In October 2023, the State Council issued the Implementation Opinions on Promoting the High Quality Development of Inclusive Finance to provide 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 the elderly customer group, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life Insurance Company") has launched the construction of an aging service system throughout the system since 2021, and continuously optimized the insurance service experience of the elderly group by strengthening service supply and improving service capability.

Product introduction to improve the risk protection level of the elderly

Focusing on diversified pension plans and risks of elderly customers To meet the demand, China Life Insurance Company has made in-depth research and extensive exploration to create a rich and diversified aging product system.

First, customized products. According to the risk characteristics and security needs of the elderly group, we launched "Sunset Red", "Silver Age Health", "Silver Age Care" and other exclusive products, forming a diversified product line covering multiple security needs such as accidents, diseases, medical care, and nursing. These products have raised the age of insurance and expanded the insurable population. The maximum age of insurance for some medical insurance products can reach 80 years old, and the age of renewal can reach 100 years old, and the insurance coverage has been extended to some chronically ill people. In 2023, in addition to policy business, China Life Insurance Company provided about 60 million sickness and accident insurance guarantees for elderly customers. The second is to enrich product types. A pension product system covering annuity, endowment insurance, personal pension, exclusive commercial pension insurance and other products has been established to meet the diversified pension planning needs of different groups. Third, it helped expand the capacity of the third pillar, and the company accumulated 1.8 trillion yuan of reserves for pension insurance business.

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

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

China Life Insurance Company attaches great importance to ensuring the capital safety of elderly customers. 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 science popularization activities such as regular financial knowledge "into nursing homes", "into universities for the elderly" and "into communities". By taking advantage of outlets, the company has established "consumer insurance education base" in more than 2500 offline counters, and continuously carried out financial knowledge education and publicity for the elderly. In 2023, more than 3900 financial knowledge popularization activities will be held for the elderly. On the other hand, China Life Insurance Company strengthened risk management and control, and carried out risk screening for businesses that may involve high risks handled by elderly customers; Remind in advance of transaction services involving large amount of funds to guard against financial fraud and illegal fund-raising; Pay a return visit to the elderly customers' borrowing business one by one to confirm their true intentions and ensure the safety of funds.

Quality endorsement, supporting the elderly happy life

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

In traditional service channels such as counter and telephone, China Life Insurance Company has continuously improved the service experience of elderly customers through expanding service functions and carrying out aging adaptation transformation for many years. The counter is equipped with wheelchair, presbyopic glasses, magnifying glass and other facilities, and a window for the elderly is set up to provide "one-on-one" escort and priority call service for the elderly near the counter, and provide door-to-door service for the elderly who are inconvenient to go out. Some counters are also equipped with health experience areas 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 service, the company is the first in the industry to launch the service of "the elderly call one button access manual", equipped with a special skill group for the elderly, and launched 53 dialects and three minority languages of manual services, so that elderly customers who cannot speak Mandarin can also communicate without barriers.

In terms of intelligent services, China Life Insurance Company actively explores and innovates to help elderly customers cross the digital divide and enjoy the dividends of digital technology development. We will devote all our efforts to develop the "respecting the elderly model" of life insurance APP, and become the only mobile application in the insurance industry that has won the aging and accessibility certification of the Ministry of Industry and Information Technology in 2023. Respecting the elderly mode enables elderly customers to enjoy a clear, audible, easy to understand and operate experience through simple page layout, intelligent voice navigation, one button direct service assistant, timely and eye-catching business reminder, and air customer service with video conversation. Since its launch in 2021, it has served more than 40 million customers accumulatively.

For the claim end that customers pay most attention to, China Life Insurance Company has successively launched "claims prepayment", "claims direct payment", "one-day claims for serious diseases", and "door-to-door claims" services exclusive to elderly customers. In 2023, the company's overall claim time limit will be accelerated to 0.38 days, and the compensation amount of elderly customers will be 15.977 billion yuan, more than a quarter of the total compensation amount. The old customers' loss rate reached 99.8%, higher than the overall 99.7%.

Ecological layout and optimization of elderly care service supply

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

Clarify the elderly care service supply mode of "one main service and multiple auxiliary services", launch and layout 14 elderly care projects in 13 cities, and plan to form the elderly care service supply capacity in about 30 cities nationwide by the end of the 14th Five Year Plan. In terms of supporting services, China Life Insurance integrates and gathers domestic and foreign cutting-edge pension, medical and rehabilitation resources, and builds a "rich, professional and safe" pension service system to reassure customers.

As a part of the aging construction, China Life Insurance Company is also committed to improving the health literacy of elderly customers and helping them form a healthy constitution. Through the "Internet+Health" model, the company provides a series of health care value-added services for the elderly, including online live activities such as "listening to famous doctors and talking about immunity" and "silver hair health care", 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 an integral part of the whole financial industry. In the future, China Life Insurance Company will adhere to the customer-centric approach, continue to polish its aging service capabilities, improve the risk protection level of the elderly, enable the elderly to share the fruits of financial development, and help build a high-level inclusive financial system.

Source China Life Insurance

Edit Lv Cheng

Second instance Shuai Zonglin

Third instance Chen Qianxi