Tahoe Life is owned by China conglomerate Tahoe Investment Group of China from the acquisition of Dah Sing Life in 2017 and was renamed Tahoe Life. While it hasn't obtained a global rating, it has met all requirements set out by the Hong Kong Insurance Authority (IA). The group believes in a hybrid effort between humans and digital with a stronger emphasis on the earlier. Customers of Tahoe Life will tap into the resources of Tahoe Investment group, which includes real estate and healthcare, medical services, etc.
Benchmark Awards Recipient - Tahoe Life
Each year, Benchmark awards best practice insurers based on the Voice of the Customers (VOC) and Expert Reviews. Winning an award from Benchmark means that the winner has the highest overall ratings combining the VOC scores and the Expert Ratings in Benchmark’s 22 qualitative and 54 metrics in their respective categories, where companies are assessed on the quality in product, brand, client services, governance, and digital experience.
Benchmark awards high-quality providers who offer outstanding qualities in financial strength, unique product propositions, features, value for money to customers, return on investments, customer care, claims process, ease of access, quality of advice, and social responsibilities, including investment policies for participating funds of customer policies.
Benchmark awards high-quality providers who offer the best strategies and practices on after-care, ease of contacting a client service desk, availability of digital tools and ease of usage, supporting clients regardless of the situation, assisting the client through administrative processes, and ensuring that they understand each stage entirely, and, more importantly, keeping promises. The winners have demonstrated outstanding service level and commitment, advocacy scores, the way and channels they engage with the clients, and the alignment between agents and the clients being served.
Customer Overall Rating – Aggregated Voice-of-Customers rating of the following scores in digital satisfaction: Ease of Use, Overall Sentiment, Utilization, and Usage, based on results from the BENCHMARK 2019-2020 Insurance Survey.
1 Ease Of Use – The overall score of ease of use of digital tools includes clients’ rating on availability and quality of digital services
2 Overall Sentiment – Satisfaction of mobile app and web portal
3 Utilization – Rating of clients’ rate of use of mobile app and web portal
4 Usage – Rating of clients’ usage of digital tools includes their digital experience in purchasing products and policies, making claims, account management, and activities before being a client (i.e. browsing products, gathering insurers’ background information, on-boarding process)
The ESG score identifies sustainable companies that are better positioned to outperform over the long term. The methodology considers the principle of financial materiality for long-term performance, with an algorithm built only on information that helps explain future risk-adjusted performance.
The Environmental pillar considers the company's contribution and the impact of business activities to the emission of greenhouse gases and air pollutants, biodiversity, forest stewardship, generation of waste and other hazardous output, water pollution and withdrawal, investments into resource efficiency, and impact reduction.
The Social pillar considers the business' contribution and the impact of activities to equal opportunity, workplace-related health, and safety, support learning, product access to the disadvantaged including medicine, education, finance, food, the quality and safety of products, recognizing codes for child labor, the fair and equal compensation, and the working conditions.
The Governance pillar assesses the business practices on ethics against corruption, ensure long term control of board committee, shareholder rights, insider trading transparency, overall earnings, and debt to equity ratios.
The Temperature score represents the company's performance by their near term and long term alignment to the Paris Agreement using a simple scorecard for four different ratings: Aligned, Aligned long term, Aligned near term, and Overheating.
Companies contributing to the rise in global temperature under the agreed limit with a Near-Term Score with 2°C or less means the company is Paris-aligned for the current pathway until 2030, and a Long-Term Score with 2°C means an alignment for the current pathway until 2050.
The score quantifies the United Nations Global Compact (UNGC)’s four core principles: Human Rights, Labor Rights, the Environment, and Anti-Corruption. This measurement can be used as a risk management tool to approximate reputational risk-facing companies with lower scores.
2021 Benchmark Sustainable Wealth Forum - Tahoe Life
The Benchmark Sustainable Wealth Forum is a knowledge exchange where industry leaders and winners of the Benchmark awards are featured. The Forum covers the financial eco-system and discovers the inside out of the providers’ practices that lead to a more sustainable industry through responsible and ethical investing in protecting the investors across multiple generations. The inaugural series covers the Winners at the Benchmark Wealth Management Awards of 2020. The topics covered in the Insurance series include topics from Product Proposition, Quality of Advice, Client Journey, Digital and Brand Value.
Critical Illness & Savings: Winning Strategies of a Budding Life Insurer
- Full Version
- The Unfamiliar Brand
- A "Cool" Plan
- Re-think after COVID
- Flexible C.I Product
- Growing Life Expectancies
- Read Blog
Awarded Outstanding Achievers in Critical Illness (MultiGuard Critical Illness Protection Plan); Savings Product (Captain Cool Children Savings Plan), Tahoe Life is a lesser-known insurance company in Hong Kong. Indeed, according to a survey conducted by Benchmark, a staggering 82% of the 2,000 survey participants did not know or had heard of Tahoe. A relatively new player in the industry that managed to garner top reviews from Benchmark jurors — how did Tahoe Life do it? Let’s find out from Tahoe Life’s General Manager of Distribution and Life Management Virginia Wong and Chief Marketing Officer Jenny Chau.
Award-winning products: ***Outstanding Achiever in Critical Illness ***Outstanding Achiever in Savings
“We have our brand motto, which is to craft a bright future for our customers … we may not be the best, we may not be the biggest, but we always want to be the best, and we want to provide everything in the best way for our customers. So this is the way we want to differentiate our company in the face of all the keen competition in the Hong Kong insurance market,” Chau mused.
Perhaps, as a challenger brand, Tahoe Life shouldn’t aim to imitate its well-established competitors. They should make a name for themselves by doing things in their own way from the heart, Kymechow CEO Chris Kyme opined.
“… we have built a good brand, but not everyone in Hong Kong knows us. So I think the next important task for me or my team is to promote the brand further. So we have our brand character, and we want everyone in Hong Kong to know who we are and what we stand for. So this is what I will be working very hard on.”
“Captain Cool is the brainchild of the sales and marketing teams of Tahoe Life. Based on a Confucius quote: “At thirty, I stood firm.” (by the age of 30, one should have an independent life), Captain Cool is designed to help parents nurture their children and prepare them to succeed in life,” Wong explained.
The uniqueness of Captain Cool is that it does not only encourage academic achievement. It recognizes significant achievement in such other realms as sports, art, and entrepreneurship as well. Apart from awarding up to $1 million HK dollars to children with outstanding achievement, Captain Cool also provides a guaranteed cash payment to parents when their children hit the age of 15, which is a common time for parents to start deliberating whether to send their children abroad for education or other training.
When COVID hit, Tahoe Life reacted swiftly by providing extra benefits to policyholders affected by the pandemic, e.g., free coverage on daily
hospital cash benefits. By providing ad-hoc assistance to the customers during such a difficult time, Tahoe Life demonstrated its customer-first mission perfectly.
Another example that shows Tahoe Life cares for its clients is the waiting period for its cancer insurance. Instead of the usual three years, Tahoe Life reduces it to just one year to ease the clients’ worry. Meanwhile, its award-winning MultiGuard Critical Illness Protection Plan provides its clients a lump sum payment once a critical illness is diagnosed, as well as medical cost reimbursement. In case of a cancer relapse, clients can restore their coverage reduced by prior claims.
Tahoe Life’s philosophy is to have a comprehensive insurance solution to serve the clients from the cradle to the grave. Hong Kong can undoubtedly expect more products that cover health protection, retirement, legacy planning, etc., from Tahoe Life in the near future!
This episode is hosted by Elsa Pau, CEO of WealthAsia Group, with her co-host Chris Kyme, Co-Founder and Creative Director of the creative agency Kymechow.