Taikang Life's 2023 annual report was released recently. In 2023, Taikang's "Happiness Appointment" customers will exceed 200,000, and "Happiness Appointment" will continue to grow for 11 years, and maintain double-digit growth in the past four consecutive years.
Good business: The four major efficiencies are highlighted, and the payment side leads the high-quality development
In recent years, Taikang Life has firmly implemented the "Taikang Plan for the Age of Longevity" and actively embraced new life insurance. "New life insurance" is to combine the physical medical care and health care services with traditional life insurance, introduce the "service side" into the two-dimensional structure of traditional life insurance, and form a three-end synergy of "payment + service + investment".
In 2023, Taikang Life will build a long-term, stable and positive growth "good business" enterprise, as a firm practitioner of Taikang's business model, demonstrating the strong development momentum that Taikang's plan continues to release under the new life insurance, and at the same time stimulating the effectiveness of the marketing team and the effectiveness of the marketing model with innovation and efficiency.
The business model has remarkable efficiency, and the longevity closed-loop has shown strong power. Taikang has long paid attention to the trend of Chinese population aging, and in 2012, it took the lead in the industry to launch the large-amount annuity product "Happiness Appointment" that connects with the elderly community, and the innovative business model of "life insurance payment + pension service" was officially formed. "Happiness Appointment" combines insurance products with medical and elderly care entities, bringing about a change in the traditional life insurance marketing method, shifting the life insurance industry from sales-driven to service-driven, and shifting the traditional life insurance team-centric to customer-centric. In 2023, the number of "Happy Appointment" customers will exceed 200,000, which strongly supports the stable and healthy development of Taikang and lays a solid foundation for Taikang to go through the traditional life insurance cycle.
The effectiveness of marketing talents has emerged, and the operation of life insurance has shifted to service-driven. Taikang Life Insurance fully implements the new life insurance, and builds a professional, professional and performance-optimized team with Health Wealth Planner (HWP) and Taixing as the core on the sales side. The emergence of talent effectiveness has shifted the life insurance industry from sales-driven to service-driven, and the traditional life insurance team as the core to the customer as the center. Taikang introduced physical medical care services into traditional life insurance, and promoted traditional life insurance sales with services based on customer needs, which changed the traditional business logic of the life insurance industry. At present, the HWP team has completed the nationwide network layout, and the project manpower has exceeded 15,000 people, and the talent team built by Taikang Life Insurance is assisting more middle and high-net-worth individuals to complete the professional deployment on a longer life scale.
The effectiveness of the marketing model is demonstrated, and the multiplier effect of super experiential marketing is gradually amplified. Taikang Life Insurance practices the efficient synergy of Taikang resources with superbody, and transforms the advantages of strategic synergy into development momentum. Under the scenario-based and immersive experience sales, Superbody allows virtual insurance products to be projected onto medical and elderly care entities, insurance has changed from "cold products" to "hot services", and insurance companies and customers have changed from a contractual relationship that cannot be seen and touched to a service relationship that can be touched, experienced and perceived. With the gradual amplification of the multiplier effect of superbody marketing, various business channels have created characteristic superbody samples, and the three superbodies have been comprehensively scaled up, and the efficiency has continued to appear.
The operating efficiency of life insurance has been excellent, and the quality and value of the business have continued to grow. By stimulating the business momentum of life insurance companies with innovation and efficiency, linking insurance payment with medical care and health services with the "Happiness Appointment" and its four appointment product systems, fully meeting the upgraded service needs of customers throughout the whole life cycle, family and even family, and practicing new life insurance with a comprehensive and integrated sales team, Taikang Life has reconstructed the "Golden Triangle" of "products, customers and teams" of life insurance operation.
The value of the four major business lines continued to increase, and the value of new individual insurance policies in 2023 increased year-on-year. The individual insurance channel gives full play to the advantages of the medical care superbody of the big health ecology, takes the annual honor system and cup activities as the starting point for excellent management, gives full play to the advantages of "annuity + universal insurance account", and "Happiness Appointment" will stand on a new platform in 2023, and high-performance customers will be fully popular; The bancassurance channel has firmly adhered to the strategy of excellent performance and high customers, the value of new large individual insurance policies has grown rapidly for five consecutive years, and the requirements of "integration of reporting and banking" have been firmly implemented, and the achievements of excellent performance construction have been highlighted. In 2023, the basic law will be comprehensively upgraded for new business channels to guide high performance and optimal growth. With the help of the big health ecosystem and the data-driven OTO model, the value of new orders has grown positively for five consecutive years; The comprehensive expansion channel uses technology to empower the frontline, the value of new orders is growing, and the insurance premium of life generation cars is growing year-on-year.
Good service: to create the ultimate competitiveness, the server side to help customers and happiness "appointment"
Chen Dongsheng, founder, chairman and CEO of Taikang Insurance Group, believes that service capability is the ultimate competitiveness, and Taikang should firmly become a new life insurance company with "good service". Taikang's business has completely surpassed life insurance, and it is to take care of the whole family and the whole family of customers, and we must continue to enrich service products, improve service quality, and exercise service capabilities. On the basis of improving the infrastructure of the elderly life industry chain, the service side should deepen the construction of a multi-level medical service network, provide customers with high-quality health care products and services, and become a part of people's happy life in the era of longevity.
Based on the comprehensive support of strategy, products, team and value system, Taikang Life is committed to building a new life insurance company with "good service".
Taikang ecological support "good service". Taikang combines physical medical care and health care services with traditional life insurance, creates the most long-term advantageous financing model to improve customers' ability to pay, and builds a high-quality medical care and health care service system covering the whole life cycle. Taikang has formed a four-in-one business model of dynamic elderly care, high-end medical care, excellent financial management and life care, and created the "Taikang Plan for Longevity Era" to realize the closed loop of the big health industry ecosystem from financing to service, from investment to payment. In the full implementation of the new life insurance, Taikang Life has refined and polished the "Taikang Plan for the Longevity Era", and has built three major customer solutions of "Longevity, Health and Wealth" and a professional solution for Health Wealth Planner (HWP), practicing the lofty mission of "making insurance more secure, convenient and affordable, and making people longer, healthier and richer". At present, Taikang Medical Care Community has realized the layout of 35 cities and 40 parks, operating 20 parks in 19 places, and nearly 12,000 residents; The five major medical centers across the country have been laid out, and the three major specialty systems of rehabilitation, brain and stomatology have been built, and the integration of the service system and the payment system is accelerating.
The product system supports "good service". As the core embodiment of Taikang's business model, "Happiness Appointment" has led the continuous innovation of life insurance operations since its birth 11 years ago, and built a link between insurance payment and medical care and health resources for customers. In 2018, on the basis of the original, Taikang created the version of "Happiness 2.0", officially upgraded "Happiness Appointment" from a product to an exclusive brand, and extended the overall development strategy and brand concept of "dynamic pension, high-end medical care, excellent financial management, and life care" from the simple "annuity insurance + medical care community" model. In 2022, "Happiness Appointment" ushered in a 10-year blockbuster upgrade, and released a new product system including "Longevity Appointment, Health Appointment, Wealth Appointment, and Good Longevity Appointment", so that the original single product and service can be connected with more diversified and personalized market demand, which is more in line with the phased characteristics of the mainland market and meets the needs of upgraded and iterative customers. In 2023, in the context of the downward trend of market interest rates and the vigorous growth of demand for longevity, health and abundance in the era of longevity, the sales of "Happy Appointment" will set off a sales climax.
Professional team supports "good service". The high-quality development of life insurance, the implementation of new life insurance, and the new goal of "good service" have all put forward higher requirements for the professionalization, professionalism and performance optimization of the sales force. The needs of middle- and high-net-worth individuals for health and wealth management are becoming increasingly personalized and diversified, and they are also continuing to call for high-quality professional service talents. Taikang adapts to the needs of the times and breeds a new profession integrating "insurance consultant + health housekeeper + financial expert" - health wealth planner (HWP), which serves the whole life cycle and wealth cycle of high-net-worth individuals across the three major fields of pension, health and wealth management, and the service scope involves health management, pension planning, wealth management, investment portfolio, legal and tax, family inheritance and other fields, and serves Taikang customers in an all-round way. At the same time, Taikang's three-end synergy model of "payment + service + investment" extends the sales and service chain of agents, increases their channels for obtaining income, helps the team to become professional and professional, and provides customers with comprehensive services covering insurance sales, health and pension, and financial planning, so as to truly meet the needs of consumers for products and services in the era of longevity.
Taikang's values support "good service". "Integrity and compliance, clean air" is Taikang's cultural strength rooted in the spiritual core. In order to strengthen the awareness of integrity and compliance of all employees, Taikang Life Insurance started from the marketing team that is closest to financial consumers and has the closest connection with financial consumers, carried out "standardized and professional" management of sales behavior, "normalized" regular testing of various business channels, carried out systematic training for elite teams such as HWP, formulated product classification and customer classification standards, and ensured that appropriate products are provided to appropriate customers through appropriate sales personnel, and customer-centric and in-depth protection of consumer rights and interests. At the same time, Taikang Life adheres to the values of respecting, caring and praising life, takes honest management and customer experience as the primary principle, and gives full play to the original responsibility of insurance to help social stability and protect people's livelihood and well-being. In 2023, the cumulative amount of compensation will be 9.49 billion yuan, and the cumulative amount of compensation will be 1.34 million.
The continuous growth of financial services and health service capabilities has brought about the continuous release of Taikang Life's competitiveness. After more than ten years of development, the life insurance business model innovation originated from "Happy Appointment" has won the test of the market and has become an innovative model widely recognized and used for reference in the current life insurance market.
Good finance: High-quality transformation under new opportunities, and the investment side returns customers and investors with stable results
Solvency is the lifeblood of the insurance business. Maintaining stable and sufficient solvency for a long time demonstrates Taikang Life's confidence and strength to deliver customer protection and achieve high-quality services. According to public disclosure information, Taikang Life's core solvency adequacy ratio and comprehensive solvency adequacy ratio in the fourth quarter of 2023 were 164% and 272%, both of which were higher than the minimum requirements of the State Financial Supervision and Administration Administration, and the solvency was sufficient.
Adhering to the concept of long-termism and practicing new life insurance, and gaining insight into the rich and diversified customer needs in the era of longevity, the new economic cycle and the transformation of asset allocation structure, Taikang Life actively embraces market changes, and explores high-quality development in sustainable innovation with excellent financial management, excellent business performance, and good asset-liability matching. Relying on the Group, in 2023, Taikang Life will promote business results with innovation and efficiency, and once again deliver satisfactory results to Taikang's customers and shareholders.
In the face of the complex development environment of the transformation and exploration of the life insurance marketing team in 2024 and the growth pressure under the high base of new business, Cheng Kangping, Executive Vice President of Taikang Insurance Group and President of Taikang Life, said, "In the long run, we are still full of confidence in the development prospects of the life insurance industry. In Cheng's view, optimistic expectations come from three factors. First, the fundamentals of the country's long-term economic growth remain unchanged; Second, the era of longevity is accelerating, and health and pension have become the biggest livelihood; Third, the wealth of residents has been accumulating, and the scale of middle-class and high-net-worth individuals and the scale of wealth have grown steadily.
The 2023 Central Financial Work Conference clearly put forward the "acceleration of the construction of a financial power", requiring five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and further clarified the functional positioning of the insurance industry's economic shock absorber and social stabilizer, pointing out the direction for the high-quality development of the insurance industry. In the "five major articles", the relationship between pension finance and the life insurance industry is particularly close.
In the view of Taikang Life Insurance, to help do a good job in pension finance, the life insurance industry should make targeted innovative layouts in the fields of products, services, and investment. On the product side, in addition to personal pension and exclusive commercial pension insurance, other commercial pension insurance purchased by individuals is also an important part of the third pillar of pension, especially long-term annuities that can transfer longevity risks; On the service side, the combination of insurance products and medical care services is expected to systematically solve the two major problems of pension funds and pension resources. On the investment side, large-scale, long-term insurance funds match the "heavy assets, long cycle, and slow return" of medical care and health care entity investment, which can provide long-term funds for the pension industry and obtain stable investment returns.
To accelerate the construction of a financial power and do a good job in pension finance, the core lies in focusing on the needs of the people. Taikang Life will always adhere to the people-centered and customer-oriented value orientation, closely combine the concerns of the masses with stable and sustainable operation, and let the people share the fruits of high-quality financial development.