For investing in implanting agile DNA in its agency force to raise its competiveness and strengthen its training and marketing abilities, thereby achieving greater work-life balance, Cathay Life Insurance was named Insurance Company of the Year for Agents at the 3rd Asia Trusted Life Agents & Advisers Awards.
Cathay Life Insurance was founded in 1962 and has nearly 8 million policyholders, which represents a third of the island’s population.
It was the only financial institution in Taiwan to make it to the list of global Fortune 500 in 2017.
Despite its success, it continues to place a great emphasis on the welfare and development of its agency force.
It made two observations concerning agents. First, it noted that the number of highly effective insurance agents is dwindling due to retirement. Second, the average Taiwanese employee clocks 2,034 annual working hours, which ranks as the sixth highest in the world. To speak with breadwinners, insurance agents need to visit at night or on weekends. This makes it hard for agents to sign up new customers or maintain a work-life balance.
Hence in 2017, Cathay Life Insurance systemised the ‘AGILE’ project and launched its four main undertakings: upgrading agent’s competency (AGency); integrating a support platform (Integration); training team leaders (Leadership); and applying efficient tools (Efficiency).
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The purpose of the project was to implant agile DNA in agents to raise their competiveness and strengthen training and marketing abilities, thereby achieving work-life balance. It also focused on shifting away from one-to-one marketing to the more efficient one-to-many worksite marketing during regular working hours.
Through programmes and tools such as microlearning and e-learning management system, worksite matching services between external companies and suitable agents and a mentor programme, AGILE helped to upgrade agents’ marketing skills and supervisors’ leadership and training skills and improved work efficiency.
The project produced the following results: a 95% satisfaction rate with AGILE courses; a 93% certification passing rate; an approval rating increase of nearly 5% after the project compared with before; a 5% increase in the activities of participants in AGILE compared to non-participants; an 830% growth in insurance premium revenues from new worksite contracts; and a 211% increase in the number of cases.
In addition, 13 lectures attended by worksite clients were held to discuss specific topics, with a satisfaction rate of 96%. Over 4,000 worksites were developed and the customer base grew by 24,000 (with 72% new customers).
As a result, Cathay Life Insurance ranked first in the industry in total premiums ($25.61bn, 22.5% market share), FYP ($7.8bn, 18.5%market share), and FYPE ($2.62bn, 21.1% market share).
*The currency exchange rate between $ and NTD was calculated at 1:30.
The 3rd Asia Trusted Life Agents & Advisers Awards was made possible by organisers Asia Insurance Review and Asia Advisers Network, co-organiser LIMRA, and strategic partner AIA. Winners were selected in an independently-audited judging process. More information on the Awards can be found here.
Download:
3rd Asia Trusted Life Agents & Advisers Winners’ booklet
Photos of the Gala Dinner