age-appropriate service capabilities, improve the risk protection level of the elderly, let the elderly share the fruits of financial development, and help build a high-level inclusive financial system. (Chen Gang, Liu Hui)