Cai Qiang, a super "external brain", stepped down as the general manager of CPIC Life Insurance, and the financial woman will also serve as the interim head, how will the reform change

Source of this article: Times Finance Author: He Xiulan

Cai Qiang, general manager of CPIC Life Insurance, finally landed his boots.

On April 15, CPIC Life announced that Cai Qiang would no longer serve as the company's general manager (CEO) after deliberation and approval by the board of directors. During the vacancy of the general manager of the company, Pan Yanhong was designated as the temporary 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.

Three years ago, CPIC Life introduced Cai Qiang, the former regional CEO of AIA, as the company's general manager (CEO). With his outstanding leadership skills, he promoted the in-depth implementation of the "Long Voyage Action" and achieved good results. Now the departure has also left a lot of room for imagination in the market.

Pan Yanhong, a financial woman, will take the helm of CPIC Life Insurance in the dual capacity of chairman and interim leader. On April 17, the official website of CPIC Life Insurance has updated Pan Yanhong's position, and Cai Qiang is no longer among the senior management, but is still a director of the company. Cai Qiang's whereabouts have also attracted much attention from the market, and there is news that he may join a foreign insurance giant.

A relevant person from CPIC told Times Finance that the selection and appointment of the new management of CPIC Life Insurance will continue to uphold the principle of specialization and marketization, and select new leadership candidates from the perspective of internationalization and specialization. "Long Voyage Action" is the company's overall strategy, and after Cai Qiang leaves office, the company will continue to promote the orderly upgrade of "Long Voyage Action".

Phased transformation completed, Super "external brain" Cai Qiang resigned

In March this year, there was news in the market that "Cai Qiang's term may not be renewed when his term expires". At the end of March, Fu Fan, chairman of CPIC, responded at the company's 2023 results conference that in the future, the new management selection of life insurance will continue to uphold the principles of professionalism and marketization, and will keep in touch with you if there is further news.

Now, the rumors of Cai Qiang's expiration and resignation have officially landed with an announcement from CPIC Life Insurance.

Back in 2020, CPIC Guangluo was looking for an industry leader with an international vision to promote the implementation of the "Long Voyage Action". In March 2021, Cai Qiang joined CPIC Life as General Manager (Chief Executive Officer). With rich experience in the insurance field and an international vision, Cai Qiang is known as a super "external brain" in the industry.

Born in July 1967, Cai Qiang started his insurance career in the United States, and has worked in foreign insurance institutions for a long time, he has served as a personal insurance salesman, regional manager and regional director of AXA General Insurance Group (USA), and general manager and chief executive officer of individual insurance of AXA General Insurance Group (Hong Kong).

In 2009, Cai Qiang joined AIA as CEO of AIA China, where he was responsible for all aspects of AIA's life insurance business in China, and served as Regional CEO of AIA Group from 2017 to 2020. During his 11 years of service for AIA, Cai Qiang actively promoted the reform of AIA China's salesperson system and the rapid development of regional life insurance value business, driving the company's performance growth, and was hailed as a hero of AIA's transformation.

After leaving AIA, Cai Qiang also briefly worked as the vice chairman and president of WeDoctor Group, and later took over the olive branch thrown by CPIC and became the main promoter of CPIC's "Long Voyage Action".

In the face of market changes and challenges, in early 2021, CPIC Life launched a five-year "Long Voyage Action" plan, taking the lead in taking the initiative to comprehensively deepen the transformation.

"The core of Changhang's transformation lies in shifting from being driven by 'people dividend' to 'talent dividend'. Cai Qiang said that the core strategy of Changhang's transformation mainly covers five aspects: one is professional marketing, the second is value banking and insurance, the third is the production and service system, the fourth is corporate governance, risk control and investment, and the fifth is the change of culture and leadership.

As of June 2023, the first phase of the "Long Voyage Operation" has been completed, and the phased results are in line with expectations. Fu Fan said at the performance meeting that since the start of the long-term transformation of life insurance, the operating performance has shown a good development trend. The growth rate of new business value is also the first in the industry to turn positive and continue to grow. The construction of diversified channels has also gradually achieved results, and the attitude of the whole team and the quality of the business are constantly optimized. This is also in line with the expectations of the Board of Directors and the Group's management.

According to CPIC's 2023 financial report, CPIC Life Insurance has deeply promoted the value transformation of "Changhang", and diversified channels have helped the value of new business to achieve good growth, achieving a new business value of 10.962 billion yuan for the whole year, a year-on-year increase of 19.1%.

According to the data, in 2023, CPIC Life Insurance Agency Channel will achieve a scale premium of 195.478 billion yuan, a year-on-year increase of 3.0%, of which the regular premium of new insurance will be 26.175 billion yuan, a year-on-year increase of 32.3%, and the bancassurance channel of CPIC Life will achieve a scale premium of 38.069 billion yuan, a year-on-year increase of 12.5%, of which the regular premium of new insurance will be 9.024 billion yuan, a year-on-year increase of 170.2%, and the value of new business will increase by 115.6% year-on-year.

At the same time, Cai Qiang also emphasized the importance of customer insight during his tenure, and built a customer-driven "product + service" system to meet the escalating needs of customers.

"Since Cai Qiang joined CPIC Life, he has integrated into the company's culture, brought advanced life insurance marketing concepts, and worked with the company's existing management team to promote the construction of a high-quality agent team, making positive contributions to the 'long voyage' transformation of life insurance. Fu Fan said at the performance meeting.

The reform is still on the way, and the second phase of the "Long Voyage" project will be promoted in three directions

After Cai Qiang's resignation, Pan Yanhong, chairman of CPIC Life Insurance, became the interim person in charge, and the company's follow-up reform has also attracted much attention.

Pan Yanhong is a financial woman, born in August 1969, she joined CPIC after graduation and played an important role in the development history of CPIC Life Insurance, rising from deputy chief financial officer to general manager and chairman.

In March 2019, Qian Zhonghua resigned from the position of general manager of CPIC Life due to work, and the board of directors of CPIC Life appointed Ms. Pan Yanhong as the interim person in charge to act as the general manager of the company. Half a year later, Pan Yanhong officially assumed the position of general manager, becoming the first female general manager of CPIC Life. In June 2021, Pan Yanhong was officially promoted to the chairman of CPIC Life. Currently, she also serves as Executive Director of CPIC Life, Director of CPIC Assets, Chairman of CPIC Capital, and Chairman of the Board of Directors of CPIC Life Hong Kong.

CPIC Life has launched the second phase of the "Long Voyage" project, the core of the previous phase of the project is to focus on channel transformation, and the core of the second phase of the project is to focus on internal transformation, and the market is also quite concerned about the future direction of transformation.

"The second phase of the 'Long Voyage' project is guided by organizational change, focusing on customer-centric value creation, and continuing to promote the 'Long Voyage' action in depth. Pan Yanhong said at the CPIC 2023 annual results conference.

Pan Yanhong said that in the future, "long voyage" The second phase will be mainly promoted around three aspects: first, the continuation of the first phase of multi-channel construction, the new business model to accelerate the formation; second, to accelerate the construction of the customer middle platform, the formation of customer hierarchical classification, organic integration of products and services, more concise and efficient operation, excellent customer experience of operation service support; third, the value management of the closed loop to continue to stimulate the vitality of the organization, including refined cost management, product-based closed-loop management of assets and liabilities, market-oriented operation mechanism strengthened, etc.