The general manager of CPIC Life Insurance is settled, and the veteran Li Jinsong takes over! How to promote the second phase of "Long Voyage"?

After Cai Qiang officially resigned from CPIC Life Insurance in April this year, after three months, the new general manager of this veteran life insurance company has been decided.

On July 25, CPIC Life Insurance announced that Li Jinsong was appointed as the general manager of the company after being deliberated and approved by the 45th meeting of the 7th board of directors (provisional) and approved by the State Administration of Financial Supervision on July 18, 2024. At the same time, Pan Yanhong no longer serves as the interim person in charge of the Company.

At the same time, CPIC Life Insurance also issued an announcement saying that the regulator has approved Li Jinsong's qualifications to serve as a director of the company, and Cai Qiang will no longer serve as a director of the company. Since the beginning of this year, Zhang Weidong and Wu Junhao have ceased to serve as directors of the Company.

As a "veteran" of CPIC, Li Jinsong has served CPIC for more than 20 years and has witnessed the growth of CPIC along the way. Before being promoted to the general manager of CPIC Life Insurance, Li Jinsong was the deputy general manager of CPIC Life Insurance, and now, after the "regularization", the burden on Li Jinsong's shoulders is heavier. In the next step, how will Li Jinsong continue to implement the "Long Voyage Action"? What changes will be made to CPIC Life Insurance in the future?

"Veteran" promoted

When it comes to Li Jinsong, CPIC Life Insurance insiders' evaluation of him is that he has strong comprehensive ability.

According to the data, Li Jinsong, who was born in 1969, can be said to be an authentic "CPIC person", in 2002, Li Jinsong joined the CPIC, starting from the grassroots level, involving positions including finance, bancassurance and group administration, marketing, operation and branch heads, life insurance company business leaders and other aspects. He has successively served as the General Manager of CPIC Life Sichuan Branch, the General Manager of the Bancassurance Department of CPIC Life Corporation, the Assistant General Manager of CPIC Life Corporation, the Deputy Marketing Director and the General Manager of the Strategic Customer Department of CPIC Life Corporation.

When Li Jinsong was the general manager of CPIC Life Sichuan Branch, he led CPIC Life Sichuan Branch to achieve rapid development, and some data show that in just three years, he improved the individual insurance business ranking of CPIC Life Sichuan Branch from 26th in the system to the top 10.

In December 2020, with regulatory approval, Li Jinsong was promoted to the position of deputy general manager of CPIC Life. During this period, Li Jinsong was in charge of the bancassurance channel and the group administration channel, especially the bancassurance channel, which achieved rapid development during this period.

According to the data, in 2023, the bancassurance channel of CPIC Life Insurance will achieve a scale premium of 38.069 billion yuan, a year-on-year increase of 12.5%, of which the new insurance premium of regular payment will be 9.024 billion yuan, a year-on-year increase of 170.2%, and the new business value of the bancassurance channel will increase by 115.6% year-on-year. In 2021, the premium scale of CPIC Life's bancassurance channel was 7.457 billion yuan.

Li Jinsong's promotion to general manager of CPIC Life Insurance was expected. It is reported that on July 4, at the press conference and screening of the documentary "Confidence" jointly produced by CPIC Life Insurance and Shanghai Radio and Television Documentary Center, Li Jinsong attended the event as the proposed general manager of CPIC Life. Now, with his promotion, Li Jinsong has become the sixth general manager of CPIC Life.

Deepening the "Long Voyage"

After Li Jinsong took office, the industry was most concerned about how the "Long Voyage Action" of CPIC Life Insurance would be implemented.

It is reported that on June 30, 2023, the first phase of the "Long Voyage Operation" will be completed, and the second phase of the project will be officially launched on July 1. Previously, Li Jinsong also experienced this important strategy of CPIC Life Insurance, and was an important participant and promoter of it.

Looking back at the three years of CPIC Life's "long voyage", CPIC Life has undergone tremendous changes. From the perspective of development mode, it has realized the transformation from the tactical model of crowd to the mode of excellent increase and optimal education; Shift from an in-house promotion model to an out-of-office self-management model; from the sales of the industry to the "one-to-one" sales; From manual operation to 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 12,800 yuan, a significant increase of 51.8% year-on-year. The average first-year premium per capita of core manpower was 43,500 yuan, a year-on-year increase of 26.6%.

Another highlight of CPIC Life's "Long Voyage Action" is the development of bancassurance. It is understood that when CPIC Life Insurance launched the "Long Voyage Action", the second strategic direction and strategy is to diversify channels, the second pillar of which is the bancassurance channel, in the future, CPIC Life Insurance is not simply an insurance, but a double pillar of personal insurance, bancassurance or "two-legged running".

The bancassurance channel is a familiar "track" for Li Jinsong, and perhaps it will be a greater force for CPIC Life Insurance in the future.

Confronting bancassurance

At present, the bancassurance channel is experiencing the impact of the policy of "integration of newspapers and banks", and there will be pressure and challenges for future development.

From the perspective of CPIC Life Insurance alone, the data shows that in the first quarter of 2024, the premium income of CPIC Life's bancassurance channel will be 12.379 billion yuan, of which the new insurance premium will be 8.718 billion yuan, a year-on-year decrease of 21.8%.

However, this is a problem that the industry needs to face.

At the "2024 Wealth Partner Forum" held by China Merchants Bank on July 18·· Li Jinsong said that there are currently four major problems in bancassurance cooperation:

The cooperation between the two sides is only a shallow level of physical reaction, which is difficult to fit into some scenarios of the bank.

In the cooperation, there are more categories and less integration, and the scene is relatively simple. At present, almost every bank and insurance company in the bancassurance market cooperate with more than 10 kinds of products, and the distribution of major products, such as life insurance, pension insurance and other products, is very varied, and there are many protection products, but the focus of the products has reached almost 98% and 99% of the level.

Heavy addition and light multiplication, every insurance company and bank cooperation, may be a number of companies are selected to cooperate with multiple banks, but so many partners do not produce a multiplier effect, only a simple superposition effect, resulting in once the bank business rhythm is adjusted and switched, the production efficiency of bancassurance or a significant decline, may affect the smooth development and transition of the business.

In cooperation with banks, insurance companies often only focus on cooperation with retail lines, and ignore cooperation with corporate business development.

Li Jinsong believes that from the current cooperation between the bank and insurance, there is still a lot of room for growth and expansion. He also has a lot of ideas for the future development of bancassurance, such as moving from simple risk to portfolio risk based on customer needs; From fragmented products to the whole life cycle of customers; Move from explicit demand to latent demand; From the needs of "people" and "families" to the needs of "enterprises" and "communities".