midst the economic downturn, the year
2002 will be remembered as a year in which NYLITC reached
an important milestone as we transformed successfully
into a
subsidiary so we can put more capital investment and resources
into Taiwan market. We also have distinguished ourselves with
outstanding results in terms of life sales, market share and
policyholder service. We have grown to become an influential
player in the local insurance market.
Established as a branch of New York Life Insurance and Annuity
Corporation 16 years ago, the company was officially converted
to a subsidiary and has been re-named New York Life Insurance
Taiwan Corporation on July 2002. This represents our determination
to further expand the local market, and as a result of our outstanding
management capability.
In addition, NYLITC pioneered the industry's first interactive
and multi-dimensional training program-NYLIC University, which
enables its employees to use this knowledge portal in gaining
more competitive advantages.
Separately, the launch of Virtual Service Center offers policyholders
the most up-to-date status of their policies more quickly
and efficiently, while the Web-based Insurance Consulting
system keeps our agents informed by leveraging the most sophisticated
computer equipment and software packages to offer quality-consulting
service to customers. The move to offering Web-based services
via Internet has helped us build a closer relation with our
policyholders.
To improve our customer service, we have introduced the one-stop
service initiative by consolidating five internal business units,
including underwriting, policy conservation, renewal, claims
and policyholder service. It is the first and only company in
Taiwan that offers such consolidated service that we won an
Excellence in Practice Award from ASTD (American Society for
Training & Development). NYLITC took pride in its innovative
multi-faceted distribution channels over its competing products
from the rest of the field. In the traditional agency-centered
distribution business, our consulting agents, well-trained and
professional, provide customers with risk assessment and arranging
plans to meet their financial objectives. In the telemarketing
front, our team, most competitive in the field, keeps expanding
its market to the central part of the island. Two Call Centers
have been set up to service our customers in TaiChung and Pan
Qiao, Taipei. In our leading bancassurance, we remain our focus
on insurance distribution through banks, despite a wave of consolidation
under the financial holding companies has swept across the whole
industry. We expect to make a strong sales performance in the
bancassurance business.
Looking
forward, NYLITC is determined to expand its influence in Taiwan
based upon its distribution and service advantages. With our
financial strength, integrity, customer focus, innovation and
quality assurance, we will continue to offer professional services
to our customers, and realize the vision to be the most trustworthy
company in life.
Looking
forward, NYLITC is determined to expand its influence in Taiwan
based upon its distribution and service advantages. With our
financial strength, integrity, customer focus, innovation and
quality assurance, we will continue to offer professional services
to our customers, and realize the vision to be the most trustworthy
company in life.
