Decoding CPIC Life Insurance Agent Reform Ideas: Differentiated Development of Consultant and Service-based Marketing Team

Southern Finance and Economics all-media reporter Sun Shihui reported from Shanghai

With the transformation of the life insurance industry in mainland China into the deep water area, the qualitative upgrading of individual insurance channels has become the top priority on the road to insurance company reform.

In early 2021, CPIC Life Insurance proposed the "Long Voyage Action". In the first half of this year, the 18-month roadmap of the first phase of the "Long Voyage Action", which focuses on channel transformation, has officially ended, and the second phase has officially kicked off.

With the orderly development of the second phase of the project, recently, the 21st Century Business Herald reporter learned from the China Taibao Life Insurance Department that the current transformation of the individual insurance channel of China Taibao Life Insurance has begun to bear fruit, and the integration and upgrading have formed a "core individual insurance". "Core personal insurance" refers to the core model of "internal empowerment and field leadership" to build a PAA (consultant marketing) and PSA (service marketing) team.

Through the three major capacity building of optimal increase and optimal education, activity volume management, production and service customer economy, and the two major supports of training system and individual insurance digitalization, the field service stimulates the ability of independent operation and realizes the "three modernizations and five most" from shaping to molding. Through the reshaping of integrated business logic, the integration and upgrading of business models, and the reconstruction and matching of organizational structure, the internal office releases the vitality of the organization and realizes professional empowerment from implementation to implementation.

In an exclusive interview with the 21st Century Business Herald, the personal customer center of China Taibao Life Insurance said that in the process of team transformation, the development and traction of differentiated teams is a gradual iterative process. The original boundaries of the agent team are blurred, but in the process of promoting and cultivating agents, CPIC Life Insurance has a clear positioning of agents for different teams, and will give more standardized, standardized and professional guidance, and there are differences in the design and resource allocation methods of the basic law of the two teams of PAA and PSA.

In the interview, CPIC Life Individual Customer Center introduced the effectiveness of the reform of the current life insurance marketing team, the positioning, advantages and current development of the two marketing teams.

The business model of individual insurance is integrated and upgraded

21st Century: How effective is the current reform of CPIC Life Insurance Team?

CPIC Life Individual Customer Center: At present, the transformation of CPIC Life's field team has begun to bear fruit, from exogenous growth driven by crowds to endogenous professional marketing of "three modernizations and five most", and the integration and upgrading of the original individual insurance marketing team to a consultant marketing (PAA) team. This team has created a differentiated business model in urban and county areas, unified training and differentiated certification, and further strengthened the business model based on customer needs. Based on the company's huge stock customer resources and the trend that the industry will compete in the stock market in the future, it has strengthened the building of the service-oriented marketing (PSA) team.

21st Century: What are the substantial changes between consultative marketing (PAA) and traditional marketing models?

CPIC Life Individual Customer Center: Consultative Marketing (PAA) Team is a new team model after the integration and upgrading of the core individual insurance business model in CPIC Life's Changhang Transformation 2.0 strategy. The "integration and upgrading" here is not a simple channel merger, but a complementary and integrated upgrade of channels based on market characteristics and original channel characteristics.

The consultative marketing (PAA) team is based on the "urban and county segmented business model", and the branch takes the lead in promoting the differentiated operation of the urban area and county. Differentiated operation is mainly reflected in three aspects: "differentiated organization, differentiated training, and differentiated certification". In terms of organization, in the future, based on the distribution of urban areas and counties, the "Cπ Health Planner" will be promoted in major urban areas to create a younger and more professional sales team with "system, tools and technology"; in terms of training, CPIC Life will create a new "Cπ Health Planner Incubation System" to better meet the needs of customers in the urban area and improve the sales and customer experience ability of sales staff; in terms of certification, the urban area will upgrade the certification system of the four divisions of health care planners, so that every salesperson can become a health manager, pension planner, Financial and tax planner, inheritance planner.

The retention of newcomers in 13 months increased significantly year-on-year

21st Century: What are the characteristics of the Consultative Marketing (PAA) team compared to other companies?

CPIC Life's Individual Customer Center: Compared with major peers, PAA has the following three advantages: First, the core method: CPIC Life has implemented the "core" basic law since the beginning of 2022, and has made reasonable adjustments to the commission payment mechanism, and the extra-legal benefits have been incorporated into the law, making the commission payment more transparent and certain. It is expected that in the future, under the traction of the "core" basic law, the production capacity of the team will be further released, and the income of the team will achieve further growth. In addition, the regulator issued the "Notice on Regulating Insurance Products through Bank Agency Channels" in August, and recently made it clear on many occasions that it is necessary to fully implement the "integration of newspapers and banks" in the insurance industry to promote the stable and healthy development of the life insurance market. It is believed that in 2024, the company will be able to smoothly and steadily meet the regulatory requirements in the process of fully implementing the "integration of reporting and banking".

The second is the health care layout: based on the health care layout of CPIC Group, relying on the group's "352" health service strategic blueprint, and leveraging the company to provide comprehensive "high-quality medical care, digital medical care, youth health promotion, rehabilitation medicine, and elderly care services", the sales team can better bring high-quality services to customers.

The third is basic management: in terms of sales behavior, the company has deepened the promotion of NBS, solidly implemented PDS training, and steadily increased the rate of 30 visits and continuous U with excellent and comprehensive and point-to-point integration; In terms of supervisor operation, while the supervisor's personal sales ability remained high, the independent management ability continued to improve, and the proportion of supervisor's core manpower remained stable at a high level and increased year-on-year; in terms of newcomer growth, the NBS compliance rate of newcomers steadily increased, the rate of entrepreneurship fund receipt increased and stabilized during the year, and the average first-year new insurance commission of newcomers was 7 In terms of recruitment management, CPIC Life continued to promote the Changhang Partner Program and insisted on using the U selection recruitment system to achieve new manpower, and the retention of newcomers increased significantly year-on-year in 13 months. Under the guidance of the correct team development concept, through the standard and scientific recruitment system, the recruitment of newcomers has shown a good trend.

The "gold digger" of Changhang's transformation and development

21st Century: What are the differences between PSA and PAA?

CPIC Life Individual Customer Center: The Consultative Marketing (PAA) team is positioned as the "hunter" in the individual insurance sequence, and will anchor business and customer increment in the future, and provide customers with comprehensive solutions covering the whole life cycle of "product + service" through demand-oriented sales methods and based on customer needs.

For the service-based marketing (PSA) team, the channel was born in 1997, formerly known as the customer service department, with the main responsibility of renewing premiums, and focusing on the renewal fees and service management of old customers after 2002. In 2008, it began to operate customers by region, taking into account customer service and development on the basis of renewal services. After years of service exploration, in 2014, we created the A65311 professional customer business model with channel characteristics.

The main operating indicators continued to improve

21st Century: At present, what are the results of the consultative marketing (PAA) team and the service marketing (PSA) team, and how competitive are they in the industry?

CPIC Life Individual Customer Center: The main operating indicators of the PAA team continued to improve. First, the value growth rate increased steadily, and the business trend continued to improve, achieving 77.3 billion yuan of standard insurance from January to October, an increase of 38.8% year-on-year; second, the team base stabilized, the average monthly proportion of core manpower and the proportion of high-performing organizations increased year-on-year, and the monthly per capita first-year commission income of core manpower and the monthly per capita pre-tax income of core manpower increased significantly year-on-year; third, the effect of excellent increase and excellent education appeared, the quantity and quality of new talents increased, the number of recruits, the contribution of new employees and production capacity increased year-on-year, and the retention rate in 13 months was greatly optimized. Fourth, the quality of business improved steadily, with a 13-month premium continuation rate of 95.6%, an increase of 8.5 percentage points year-on-year.

The service capability, individual sales ability, and independent operation ability of the PSA team throughout the life cycle have continued to improve, and three major IPs have been basically formed in the expansion of Xinbao, namely the number of pieces culture, the continuous culture and the service culture. It is also based on this that the continuation rate of this year's 13-month renewal has steadily improved, ranking second among major peers and first among listed peers.

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