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Unconsciously, 2024 has almost passed 4 months, and the 2023 annual reports of insurance companies other than listed companies have also been officially announced, which has pulled people's thoughts back to 2023.
From the perspective of the industry as a whole, the original insurance premium income was 3,537.9 billion yuan, a year-on-year increase of 10.25%, and the margin was flat. However, focusing on Beijing, the head market of the life insurance industry, the premium income of 261.1 billion yuan and a growth rate of 17.88% can be said to be a warm current in the high-quality transformation of the industry.
For any company, whether it is looking at the present or the future, Beijing, a market with a large volume, many levels and full potential, obviously contains huge strategic value. The business practice in Beijing will also make many beneficial explorations for the company to achieve high-quality transformation.
As a member of the "Old Seven", Xinhua Insurance, in the first quarter of 2024 in Beijing, its "hometown", based on the strategy of the head office, its own business endowment and the characteristics of the Beijing market, has played three cards with a Beijing flavor in a row, which are worth touching and touching.
1 The concept of high-quality development is the first card
The company's operation is like a flowing river. Before talking about 2024, let's take a look at how Xinhua will perform in the Beijing market in 2023.
In terms of core business, the assessed value reached 267 million yuan, ranking 4th in the total volume system, a year-on-year increase of 77.4%, the first-year delivery reached 1.33 billion, the total volume ranked 5th in the system, a year-on-year increase of 23.7%, and the long-term delivery reached 177 million, ranking 5th in the total volume ranking system, a year-on-year increase of 44.3%.
In terms of business quality, the 13-month premium continuation rate was 95.9%, ranking 7th in the system, up 1.7 percentage points year-on-year, and the 25-month premium continuation rate was 91.8%, ranking second in the system, up 5.9 percentage points year-on-year.
Therefore, for New North Branch, how to "go to the next level" has become the primary issue for business in 2024. The branch's 2024 operation and management work conference pointed out that "only by breaking the ice of thought can we activate high-quality development". The "North Branch Development Concept" is the first card played by the New North Branch in 2024.
In 2024, the new North Branch will continue to maintain the two-way development of business and quality, and initially put forward the "North Branch Development Concept", that is, the market-oriented survival concept, the business-centered business concept, the empowerment-oriented service concept, the talent-supported management concept, and the effectiveness-based execution concept.
Under the leadership of a series of spirits of the CPC Central Committee on financial work, under the guidance of the high-quality development strategy of the head office, and under the guidance of the "North Branch Development Concept", New North China got off to a good start in the first quarter.
In the first quarter, the company achieved a year-on-year increase of 83.1% in total value, ranking 6th in the system, a year-on-year increase of 65.3% in the 10-year period, ranking 5th in the system, and a total delivery of 502 million, ranking 5th in the system. In terms of business quality, the 13-month premium continuation rate in the first quarter was 96.8%, and the 25-month premium continuation rate was 92.5%.
2 Xinhuazun Xinjing is the second card
The traditional life insurance industry is shining with new vitality and brilliance in the magnificent new era, and the new customer service system under the ecological strategy of "insurance × and health" has brought richer development space to traditional life insurance and become a major source of value.
In the first month of 2024, Xinhua Insurance's "Trinity" high-end customer service system "Xinhuazun" was officially released, and for the new Huabei Branch, which is "capital style, Beijing style, new heart integration, and creating the future together", it is important how to focus on the "Xinhuazun" system, realize the strategic implementation according to local conditions, and explore new forms of customer service, so as to form regional service competitiveness.
"Xinjing School" is the answer given by the New China North Branch.
It is understood that the "new Beijing style" medium and high passenger service system with regional characteristics will be launched in the Beijing market, and the calm water will undoubtedly set off ripples.
From the "Insurance + Rehabilitation Care Alliance" launched at the end of 2023 to today's "Xinjing School", the pace of in-depth exploration of the "policy + service" model by Xinhua North Branch is not fast.
At present, Xinhua has formed a comprehensive health care service system of "comprehensive health care community + care and medical care community + health management center" in Beijing, and jointly launched a list of "new health care" products with Xinhua Rehabilitation Hospital and Xinhua Pension Home, providing customers with seven categories of services covering rights and interests, health management, elderly care services, medical services, training and consulting, activity organization, and policy insurance.
Obviously, the landing of "Xinjingpai" is another iteration and upgrade of the "customer-centric" business model of Xinhua North Branch.
3 Innovation and Fusion is the third card
Creation is the concrete manifestation of human subjective initiative to transform the world, and it is the source of strength for us to enter a new realm of development. From human society to project promotion, it is inseparable from creation, and the same is true for the development of the company.
Since 2024, New North Branch will continue to stimulate the creativity of employees in the whole system, tap the value and production capacity of grassroots outlets, use existing sites to carry out extensive "insurance + public welfare + community" activities, integrate consumer protection and other publicity into the daily activities of grassroots organizations, increase production capacity and promote vitality with publicity, and build a characteristic brand of financial consumer rights protection in New North Branch.
It has successively established a customer fitness club with Keep, the largest online sports platform in China, and has become the insurance service provider for the 2024 The color run event.
Through the cooperation with the Keep sports platform, Xinhua North Branch has not only created an offline business model, but also provided customers with a more convenient and interesting way to exercise. The online exclusive sports club for customers of New North Branch, which is co-branded with Keep, was officially launched on April 18, and will continue to hold various sports events in the coming year, so that health can become a part of life and a common pursuit.
As the event sponsor of The Color Run, Xinhua North Branch demonstrates the responsibility of state-owned life insurance enterprises and actively fulfills the commitment of insurance + public welfare + community. It not only improved customer satisfaction and expanded brand influence, but also publicized the protection of consumer rights and interests to runners and onlookers. It has truly achieved that insurance has entered the public and integrated into the lives of consumers. It has increased the public's awareness of insurance.
Behind "being a Runner and being a Keeper" is the concrete embodiment of the creativity and innovation of the grassroots level of New North Branch.
In the critical period of high-quality development and transformation of the industry, fully mobilize the enthusiasm of the grassroots "masters", and let the grassroots "masters" exert their creative spirit and release creative energy, the importance of which is obviously self-evident for the business town of the "old seven" company of the New North Branch.
Such a new generation of grassroots creativity and innovation has also added a touch of spring and vitality to Xinhua.
Postscript: The development of bonanza requires more powerful combat effectiveness
At present, the life insurance industry is still in a critical period of deep transformation, and it needs to have a deeper understanding of the connotation of high-quality development, and continuously improve its insurance protection, service supply and risk prevention capabilities. For insurance companies, establishing a correct concept of business development, adhering to customer-driven, and taking the path of connotative development have become the "right way" for operation.
As noted in the 2023 annual report of Tongxin Insurance.
“... Maintain strategic focus, take promoting high-quality development as the theme, deepen supply-side reform as the main line, build a professional talent team as the support, focus on preventing and resolving risks, adhere to the construction of a customer-centric development system, deepen the reform of systems and mechanisms, optimize the layout of regional development, accelerate business transformation and digital transformation, and provide products and services that meet the needs of technology, green, inclusive, pension and other fields..."
As a 10-billion-level branch of Base's capital Beijing, how can Xinhua North Branch focus on keywords such as "high quality, integration, strict compliance, and brand building" in 2024, firmly grasp the main tone of development, solidly promote the eight annual key tasks, and take the lead in running out of position?
If we look at the three business cards that focus on "concept", "customer" and "innovation", we can see the deep taste of the exploration of building a customer-centric development system, deepening the reform of the system and mechanism, optimizing the layout of regional development, and building pension services.
As discussed at the beginning, Beijing, the most important market, is a bonanza for any company, including Xinhua. To exploit such a bonanza, it is obvious that there will be more fierce competition, and the cards of each company need to play not only with spirit and combat effectiveness, but also with the art of fighting and the art of management.