2022 Business Report

TURKEY, JAPAN, TAIWAN

Including cancer coverage to make products more inclusive

As an insurer, it is our responsibility to reduce the number of exclusions in our contracts in order, together with our partners, to contribute to making insurance more accessible.

Around 18 million people⁽²⁾ are diagnosed with cancer across the globe every year, with breast and lung cancers being the most common cancers worldwide. However, this vulnerable population is relatively underprotected by insurance companies, even once they have recovered.

Cardif Assurances Risques Divers, Taiwan Branch, has taken an important step forward in personal health insurance. Previously, only people between thirty and sixty with a history of cancer could apply for our products. Now, we have extended the age limit on cancer insurance to seventy years old. This enables all former cancer patients under that age to protect themselves financially after their recovery.

In Japan, BNP Paribas Cardif is easing the underwriting conditions for their creditor protection insurance with Cancer Rider, so that people with a history of cancer can take out a mortgage loan from a bank, subject to individual conditions. It's the first time such coverage has been available in the country. The product is now available from four different banks and was named “Insurance Initiative of the Year” at the Insurance Asia Awards 2022, which recognises insurers who introduce significant and groundbreaking innovations to benefit customers in the market.

In Turkey, as part of our “Precious Women” programme to support women financially and psychologically, we have relaunched our “female cancer” coverage product. In case of a diagnosis of any of seven different types of cancer prevalent among women, policyholders receive a lump sum payment. After BNP Paribas Cardif signed the Women’s Empowerment Principles (WEPs) initiative by the UN Global Compact and UN Women, further enhancements were made to this cancer product. With this extended cover, policyholders also benefit from assistance services such as mammography, a mini check-up package, psychological counselling, dietician, and healthy nutrition consultancy, 24/7 newborn care and information services at any time during the term of the policy.

CHILE

Making products more efficient and understandable

Making customer policies easier to read and understand is at the core of our mission and fosters trust between our partners and their clients. For example, we have worked with our partner Scotiabank in Latin America to reduce the terms and conditions for theft protection from nine to three pages, while exclusions have dropped from fifteen to just four. For proof of claims, customers now need to provide only two documents, instead of four previously, which speeds up the process and reduces payment delays. In addition, all new contracts are now written in customer-friendly language (level B1), with less technical jargon.