Technology and digitalization is the currency of the future and insurance practitioners globally are adopting to stay relevant. In Taiwan digitalization has been slow but that is about to change as legislators are leaving no stone unturned in the drive to digitalization. Half of life insurers in Taiwan before now are yet to embrace digital policies. This is about to change drastically as they are expected to have digital policies as well electronic pass books in the next two years.
More than 40% of insurers are yet to adopt digital policies. This includes four property insurers and life insurers. Although the four property insurers cater to corporate customers, it is still been reviewed if they will be included in the digitization plan backed by legislation.