2816.TWSE: Union Insurance Company
Below is just a sample of the Company website (source: Company Overview / Company Prospect ) Story Floods has reviewed with some preliminary suggestions. Should the Company decides to accept these edits, please extend the professional curtesy of informing Story Floods at support@storyfloods.com ; or if the Company has further questions, please also feel free to contact Story Floods at support@storyfloods.com
| Items | Suggest the Following Edits (as of February 28, 2022) |
|---|---|
| 1 | change to “Due to the global economic situation, insurance industry developments, regulation changes, consumer spending habits and demand evolvement, we have set the following development plans to cope with these dynamic market changes and to strengthen our competitive advantages.” |
| 2 | change to “Upgrade Information Systems Foundation and Structure” |
| 3 | change to “Effective managerial decisions rely on real-time information and precise analysis, which are only possible with a sound IT structure and system support. We will start upgrade the basic foundation in order to improve processing speed, enhance quality of data entry, as well as reduce transfer time and the risks of corrupt data. We will then continue to strengthen core systems in order to integrate underwriting, reinsurance, claims and accounting under one system.” |
| 4 | change to “Advance Actuarial Support and Analysis” |
| 5 | change to “In order to provide innovative products and sustainable profitability in addition to growth, our Actuarial Center within the Product Filing and Research Department is set up to especially engage in the distribution of managerial marketing expenses, analysis of loss ratios for the retention of each marketing department, provision of precise actuarial and analytical recommendations for reinsurance, rating, commission, loss ratios, rate adequacy, and other requirements.” |
| 6 | change to “Enhance Corporate Risk Management and Internal Audit” |
| 7 | change to “In order to enhance the overall corporate risk management, the Risk Management Team was established in 2007 and later upgraded to Risk Management and Control Assessment Committee in 2008. This committee focuses on the evaluation and supervision of risk profiles, risk undertaken conditions, potential future risks, in order to develop risk aversion strategies and risk management procedures to achieve a healthy balance among income, security, and profitability.” |
