After three years in office, Cai Qiang, general manager and CEO of CPIC Life Insurance, recently officially left his post after his three-year term expired.
Recently, China Pacific Life Insurance disclosed this change. According to the announcement, on April 1, 2024, after the deliberation and approval of the 43rd meeting (provisional) of the 7th board of directors, Cai Qiang will no longer serve as the company's general manager (CEO). During the vacancy of the general manager of the company, Pan Yanhong (chairman of CPIC Life Insurance) was appointed as the interim person in charge and acted as the general manager. The above adjustments will not have a material impact on the Company's business operations and financial condition.
Cai Qiang resigned at the end of his three-year term
As early as the beginning of this year, it was rumored that Cai Qiang may not renew his contract after his term expires this year. As an important executor of CPIC Life's transformation, whether and when Cai Qiang will leave is a matter of concern to investors.
At the CPIC 2023 results conference held at the end of March this year, in response to the analyst's question of "whether the life insurance management remains stable", the management of CPIC said that the selection and appointment of the new life insurance management will continue to adhere to the principles of professionalism and marketization.
Born in July 1967, Cai Qiang has served as a personal insurance salesman, regional manager and regional director of AXA General Insurance Group (Hong Kong), chief executive officer and chief executive officer of AXA General Insurance Group (Hong Kong), chief executive officer of AIA China and regional chief executive officer of AIA Group. After resigning from AIA in January 2020, Cai Qiang served as Vice Chairman and President of WeDoctor Group. At the end of 2020, Cai Qiang resigned from WeDoctor, and it was rumored that Cai Qiang would go to CPIC.
In April 2021, Cai Qiang was appointed as the General Manager (Chief Executive Officer) of CPIC Life Insurance for a period of three years. As a result, Cai Qiang became the first "external brain" introduced by CPIC Life Insurance since its establishment, and in May of that year, Cai Qiang's qualifications were approved by the regulator. This move is generally optimistic about the industry and investment people. At that time, the internal and external environment of the life insurance industry underwent profound changes, the industry was faced with the problem of negative growth of new insurance business, and the drawbacks of the traditional agency channel "crowd" tactics appeared, AIA's elite agent system became the industry benchmark, and Cai Qiang was the hero of AIA China's marketer system reform, leading AIA China's new business value to triple in five years.
After taking office, Cai Qiang became the main operator of CPIC's life insurance reform, especially the transformation of individual insurance channels. At that time, CPIC Life was promoting the upgrading and transformation of the insurance agent team. In 2021, CPIC Life launched the "Long Voyage Action" to deepen its transformation, in which the qualitative upgrade of the individual insurance channel is a major focus of this round of transformation.
The first phase of the "Long Voyage Action" project was launched in January 2022 and lasted 18 months, with the reform of the Basic Law as the core, and continued to empower the marketing team to upgrade to professionalism, specialization, and digital transformation by optimizing and upgrading the salary system, sales support platform, practical training system, and marketing workplace optimization.
In November 2022, Cai Qiang said in an exclusive interview with a reporter from Securities Times and Brokerage China that transformation is a 'change of heart'. The most important thing in transformation is to work together, and the transformation of CPIC Life Insurance has entered a virtuous circle. At the same time, he said that China's insurance market demand is still huge, and it depends on how to explore it. Whoever transforms quickly will be able to seize new opportunities and establish a new model of success.
Overall, the transformation of Changhang has significantly promoted the value indicators of CPIC Life, and from the second half of 2022, the new business value of CPIC Life Insurance has taken the lead in the industry to turn positive. According to CPIC's 2023 annual performance report, in 2023, CPIC Life achieved a new business value of RMB10.962 billion, a year-on-year increase of 19.1%, a year-on-year increase of 30.8% before the adjustment of economic assumptions and valuation methods, a new business value rate of 13.3%, a year-on-year increase of 1.7 percentage points, an average first-year premium of RMB43,503 per capita of core manpower in 2023, a year-on-year increase of 26.6%, and an average first-year commission income of RMB6,051 per capita of core manpower, a year-on-year increase of 46.3%. The 13-month premium continuation rate was 95.7%, an increase of 7.7pt year-on-year, and the production capacity and retention data of newcomers continued to improve.
Fu Fan, chairman of CPIC Group, affirmed the transformation achievements of Changhang at the results conference. Fu Fan said that since the implementation of CPIC Life's long-term transformation, its operating performance has shown a good trend, the value of new business has taken the lead in the industry to turn positive, and the attitude and business quality of the entire business have been continuously optimized, which is in line with the expectations of the board of directors and the operating management of the group.
At the same time, he said that in April 2021, the board of directors of life insurance appointed Cai Qiang as the CEO of CPIC Life Insurance in accordance with the principles of professionalism and marketization, and in accordance with the contractual rules of the tenure system. After Cai Qiang joined CPIC Life Insurance, he actively integrated into the company's culture, brought advanced life insurance marketing concepts, and made positive contributions to the transformation of Changhang Life.
Pan Yanhong acted as the general manager, and the second phase of "Changhang" has been launched
After Cai Qiang left office, Pan Yanhong, chairman of CPIC Life, acted as the general manager. During the period from May 2019 ~ March 2021, Pan Yanhong served as Secretary of the Party Committee and General Manager of CPIC Life. Since then, Pan Yanhong has promoted the reform of CPIC life insurance with Cai Qiang as the chairman.
Pan Yanhong is an expert CPIC cadre who has held important positions in various positions in CPIC Group and CPIC Life, and has a good understanding of CPIC Group and CPIC Life, and has rich management experience and life insurance experience.
According to the data, Pan Yanhong was born in August 1969 and is currently the chairman, executive director and interim head of the company, a director of CPIC Assets, the chairman of CPIC Capital, and the chairman of the board of directors of CPIC Life Insurance Hong Kong. Pan Yanhong has served as the company's deputy chief financial officer, chief financial officer, deputy general manager, vice chairman and general manager, financial director, vice president and executive vice president of CPIC Group, director of Pacific Health Insurance, director of Changjiang Pension, etc.
It is understood that Pan Yanhong has a master's degree, a senior accountant title, and a Chinese certified public accountant qualification.
At the 2023 results conference, talking about the direction of life insurance transformation and the next step of the "Changhang" action, Pan Yanhong introduced that in 2021, the company launched the long-term flight action project planning, and the transformation effect has gradually emerged in the past three years. The second phase of Changhang is currently being planned, focusing on three aspects, one is to continue the construction of multiple channels in the first phase, the second is to further build the customer middle platform, and the third is to continue to stimulate the vitality of the organization through the closed loop of value management. At the same time, the company also proposed to build an enabling headquarters and operating institutions to further build consensus and form a joint force, and these works are currently being carried out in an orderly manner.
"As a member of the old Taibao, I strongly feel that the CPIC has accumulated very good traditions and characteristics over the years, that is, the stability and continuity of strategy and operation. Pan Yanhong emphasized that after the past three years of practice, the company's all employees have a more consistent consensus on the direction of transformation, and the direction of future transformation will continue to be adhered to, not only will not change, but also the direction will be firmer, the pace will be more stable, the path will be clearer, a series of measures will be more pragmatic, and I believe that the effect of transformation will be more prominent.
The reporter learned that the second phase of "Changhang Phase II" takes organizational reform as the guide, leads the internal transformation, and accelerates the creation of a "core" dynamic organization of "customer-centric, agile evolution, and value creation" through internal and external integration, so as to maximize business value and customer value.
In terms of the specific implementation path, the first is to adjust the structure and create a three-tier structure composed of an enabling headquarters, a territorial business unit and a front-line combat unit to achieve a more solid structure, more vitality and higher efficiency; The third is to implement the localization strategy, build the long-term development planning and strategic execution capabilities of the branches, realize the transformation of the branch into a "business-oriented institution", and stimulate the vitality of the institution's development;
Editor-in-charge: Lin Gen
Proofreading: Liao Shengchao