Taiwan: All life policies to be in digital form in two years
Source: Asia Insurance Review | May 2021
Life insurance policies in Taiwan will become paperless in the next two years, according to Insurance Bureau of the Financial Supervisory Commission (FSC) director-general Shih Chiung-Hwa.
She said that the policyholders of half of life insurers in Taiwan have yet to promote electronic insurance policies, but they are expected to have all digital life insurance policies in the next two years as well as launch electronic passbooks, according to a report by the Central News Agency.
A legislator Lin Chu-yin was concerned about the progress of the digital insurance policy. At a session of the Legislative Yuan recently, she noted that more than 40% of insurance companies that have not yet adopted digital insurance policies, including four property insurance companies and 11 life insurers.
Ms Shih replied that as the four property insurance companies have mainly corporate customers and the number of their insurance policies is very small, it is still being considered whether they should be included in the digitisation programme. A