Yum China Holdings, Inc. | November 26, 2021
Yum China Holdings, Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) announced at its 2021 Restaurant General Managers ("RGMs") Convention, held virtually, that it will offer enhanced medical insurance coverage of up to RMB 1 million to each of its approximately 10,000 RGMs. The Company will also increase critical illness insurance coverage for family members of qualified RGMs to RMB 200,000. As one of the most extensive employee benefits plans in the industry in terms of number of people covered, the newly upgraded benefits will be implemented from January 2022 and will build on existing initiatives including equity incentives, family insurance and housing subsidies.
The Company is also upgrading its "Family Care Fund" plan for the restaurant management team (RMT) and restaurant service team leaders, increasing critical illness insurance coverage under the plan to RMB 150,000, while offering access to certain expedited medical services for eligible employees and their family members. The newly upgraded benefits are expected to cover more than 60,000 RMT employees and their family members, as well as 26,000 restaurant service team leaders, helping them mitigate the financial risks brought about by critical illnesses.
"The Company is extremely grateful to our restaurant managers for their diligence and agility on the front lines of our restaurants, particularly while navigating the challenges of Covid-19. Thanks to their dedication, Yum China has been able to provide customers with uninterrupted access to meals and excellent service while also supporting the community through trying times, Employee satisfaction is the key to customer satisfaction. Therefore, it is the responsibility of our company to create a working environment for employees guided by our principle of Fair, Care and Pride, as well as taking steps to protect their families."
- Joey Wat, CEO of Yum China.
Yum China has always adhered to a "people-first" philosophy, ensuring that the health and wellbeing of employees is the Company's top priority. Additionally, the Company continues to increase investment in protecting the health of employees and their families. The upgraded medical insurance package for RGMs covers a wide range of mild and severe diseases, providing greater support against the challenge of high medical expenses.
In 2018, Yum China launched the "Family Care Program" for RGMs. In 2020, the Company launched the "Family Care Fund" for RMT employees, which entitles them to additional coverage for critical illness for their parents as well as additional accident insurance coverage for their children and spouses. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children. In December 2020, the fund was extended to also provide critical illness coverage to restaurant service team leaders.
The newly announced benefits upgrade is the latest manifestation of Yum China's long-standing commitment to its RGM No.1 corporate culture. The Company believes that RGMs are the most important leaders at Yum China and play a key role in the Company's long-term success. Yum China not only provides employees with competitive salaries and benefits, but also ensures that employees share in the Company's success. After becoming an independently listed company in 2016, Yum China announced that it would award RSUs valued at US$2,000 to every qualified RGM. Following its secondary listing in Hong Kong in 2020, the Company awarded additional RSUs valued at US$3,000 to eligible RGMs. Up to now, a total of 14,000 RGMs have received RSUs.
About Yum China Holdings, Inc.
Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list in 2021. Yum China has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2021, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute, both for the third consecutive year.
Bindable | November 19, 2020
Bindable, the insurance technology pioneer for elective dissemination, today declared the dispatch of its Agent Wholesale Platform, an advanced software solution that empowers autonomous agents to dispatch their own virtual offices and to flawlessly access and sell insurance items on the web, via telephone, or face to face.
The Agent Wholesale Platform is a white name insurance marketplace that permits agents and transporters to offer auxiliary items, for example, pet, lawful, and home guarantee through a virtual organization without disturbing their present auto and home stream. Locales can be custom marked and incorporate a changed rendition of Policy Crusher®, Bindable's restrictive SaaS platform and CRM. Utilization of the Agent Wholesale Platform will bring about higher commissions and improved strategically pitching capacities for agents, just as better help for their clients. Strategically pitching auxiliary items is significant for agents since it assists with forestalling center auto and home clients from buying these items somewhere else and possibly exchanging over their auto and home insurance also.
“Our focus has always been to continuously drive innovation in the insurtech industry. We’re proud to have created digital tools so that agents and their carrier partners can achieve more growth and better customer retention through product diversification,” says Bill Suneson, CEO and co-founder of Bindable. “With a virtual agency, they can do just that, and initiate more efficient transactions with consumers online or over the phone.”
Coronavirus has quickened digitization, expecting agents to turn out to be more tech forward in their strategic approaches. As the quantity of purchasers finishing exchanges online versus in-person keeps on climbing, the desire for advanced admittance to insurance contributions has just expanded. Examination from Bindable shows that 93% of free agents were in understanding that with regards to buying insurance items, client desires are evolving. Furthermore, 76% announced that client desires around cycles, for example, cases and installments being robotized has expanded, flagging a more prominent longing for computerized exchanges.
Bindable's Agent Wholesale Platform is right now accessible in every one of the 50 states.
Bindable is the insurance technology leader for alternative distribution. Its proprietary platform brings together software, a digital wholesale marketplace, and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands, and consumers. The company is headquartered in Boston, Massachusetts.
Cision PR Newswire | September 15, 2020
NexPhase Capital, LP, an operationally focused private equity firm and sub-advisor to the Moelis Capital Partners ("MCP") Opportunity Funds, today announced that it has entered into a definitive agreement to sell Insurance Technologies, LLC a provider of sales and regulatory automation solutions for the insurance and financial services industries, to Thomas H. Lee Partners. Through investments in people, processes, and products, NexPhase has worked closely with InsTech's management team to drive dynamic advancement of a truly digital sales lifecycle solution within a single platform. NexPhase has also supported the Company's efforts to further expand both the FireLight® and ForeSight® solutions, which have provided and continue to provide value to InsTech's clients and the insurance and financial services industries. Since partnering with the NexPhase team in 2014, the Company has experienced significant growth by expanding its carrier and distributor client bases.