As Global COVID-19 Epidemic Grows, Online Services Provide Instant Insurance Care Line, the leading digital insurance in Taiwan, pioneers free one-stop service to keep customers safe and protected

Local Taiwanese have been caught off guard by the rapid global spread of the latest coronavirus. Although the public is less inclined to travel abroad, awareness of risk protection has dramatically increased. Travel insurance related sales have doubled as consumers worry about staying safe whilst on trips and away from home.

According to statistics compiled by the Financial Supervisory Commission’s Insurance Bureau, Taiwan saw a 39% jump in online insurance premiums in 2019. Property and life insurances in particularly increased by 45.9% year on year. Online insurance has shaken up the traditional insurance industry because of its flexibility, speed and convenience. Moreover, "pure online insurance", which is available 24 hours a day, does not require physical contact with an actual salesperson and can be done without leaving the house. As the first non-banking system to obtain an online insurance licence, Care Line combines big data analysis with unique insurance products. Reversing the traditional sales model, Care Line allows customers to select and combine insurance plans anytime, anywhere via its one-stop online insurance. It’s a pioneering insurance solution that answers customers’ frustrations: how to buy insurance quick and easy when it suits them, provides swift, simple services at any time. Alston Peng, Deputy General Manager, of Care Line said that 30 to 40% of customers in Europe and the U.S. buy insurance online compared to just 20 to 30%, in neighbouring Japan and South Korea. There’s still much potential in Taiwan's market for convenient and self-serving online insurance.

Although the new coronavirus epidemic has reduced the public’s desire to travel, at the same time it has sharply increased their awareness of the risk of going abroad, with twice as many people currently buying travel insurance. Deputy General Manager Peng said that a customer who bought insurance online just a few hours before leaving the country this Lunar New Year holiday learnt that the Vietnamese government had banned flights from Taiwan only after landing. Not only was the customer unable to return to Taiwan from Vietnam but had to arrange accommodation and transportation whilst being stranded in Vietnam. The customer later claimed for the cost of flight delay and accommodations. Additionally, outdoor recreational sports such as skiing, mountain climbing, road running, walking and golfing are rising in popularity alongside insurance for such activities amongst the younger consumer. That’s bound to be good news when epidemic prevention experts suggest that more participation in outdoor sports can improve immunity and promote health.