Awards Summary

YF Life

Yunfeng Financial Group (HKSE: 376.HK) now owns YF Life since 2018.  The company has a strong agency force and is famous for its retirement product range.  YF Life received three awards this year with a best-in-class retirement product and two outstanding achievers in critical illness and universal life.   The company keeps innovating and has created attractive annuity options and enhanced healthcare products.  With Yunfeng as the major shareholder, the company's digital capability is expected to strengthen for the benefit of client servicing and underwriting in due course. 

3

Benchmark Awards

Benchmark Awards Recipient - YF 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.

See Awards

Product Proposition +

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. 

Critical Illness

Expert Rating

Outstanding Achiever

Consumer Rating

The Rest

Retirement Product

Expert Rating

Best-in-Class

Consumer Rating

The Rest

Universal Life

Expert Rating

Outstanding Achiever

Consumer Rating

The Rest

Brand Performance +

Social Media Engagement Award

Expert Rating

Not Rated

Consumer Rating

Digital Satisfaction +

Digital Capabiltiy

Expert Rating

Not Rated

Consumer Rating

Benchmark looks at the overall customer ratings for companies' digital capabilities using the 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)

Sustainability & ESG

Corporate Sustainability Performance

Not Rated

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.