Insurance Should Serve Public Health - Speech from Chairman Luo Xi at Opening Ceremony of China Taiping's 1st Customer Festival in 2020

Date:  11-07-2020

Good afternoon to our honourable guests, clients and friends of Taiping!

I am very regretful that due to the demands of epidemic prevention, I could not attend the opening ceremony for this customer festival in person, but friendship is never diluted by separation and cooperation is never limited by distance. I hope that in the not too distant future, I will be able to meet with you all. First, I would like to extend a warm welcome to all who are here for your kindness, and express my sincere thanks to all who have offered their long-term support!

China Taiping enjoys over 90 years of history as a national insurance brand, while operating as a Fortune Global 500 enterprise with a global vision and service network. For a long time we have been tied to the nation, rooted in Hong Kong, operated across borders and served our customers with an attitude of moving towards innovation and reform, and devoted ourselves to creating a globally competitive international modern finance and insurance enterprise. This inaugural customer festival held in Shanghai aims to energetically respond to our major clients' service demands, fully showcase Taiping's advanced service philosophy and concentrate on promoting Taiping's first-rate services. This represents the implementation of the specific measures in the central government's policy of advancing stability on the six fronts and security in the six areas, while also promoting the innovative practice of China Taiping's customer service system perfection and updating.

At present, although domestic economic social order has basically recovered, the shadow of the epidemic still looms over the globe and many countries around the world are currently facing stern challenges. This reminds us once more that life and health are the premise on which human development can advance, and that developmental thinking must be people-oriented, with the people's life security and heath always coming first. The new era offers massive opportunities for the insurance industry. As a key support in guaranteeing and improving people's lives, commercial insurance should shoulder its immense mission and professional role in providing security and health services for the people.

The people's health surpasses everything in importance and is the foundation on which a family's happiness is maintained. Security and health is not only the greatest wealth one can enjoy, but also the greatest happiness a family can experience. The family is a fundamental unit of society and its members' health is not just intimately entwined with the happiness of hundreds of millions of families, but also closely linked with a nation's and a society's security. During the fight against the pandemic and faced with its furious onslaught, most people choose to self-isolate at home. Therefore, regardless of whether we are responding to the risks of a sudden epidemic or trying to defuse the problem of aged tendency of population, the main focus will always be on the family. This makes the family a fundamental unit that maintains the security and health of society, and the frontline defence for diffusing major risks. You could say that peaceful families lead to a peaceful world. A healthy country should begin with healthy families. Therefore, in the field of health management, getting the insurance system to organically combine the responsibilities of individuals, families, enterprises, society and governments to increase the risk resistance capability of families and effectively shoulder social security pressures is a massive undertaking.

Insurance serves the people's health and acts as a protective screen. Guaranteeing security and protecting health is the original intention and mission of insurance, while risk management is an insurance enterprise's greatest strength. At present, in the construction of a national multi-level social security system, health insurance is transitioning its role from single claim payments to active health management. As economic and social living standards improve, people expect to live longer and longer. Commercial insurance should be able to satisfy the new changes in a family's security and health demands and be proactive in introducing supply-side structural reform in the finance industry, applying insurance products iteration, technical operation transformation, extending industry and service chains and so on, as well as working hard to create a family-oriented health ecosphere that satisfies a range of diverse and multi-layered security demands that families have regarding health, old-age care, healthcare and so forth, and make the contributions towards serving the public health industry required of it.

China Taiping cares about product quality and is devoted to the public healthcare industry. In recent years, China Taiping has taken on the "Sharing Taiping" developmental philosophy, given play to the advantages of cross-border business, accelerated progress in financial sci-tech innovation, comprehensively participated in the construction of a national multi-level medical security system on the basis of "Insurance + Services + Sci-tech", and in terms of improving customer service capabilities, increasing service guarantee levels and other aspects, carried out lots of useful exploration. On the one hand, China Taiping has introduced even more health, medical, pension and other important fields of social governance, led the philosophy of family security and healthcare management, established guarantees for families' happiness and wellbeing, subdivided the demands of individual family members, transformed traditional individual insurance cover toward shared family insurance cover, better satisfied customers' new security needs for family health, wealth appreciation, old-age care, medical treatment and so on, and greatly extended the healthcare industry chain, service chain and ecosphere. On the other hand, we are currently extending into both ends of the health management chain, enlarging our strategic investment in industry projects such as medical treatment, healthcare, medicine and old-age care, initiating the major projects such as establishment of healthcare equity investment funds, striving to create a family healthcare management service system that combines on-line and off-line services and domestic and overseas financing, as well as reflecting Taiping's unique traits and having its own proprietary brands, providing our insurance policy holders with security and healthcare services that cover the full life cycle, are fully comprehensive and offer an ultimate experience to customers.

Ladies and gentlemen! The present global state of the pandemic is still very serious. Throughout history, every time a crisis passes, the next step forward in human development occurs. The people's safety and health is a crucial element in establishing a moderately prosperous society in all respects. Standing on the edge of an era, family safety and healthcare management is a brand new task that requires the participation of everyone in the industry if it is to be solved. China Taiping is willing to listen to the opinions and feelings of our extensive customers. We are willing to share our experience with the rest of the industry and we really hope that we can learn from the advanced experience and methods of success of others in the same industry.

I hope that via this inaugural customer festival we are able to transmit our service philosophy for security and healthcare and our developmental philosophy to millions of families out there. China Taiping will together with the times and succeed together with its customers, as we assist millions of households in creating a beautiful life!

Finally, I wish the "Lucky Elephant • China Taiping Customer Festival" every success! Good fortune to all families! China Taiping will you all enjoy a peaceful life!

Thank you, everyone!