- The Taiwanese life segment is over-serviced, with over 58 million policies sold in 2013 through various distribution channels for a population of just 23.3 million
- Bancassurance and agencies are the leading distributionchannels for life insurance in Taiwan. Both
these channels collectively accounted for 95.6% of the total new business gross written premium in 2013 - The strong social credibility, image and familiarity of Taiwanese banks as financial institutions aided the
selling of life insurance products during 2009-2013. - Partnerships between banks and insurance companies supported the growth of the bancassurance channel.
- Agencies play an important role in the growth of the Taiwanese life segment. The large established network
and efficient sales force of the agencies channel along with a large client base contribute to its growth.
– - Due to consolidation in the domestic life segment, the number of agencies fell during 2009-2013 from 58,680 in 2009 to 57,976 in 2013. However, the number of policies sold through agencies increased from
1.6m in 2009 to 2.4m in 2013 - The rise of brokers can be attributed to their highly customised services, and promoting their products
through the internet - The number of policies sold through brokers increased from 143,676 in 2009 to 179,802 in 2013.
- The growth of internet penetration, grew at a CAGR 3.4% during 2009-2013, also facilitated the sale of policies through e-commerce which grew at CAGR 8.4% in terms of new business gross written premium.
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