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It is transforming from an ageing society to a super-aging society in our country. In order to manage the issue of elderly safety, apart from the basic social welfare provided by government, the nationals should have their own preparations earlier for their elderly life. Therefore, how commercial insurance should satisfy the needs of the future society is a worthy topic for discussion. This study is based on the comparison of three types of long-term care insurance, including commercial long-term care insurance, specific injury insurance, and disability care insurance by analyzing relative literature documents with comparative research methods to research the similarities and differences among these three types of long-term care insurance and make suggestions for management.
The outcomes of study are as follows: The first one, in terms of insurance premium rates, the age of male from 15 to 33 can invest long-term care insurance at lowest price, but others have lowest price for disability care insurance. While female have lowest price for investing disability care insurance. The second one is as for channels of selling. The agent of insurance company mainly sells the disability care insurance claimed for deceased, and the agent of bank insurance and insurance business sell the disability care insurance claimed when alive. Thirdly, the conditions in line with indemnification of all commercial long-term care insurances include nine specific injuries and ten conditions, i.e. the one suffered from vegetative state in the post-stroke apoplexy (severe), whose two or more limbs are disable to take care themselves for daily living in post-stroke apoplexy (severe), coma, severe head trauma, Alzheimer's Disease, Motor Neuron Disease, Multiple Sclerosis, Paralysis (Severe) to two or more Joints of two upper limbs, Parkinson's Disease, and Severe Rheumatoid arthritis.
From the conclusion of research, we can find that lots of items or conditions for indemnification are the same in these three types insurances. If the advantages of each insurance can be synthesized to design another three different kinds with unique features but no overlapping insurance products, then the insurance company can reduce costs on repetitive indemnification and consumers can purchase better products as well. Moreover, because of the simplification of commodities, we can reduce the cost of training and eliminate consumer's hesitation for marketing and selling easier. At the same time, it would be easily to import automating AI systems for claiming , improve services, and increase market competitiveness effectively.
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