With the transformation of China's social economy and the aging of the population, the importance of life insurance and pension insurance industry has become increasingly prominent.
Recently, the State Administration of Financial Supervision issued the "Guiding Opinions on the Banking and Insurance Industry to Do a Good Job in Finance" (hereinafter referred to as the "Guiding Opinions") for the development of life insurance and pension insurance industry. Based on the "Guiding Opinions", the development trend of the life insurance and pension insurance industry is analyzed, and the future is looked forward.
Written by: Zhang Shaobai
01 Intrinsic relevance
Focus on key points, serve people's livelihood, provide comprehensive insurance protection, and promote common prosperity for all people
Quoted in the Guiding Opinions
"Focus on pain points and difficulties and strengthen inclusive financial services. Inclusive finance should serve people's livelihood and promote common prosperity for all people" and "provide comprehensive insurance protection for key areas of inclusive finance".
Interpretation
As an important pillar of the financial services industry and an important part of the national social security system, life insurance and pension insurance products and services are directly linked to the expectations of the general public for a stable future. Only by developing inclusive financial and insurance services and providing the masses with products and services that are "icing on the cake" rather than just a few people can we truly serve the people's livelihood, build a comprehensive and solid people's livelihood security network, and promote common prosperity for all people. This coincides with the concept of serving the real economy and strengthening people's livelihood security emphasized in the "Guiding Opinions".
Deepen the supply-side structural reform of the financial sector
Quoted in the Guiding Opinions
"Deepen the structural reform of the financial supply side", "enrich the supply of inclusive insurance products", "develop the third pillar of pension insurance, and support the development of savings, wealth management, insurance and other products with pension attributes." Expand the scope of commercial pension pilots. Enrich the supply of tax-advantaged health insurance products, so that relevant policies can benefit more people".
Interpretation
The continuous innovation of life insurance and pension insurance products and the continuous improvement of the service system are carried out in the context of the structural reform of the financial supply side. Without the development and supply of products and services that are suitable for the country's social and economic development and the needs of the broadest masses of the people, the channel construction, service innovation and digital transformation of insurance companies are all sources of water. Therefore, keeping in mind the positioning of the central financial work conference on the function of insurance, and adhering to the original intention of the political and people's nature of finance, can we develop or innovate suitable products and services to supply the market, meet the requirements of "deepening the structural reform of the financial supply side" in the "Guiding Opinions", and provide a continuous, healthy and clear source of living water for the development of the insurance industry.
02 Deep fit
Enrich the supply of insurance products to meet the needs of pension finance
Quoted in the Guiding Opinions
"The products are more abundant, the availability, coverage and satisfaction of the services have been greatly improved", "the third pillar of pension insurance has been standardized, the pension financial products have been more abundant, and the financial support for the silver economy, health and pension industry has continued to increase, so as to better meet the needs of pension finance".
Interpretation
In view of the diversified pension needs, life insurance and endowment insurance products need to be comprehensively allocated, timely optimized, and enriched in terms of risk protection and wealth management, value preservation and appreciation, longevity collection, intergenerational inheritance, etc., so as to provide policyholders, insureds, and beneficiaries with more diversified sources of pension security and property income. This is in response to the call in the "Guiding Opinions" to enrich the supply of financial products.
Optimize the service model and improve the service experience
Quoted in the Guiding Opinions
"Improve the quality and level of financial services for the real economy", "Improve insurance and claims services", "Improve the quality and efficiency of financial services for specific groups", and "Explore commercial health insurance products including long-term care services and health management services".
Interpretation
The life insurance and pension insurance industry is the most service-oriented and service-oriented industry of all financial industries. Service is the lifeblood of all insurance industries, especially life insurance. The characteristics of all services, such as intangibility, synchronicity, personality differences, etc., are the basic norms of life insurance and pension business. Especially in terms of endowment insurance, the service is more complex, connecting the national policy at the top, involving the welfare of the unit in the middle, and the family and individual at the bottom; Moreover, at different stages of life, the service demand is in continuous change, with many influencing factors and a wide range of involvement, which requires "professional + art + human nature" services to match. In the Guiding Opinions, the word "service" appears 56 times, and its importance is self-evident and highly consistent with the development of the life insurance industry.
Accelerate digital transformation and improve operational efficiency
Quoted in the Guiding Opinions
"The digital transformation of the banking and insurance industry has achieved remarkable results, with the digital operation and management system basically completed, and the widespread use of digital services, providing effective support for the development of the digital economy. The digital regulatory framework process has been basically completed, and the level of digital and intelligent supervision has been greatly improved" Actively guide the digital transformation of banking and insurance institutions, improve digital operation and service capabilities, strengthen business management, improve service quality, and reduce service costs".
Interpretation
The life insurance and pension insurance industry is actively embracing advanced technologies such as big data and artificial intelligence to achieve refined management and risk control, while promoting the construction of online service platforms to improve operational efficiency and customer experience. This is fully in line with the Guiding Opinions' advocacy of accelerating digital transformation and improving service quality and efficiency.
Adhere to the system concept, form a joint force, and create a comprehensive pension service ecosystem
Quoted in the Guiding Opinions
"Adhere to the system concept and form a joint force", "promote the formation of various financial means to complement each other, financial institutions perform their own duties", "a vivid situation of integrated development", "improve the ability of comprehensive financial services".
Interpretation
In the "Guiding Opinions", the word "cooperation" appeared a total of 23 times, different words are "joint force", "combination", "integration", "cooperation", "cooperation", "conformity", "comprehensive", of course, as well as "compliance", "reasonable", etc., in short, carefully look at it, are closely related to the needs of the national society and the people for old-age security, highly compatible. At the same time, in the life insurance and pension insurance industry, it is actively seeking cross-border cooperation with medical and pension service institutions to jointly create a comprehensive pension service ecosystem. This cooperation model not only helps to improve the quality of life of the elderly, but also reflects the spirit of the "Guiding Opinions" on strengthening cooperation in the fields of finance and people's livelihood.
03 Imagine the future
Under the guidance of the "Guiding Opinions", the life insurance and pension insurance industry will usher in the following development opportunities:
Policy support to promote the steady development of the industry: With the continuous increase of government policy support for the insurance industry, the life insurance and pension insurance industry will usher in a more stable development environment.
Product innovation to meet diversified pension needs: With the encouragement of the "Guiding Opinions", life insurance and pension insurance products will pay more attention to personalized design and diversified allocation to meet the pension needs of different elderly people.
Service Upgrades Enhance Customer Satisfaction and Loyalty: By continuously optimizing service processes and improving service quality, the life insurance and pension insurance industry will further enhance customer satisfaction and loyalty, and consolidate and expand market share.
Convergence of science and technology promotes industry innovation and upgrading: With the deep integration and application of advanced technologies such as big data and artificial intelligence, the life insurance and pension insurance industry will achieve more accurate risk assessment and more efficient operation management.
Cross-border cooperation to create a comprehensive pension service ecosystem: Through close cooperation and resource integration with other related industries, the life insurance and pension insurance industry will provide a more comprehensive and convenient pension service experience for the elderly.
To sum up, the Guiding Opinions are closely related to the development, products and services of the life insurance and pension insurance industry. Under the guidance of the policy, the life insurance and pension insurance industry is expected to achieve more stable, innovative and comprehensive development, and provide more high-quality and personalized pension services for the elderly.
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