After three years of testing, Cai Qiang bid farewell to CPIC Life Insurance!

Cai Qiang, who has frequently rumored that he is leaving the post of general manager of CPIC Life Insurance, finally confirmed the rumors after the expiration of his three-year term.

On April 15, CPIC Life Insurance announced that Cai Qiang no longer served as the general manager (CEO) of the company after being deliberated and approved by the 43rd meeting of the 7th board of directors (provisional). 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.

Since taking office in early 2021, Cai Qiang has been working hard for CPIC Life Insurance for three years. Looking back on the past three years, it has been more challenging, experiencing the epidemic, the changes in the foreign environment, the ups and downs of the domestic capital market, and catching up with the deep transformation of life insurance, which is a big test for the development of the industry, and Cai Qiang is no exception.

Now, the term has expired, and the veteran is back at the crossroads of career choices. Some industry insiders said that Cai Qiang's next stop may be to join a foreign insurance giant, and the new general manager of CPIC Life Insurance has also been clarified.

The term of office is three years

Regarding Cai Qiang's resignation, information has been released before.

In March this year, it was reported that Cai Qiang, general manager of CPIC Life Insurance, was about to leave his post after a three-year term. On April 15, there was a clear answer.

Looking back at Cai Qiang's past work experience, Cai Qiang, born in 1967, is 57 years old this year, and spent most of his career in foreign insurance companies before joining CPIC.

According to the data, he used to be a personal insurance salesman, regional manager and regional director of AXA Insurance Group (USA), and the general manager and CEO of individual insurance of AXA Insurance Group (Hong Kong Company).

In 2009, Cai Qiang became the Chief Executive Officer of AIA China, and from 2017 to January 2020, he served as the Regional Chief Executive Officer of AIA Group, responsible for AIA's operations in Chinese mainland, Taiwan, Malaysia, Vietnam and Myanmar. From 2009 to 2020, 11 years of AIA time is also Cai Qiang's most praised work experience.

In January 2020, after leaving AIA, Cai Qiang joined WeDoctor, an Internet healthcare company invested by Tencent, as Vice Chairman of the Board and CFO. But he didn't have a long time in WeDoctor, and at the end of 2020, Cai Qiang chose to say goodbye.

Cai Qiang, who resigned from WeDoctor, was just in time for CPIC to find a candidate for general manager of CPIC Life Insurance. According to relevant media reports, CPIC has proposed to look for industry leaders with an international vision to promote and fully implement CPIC Life's "Long Voyage Action". Moreover, at the end of January 2021, CPIC Life Insurance has begun to search for potential qualified candidates in the market in accordance with the principles of marketization, internationalization, specialization and legalization, and selected and hired them in accordance with the corporate governance process required by laws and regulations.

It is worth mentioning that the management of CPIC agrees with AIA's agency channel business model, and the introduction of Cai Qiang as the general manager of CPIC Life Insurance precisely meets this demand for life insurance transformation.

On March 26, 2021, CPIC disclosed an announcement on the change of chairman and general manager of its holding subsidiary, in which Cai Qiang was elected as a director of the seventh board of directors of CPIC Life and appointed as the general manager of CPIC Life for a term of three years. So far, Cai Qiang's term of office has expired.

The aura comes from the test

Counting Cai Qiang's insurance career, AIA's experience is a strong stroke. After all, it's 11 years.

"In the past few years, the best decision we have made in Chinese mainland has been to choose the right people. Du Jiaqi, the former CEO of AIA, once commented on Cai Qiang.

As an insurance veteran, Cai Qiang has achieved a lot of good results in the past, especially during his tenure at AIA, he promoted the reform of AIA China's marketer system and the rapid development of regional life insurance value business, and became an important figure in AIA's transformation.

It is reported that when Cai Qiang first joined AIA, AIA was in crisis, mainly due to the impact of the subprime mortgage crisis in the United States on AIG. And Cai Qiang can be said to be a firefighter who came to "put out the fire". 2010 was a crucial year for Cai Qiang to take up his new role in AIA China, and it was also the most difficult year, this year, the financing process was tortuous and repeated, and the haze of the AIA crisis did not dissipate. Fortunately, in this year, AIA bid farewell to its scarred old club AIG and spun off and went public, which also left Cai Qiang room to show.

Cai Qiang has established a new positioning for AIA China, and by creating a new "Five-Year Plan", AIA has returned to the C position in the industry.

Specifically, AIA China has launched the "Four Innovations" strategic plan to comprehensively promote reform and innovation in terms of development model, product structure, sales channels and management model, focusing on sustainable development with corporate value enhancement as the core. At the same time, AIA China has set three main goals, namely, to triple the value of new business, continue to vigorously build on the advantages of AIA's marketer channel, and return to the essence of insurance protection.

Cai Qiang once said: "The marketer system was brought into China by AIA, but then there were big problems in the marketing channel, and the industry is also facing a big bottleneck in development. ”

As a result, AIA China completed its "first five-year plan" one year ahead of schedule, with a three-fold increase in the value of new business, a 2.7-fold increase in after-tax operating profit, a 2.3-fold increase in intrinsic value, a 31% decrease in operating expense ratio, and an increase in the proportion of insurance products from 38% to 63%.

The first five-year plan laid a solid foundation for AIA's development, and on this basis, Cai Qiang proposed a "new five-year plan" and launched the marketer channel 3.0 strategy. Aiming at the established goals, in accordance with the planned development path, the AIA led by Cai Qiang has achieved good results one after another, and the marketing "iron army" owned by AIA has also become the envy of many insurance companies. Throughout AIA, the inheritance of cultural genes is very consistent.

Practitioner and pioneer

Cai Qiang's highlight in AIA was recognized by the industry, and for this reason, after he left AIA and briefly joined WeDoctor, many insurance companies also extended olive branches to him, and finally, Cai Qiang chose to join CPIC Life Insurance.

When he first joined CPIC Life Insurance, Cai Qiang once said: "Actually, I came with a blank piece of paper, first to look at and hear, first to understand the situation of CPIC, the answer is not in me, the answer is in the market, in the front line, in the grassroots." ”

It is reported that in the three years of CPIC Life, Cai Qiang became the main leader of CPIC Life's "Long Voyage Action" and led CPIC Life to achieve a series of changes. For example, from the perspective of the development model, it has realized the transformation from the crowd tactical model to the optimal increase and education model, from the internal promotion model to the field independent operation model, from the sales of the production conference to the "one-to-one" sales, and from the manual operation to the digital operation combining online and offline.

In particular, in terms of human resources, CPIC Life has deepened the implementation of the "three modernizations and five most" professional marketing transformation, built a "core" model of individual business, and transformed and upgraded to talent-driven, long-term traction, and customer operation. By the end of 2023, the average monthly first-year premium per capita of CPIC Life insurance marketers was RMB12,800, a significant increase of 51.8% year-on-year, and the average first-year premium per capita of core human resources was RMB43,500, a year-on-year increase of 26.6%.

Cai Qiang once said that China's demographic dividend has passed, but the talent dividend has just begun, and in the future, enterprises should focus on creating a working model of talent dividend. At the same time, he believes that the core of insurance professionalism and specialization is the normalized work mode, normalized sales, normalized recruitment, and normalized operation, just like the internal staff going to work every day, which is "Yueyuehong".

In addition, Cai Qiang also has his own understanding of the bancassurance channel. He believes that China's bancassurance has entered the 2.0 era, through the strategic cooperation between banks and insurance companies, long-term customer-centric value creation, forming a win-win situation, that is, customers win, banks win, insurance companies win.

To this end, while practicing the "Long Voyage Action", Cai Qiang also vigorously promoted the rapid development of CPIC Life Insurance bancassurance channels.

At the CPIC 2022 Q3 performance exchange meeting, Cai Qiang once said that when CPIC Life Insurance launched the "Long Voyage Action", the second strategic direction and strategy was to diversify channels, of which the second pillar is the bancassurance channel. Moreover, bancassurance will become one of the major contributors to CPIC Life's new business value increment in the near future.

At present, the bancassurance channel has become an important force supporting the development of CPIC Life Insurance. In 2023, CPIC Life's bancassurance channel achieved a scale premium of RMB38.069 billion, a year-on-year increase of 12.5%, of which the new premium of futures payment was RMB9.024 billion, a year-on-year increase of 170.2%, and the value of new business in the bancassurance channel increased by 115.6% year-on-year.

However, under the expectation of interest rate cuts, the bancassurance channel has become more strictly supervised, and the bancassurance premium income has begun to decline since the fourth quarter of last year. In the first quarter of this year, this downward trend was even more pronounced. According to data, in the first three quarters of this year, the industry's bancassurance term premiums fell by 22% year-on-year, and the old seven all exceeded double digits, of which CPIC Life Insurance fell by 16%. In the future, the pressure on bancassurance in the industry may continue.

At present, the first phase of CPIC Life's "Long Voyage Action" has been completed, and the 18-month transformation roadmap has been completed.

According to Pan Yanhong, "the core theme of the second phase is to focus on the transformation of the back office, take organizational change as the guide, build an enabling headquarters and an operating organization, change the internal work mode and thinking mode, and continue to release the company's production efficiency and effectiveness."

At CPIC's 2023 results conference, Fu Fan, chairman of CPIC, responded: "In the future, the new management of life insurance will continue to uphold the principles of professionalism and market, and we will keep in touch with you if there is further news." ”

At present, the management of CPIC Life Insurance is Wang Guangjian, Wei Lin, Ye Peng, Li Jinsong, etc., deputy general managers. The second phase of CPIC Life's "Long Voyage Action" has set sail, who will lead the replacement?