Reporter | Lv Wenqi
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The introduction of the new rules on Internet insurance has completely reshuffled online insurance products, and after the suspension of sales at the end of 2021 and the withdrawal of insurance companies, compliant Internet insurance products have gradually been listed at the beginning of the new year.
According to interface news statistics, from January 1 to January 20 this year, 75 insurance companies (36 life insurance companies, 39 property insurance companies) and 141 insurance intermediaries (insurance agents, insurance brokers, etc.) updated the Internet product information on the official website of the China Insurance Industry Association.
On the official website of the China Insurance Association, Hongkang Life, which ranks among the top ten internet life insurance scales in 2020, has removed a large number of products from the shelves, and only Hongkang Chang loctite insurance (investment-linked type) is still sold on the Internet. The "net red" savings insurance that was once a big deal, "Li Duo Duo Premium Whole Life Insurance" and "Golden Satisfaction", which were once quite concerned, have become a thing of the past on the Internet.
With the emergence of the "Darwin" and "Super Mary" series of Internet celebrity serious illness insurance, Xintai Life meets the regulator's requirements for carrying out Internet life insurance business (excluding life insurance and annuity insurance for more than ten years), but it still chooses to temporarily leave the Internet insurance market.
(Cindat Life Product Filing)
According to the new Internet insurance regulations, insurance companies need to meet high-level requirements for ordinary life insurance (except term life insurance) and ordinary annuity insurance with a period of more than ten years, including four consecutive quarters of comprehensive solvency adequacy ratio of 150%, core solvency of not less than 100%; four consecutive quarters of solvency surplus of more than 3 billion yuan, and comprehensive risk rating of more than A in six quarters within four consecutive quarters or two years. At the same time, it is also required that no major administrative penalties were imposed for the operation of the Internet insurance business in the previous year, and the corporate governance assessment was B level (good) and above.
Such a requirement has shut out a large number of insurance companies, and only 22 companies are currently eligible to operate savings insurance businesses on the Internet. Great Wall Life became the first insurance company to "eat crabs" among qualified companies, and launched three increased whole life insurance in the new year - Pingxingguan, Simatai and Longquanguan, of which Pingxingguan and Simatai are exclusive products of the Internet, which can be insured nationwide, and Longquanguan can only be insured in provinces with Branches of Great Wall Life.
According to the demo data provided by insurance sales, the return time of the three new incremental whole life insurances issued by Great Wall Life is 8 years, which is the same as the previous Internet celebrity products Hongkang Life "Liduoduo" and Aixin Life "Patron saint 2.0". In the growth period after the return on the capital, the income level of "Longquanguan" was the same as that of "Liduoduo" and "Guardian God 2.0", but over time, the difference in income was pulled apart to hundreds of thousands of yuan.
(Cash value presentation statement for 100,000 yuan per year)
The insurance sales said that if they still want to buy higher-yielding products, they need to do business in provinces where the insurance company has sales outlets. And with the implementation of the provisions of "double recording" (insurance sales audio and video recordings), in the future, if you want to buy wealth management insurance, you can only choose the Internet insurance of large insurance companies or buy products sold in the region locally, and you cannot pull the cash value table as in the past.
Of the 211.1 billion yuan of premiums for Internet life insurance in 2020, about 42% of the premiums were contributed by new insurance products such as participating, universal and investment-linked. The industry expects that the implementation of the new rules will reduce premium income by 50% without considering any other product strategy adjustments.
However, in the short term, the removal of dividend insurance is not necessarily a bad thing, the rapid development of the industry has led to chaos, according to the data of the Consumer Insurance Bureau of the Banking and Insurance Regulatory Commission, the number of Internet insurance complaints has increased year by year in recent years, and the number of complaints has surged by 7 times in three years.
The person in charge of the insurance business of the Internet platform told Interface News that the current qualified insurance companies are all large-scale insurance companies with relatively strong strength, and small and medium-sized insurance companies are not an order of magnitude in terms of risk tolerance. Now online traffic and channel costs are relatively expensive, small and medium-sized insurance companies simply rely on these channels to sell a large number of "cost-effective products" that squeeze their profitability to the limit, it is easy to consume capital too quickly, and "lose through". Therefore, allowing a large number of small and medium-sized companies to transfer long-term insurance to offline operation is also to take into account the risk control and protect the rights and interests of consumers.