Union Insurance Company Limited was founded on February 20,1963 by overseas Chinese, domestic entrepreneurs and industrialists, and business leader; therefore named "Union" In 1985, ownership and management of Union restructured, and Mr. Frank Wang was appointed as the President. Under his leadership, Mr. Frank Wang has carried out various corporate restructuring initiatives to enhance administrative efficiency, improve service quality, strengthen financial structure, and broaden underwriting capacity, which resulted in double-digit growth within the first three years, fastest growing in the industry. On May 5, 1992, Union became the first non-life insurance company to be publicly traded on the Taiwan Stock Exchange, trading under the symbol "2816."
Union's initial paid up capital was NT$30 million and has been increased several times since 1976. In 2004, the paid up capital has amounted to NT$5.7 billion (US$178 million), while total assets were NT$13 billion (US$406.25 million) and working capital was NT$11.3 billion (US$353 million), making it the second largest in the non-life insurance industry. Premium income in 2004 was NT$9.4 billion (US$ 293.75 million), a significant increase of 10.9% of NT$921 million (US$28.78 million) from NT$8.48 billion (US$265 million) recorded in 2003.
In order to increase its capital base, marketing channels, and enhance core competencies, Union acquired China Mariners' Assurance Corporation (CMAC) in October 2002. This was the first successful merger within the domestic non-life insurance industry, which provided excellent opportunities for growth and increased competitiveness.
The Company's head office is located in Taipei with 17 branch offices, 45 liaison offices and 2 contact offices set up throughout Taiwan forming a complete island-wide service network to develop business and prvode quality services.
Business activities are focused primarily on fire and allied perils, marine cargo, marine hull, motor, engineering, bankers' blanket bond, aviation, miscellaneous accident, and reinsurance. The head office is organized into the following departments: Customer Relations, Fire Insurance, Marine Insurance, Motor Insurance, Motor Claims, Casualty Insurance, Foreign, Marketing, Claims, Finance, Administration, Accounting, Auditing, and Information System.
Ever since the restructure, Union has made significant progress, achieving the annual budget and target profitability each year based on the "2 Best 2 Fast, 3 Centers, and 5 Rates" principle. The principle characterizes "Best Business and Best Quality, Fast Collect (premium) and Fast Pay (claims), Customer Center, Information Center, and Cost Center, and Growth Rate, Achievement Rate, Loss Rate, Cost Rate, and Collection Rate," respectively.
Union embodies that "insurance is an innovative industry". Faced with the intense competition in the domestic market, Union has adopted the innovative strategy to become "A Global Insurer." by extending its operations from domestic to international and finally globalization.
Union has established its connections in Vietnam, Thailand, London, Central America and Mainland China as the first step in forming a worldwide marketing network.
Human resource development is the most fundamental and yet important process of Union. Higher standards and guidelines have been implemented for the recruitment, training and retention to increase the employee professional standards of their employees. Union also places heavy emphasizes on foreign language skills in order to increase the competitiveness in the international market.
In order to establish mutual trust, loyalty, and long lasting relations with existing customers, Union has enhanced the functions of "Union 024 Customer Service Center" to implement a comprehensive CRM program. Meanwhile, to satisfy the customers needs and create a competitive advantage, Union has focused on the development of new products in accordance with the Union CARE principles (Clear, Affordable, Reasonable, and Easy), increase marketing and distribution channels through strategic alliances, and subsequently provide a swift flow of services.
For over 40 years, Union has exhibited a reliable management with outstanding operational flexibilities. Union has maintained a leader in the industry by achieving growth through innovation. The merger with CMAC increased Union's organizational structure significantly, preparing the Company to becoming a global insurer. The merger enables Union to provide wider scope of business and the ability to employ economies of scale so as to gain a competitive advantage in providing the fastest and best quality of service to their customers. With the continuous development in human resources, continued support from the reinsurers, sound financial background, diverse marketing channels, and international business establishments, Union has the ingredients to reach its business objectives and become a global insurer.