Critical Illness & Savings:

Winning Strategies of a Budding Life Insurer

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

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“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

“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.

 

CUSTOMERS FIRST

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.

NEAR-TERM PLAN

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.

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