Ping An Bank's large retail business is ushering in the opportunity of a second take-off. It is reported that a team of "Ping An Bankers" elite soldiers is quietly forming an army within Ping An Bank. This team has given full play to the two advantages of "career + entrepreneurship", not only has a stable basic salary and benefits, but also has an incentive mechanism that can stimulate potential on the basis of high performance, and explores a new path for the upgrading of wealth management in the industry.
Since the strategic transformation was launched in late 2016, Ping An Bank's large retail territory has gradually emerged. At the 2021 interim report press conference, Ping An Bank's management said that China's wealth management market space is huge, and Ping An Bank's customer base still has a lot of potential to be tapped. In the future, Ping An's comprehensive financial and ecological advantages will be fully empowered in the private banking and wealth management fields of Ping An Bank in the future.
Ping An Bank has taken the lead in the big retail chess game and taken the lead in innovating and launching a new bancassurance model in the industry. The core of this model is to create a new wealth management team based on the sales of life insurance products and taking into account the sales of wealth management products according to the characteristics of customer needs, in addition to the original wealth account manager and private bank account manager, which is not only an important measure for Ping An Bank's big wealth upgrade, but also an important part of the "channel reform" in the reform of Ping An life insurance, and an important engine for the ecological development of large finance on the Ping An comprehensive financial platform.
<h1 class="pgc-h-arrow-right" data-track="4" > customer operations from "rough houses" to "fine decoration": Ping An Bank opened the second growth curve</h1>
It is worth noting that ping an bank is currently working closely with ping an life insurance company to take customer demand as the orientation, take customized bancassurance products as an important part of the asset allocation of bank customers, and gradually explore a new set of bancassurance business models.
The bank is a gold mine, and Ping An Bank's big retail transformation is mining gold.
At present, the overall number of customers of Ping An Group continues to grow, with 220 million individual customers and 630 million Internet users as of the end of June 2021.
Zheshang Securities Research Report speculates that Ping An Bank has only more than 60 million cross-clients with the group, and there are still 150-160 million customers in the group to be tapped. At the same time, there are about 800,000-1 million private banking customers in the group, while Ping An Bank has only 65,000 private banking customers, and the gold mine potential is still very large.
From the perspective of customer demand, the gold content of this gold mine is still gradually increasing. At present, the rich and high-net-worth individuals in the Chinese market are increasingly demanding professional protection planning and integrated financial advisory services, and at present, the traditional life insurance agents and bancassurance models in China are still oriented to standardized product sales, and they have not yet been able to provide one-stop and customized comprehensive insurance financial solutions and services from the perspective of customers' full life cycle protection needs.
In foreign countries, especially in mature overseas markets such as the United States and Singapore, the "integrated protection financial planning consultant" model with professional and neutral core value proposition has expanded rapidly in the past few years - the independent insurance financial advisor channel in the United States has contributed more than half of the total premium of the life insurance market, and the share has increased year by year; the number of comprehensive insurance financial advisers in Singapore has increased by 25% in the past three years, and major well-known insurance companies including Manulife and Aviva have increased their investment in this channel.
In view of this, Ping An Bank began to increase its investment in the bancassurance channel, and through the creation of a "elite soldier" team with professional financial advisory services as the core value proposition, it cut into the mid-to-high-end customer market and accelerated the second growth curve of wealth management business.
In fact, Ping An Bank's customer operation is changing from "rough house" to "hardcover house", based on the opening of the underlying data, "four links and one flat" (account pass, data pass, product pass, equity pass + marketing platform), open up the scene, rights, and interests, and then further establish the online operation and sales management of bancassurance customers, and realize the full online management of activity volume in the "pocket banker". Utilize outstanding data management capabilities to achieve intensive cultivation of customer management and create maximum value.
<h1 class="pgc-h-arrow-right" data-track="13" > service model upgrade: "career + entrepreneurship" to create a new type of safe banker</h1>
What is more noteworthy is that the "elite soldier" team created by Ping An Bank, that is, its upgraded service model, the new bancassurance model, is taking shape.
The new bancassurance model integrates the two advantages of "career + entrepreneurship": occupation - bank membership, basic salary and benefits, generous grade allowances, and rich customer resources; entrepreneurship - compared with banks and other financial peers, it can stimulate entrepreneurial passion and have higher performance rewards.
Cai Xinfa, special assistant to the president of Ping An Bank, said that the new bancassurance model is a set of basic laws based on the banking ecology, taking into account the dual model of "career" + "entrepreneurship", not to recreate a risk team in the banking system, but to build a professional light cavalry of wealth management team.
The organizational structure of the new bancassurance model is very flat. Cai Xinfa said that the new model is by no means a group of sales teams that only rely on commissions to live, but both a fixed basic salary, as well as sales and position allowances, etc., on the basis of a relatively stable income, there is no ceiling. The goal is to provide one-stop integrated financial solutions from the perspective of asset allocation of the entire bank.
At present, Ping An Bank has fully launched the recruitment work, on the one hand, to absorb outstanding talents from external insurance, banking and other financial industries, and at the same time to work closely with Ping An Life Insurance to create a more personalized and accurate product system that meets the needs of wealth customers, and internally establish a training system and a middle and back office operation system that matches the new model of bancassurance. In the end, Ping An Bank aims to build a team of "ping an bankers" with "high quality, high production capacity and high income" as a new force for deeply cultivating big wealth management.
<h1 class="pgc-h-arrow-right" data-track="19" > product + ecology to enhance customer stickiness: synergy effect appears</h1>
In fact, in addition to service upgrades, Ping An's new bancassurance model is also upgrading.
According to the analysis of Zhinan, special assistant to the president of Ping An Bank and executive of the bancassurance new private banking business, the proportion of non-traditional income of foreign large retail banks is much higher than that of China, and the deposits, loans and interest rate differentials of traditional banks in China now account for a large proportion. From the investment side, what drives the market value of banks is more the ability of sales and large retail business. Ping An Bank has accurately identified the value trend, grasped the opportunities of Ping An Group's life insurance reform and ecological development, and taken the lead in innovating bancassurance products and services in the industry.
Fang Zhinan introduced that customers in the new era are facing diversified challenges of wealth preservation and inheritance, with diversified needs for health care, children's education, longevity and wealth inheritance. Therefore, Ping An's new bancassurance product system combines bancassurance products with the logic of asset allocation, combined with business interaction with Ping An subsidiaries, to provide customers with private customized, intelligent and dynamic evolution of one-stop solutions.
"The bancassurance of traditional banks is mainly sold and delivered, one is that the insurance of periodic payment is more complicated than the one-time delivery, and the sales are difficult, and the second is that the sales of the single-time products are relatively simple, and the opportunity of repeated sales is relatively high." The products under Ping An Bank's new bancassurance model are the concept of product + ecology. Fang Zhinan introduced that through the combination of products + health, health, trust and other products, we provide customers with more comprehensive wealth life planning.
It is understood that the products of Ping An Bank's new bancassurance model will be mainly products under Ping An Group. Ping An Group covers life, pension insurance, health insurance, property insurance and other businesses, and at present, Ping An Bank's sales of ping An Life and other products of the group's subsidiaries will have more synergistic effects and provide customers with consistent quality and comprehensive services.
In fact, relying on strong financial assets and large medical and health ecological capabilities, Ping An's "product + ecology" is constantly innovating. On September 15 this year, Ping An Life's Ping An Zhenrun Health Service Program ushered in a major upgrade. Based on professional family doctors and professional health files, the upgraded "Ping An Zhenrun" provides management solutions covering four major health service scenarios of health, sub-health, chronic diseases and diseases, creating a worry-free, time-saving and money-saving health service experience for customers.
In addition, in May this year, Ping An set the power of financial technology and medical ecology to lay out the health care industry, and released the high-end health care brand of "Ping An Zhen Yinian" and the first high-end product series "Yi Nian Cheng". Through the innovative development model of "finance + medical care + health care", we will unite the international leading rehabilitation medical team and top chain nursing enterprises to create China's leading health care brands and service standards, so that Chinese elderly people can enjoy high-quality retirement life in the elderly. It is reported that 2 months after the release of "Zhen Yinian", the first phase of the product has been "oversold", "Zhen Yinian" phase II product is being upgraded and improved, is expected to be launched in the near future, and in Beijing, Shanghai, Shenzhen and other cities in the overall layout.
<h1 class="pgc-h-arrow-right" data-track="27" > the bank insurance ecosystem into a unique advantage: Ping An Bank's new bancassurance model has accelerated</h1>
Under the background of industry demand and accelerated iteration of new models, Ping An Bank is full of expectations for the new bancassurance production capacity.
Cai Xinfa said, "The new bancassurance is still iterating, but we hope that every quarter there will be an effect, and we have a plan of 10 billion yuan in N years." ”
In fact, behind the tens of billions of scale proposed by Ping An Bank is its unique moat. The natural advantage of Ping An Bank's efforts to make new bancassurance is that the bank has the qualification to sell asset management, wealth management, deposits, master the customer's account system, and naturally have the ability to allocate assets. Another advantage is the strong synergy effect of Ping An Group's integrated financial platform and the foundation of insurance business, which is not available to other joint-stock banks.
Compared with the industry, Li Xin, general manager of the bancassurance center of ping an bank wealth business department of Ping An Bank, believes that "Ping An's new bancassurance has a relatively high start. From the perspective of big wealth management, only multi-licensed groups can ensure the close integration of the ecology such as banking and insurance trusts under one group, and can the new teams, new products and new operations of the new bancassurance be landed, so we have a unique advantage on this track. ”
At present, Ping An Bank is accelerating the recruitment of the team. Cai Xinfa believes that "offline-based, technology-enabled, and high-quality manpower development are the only way to follow the wealth management instructions." Ping An Bank's original wealth management business will be deeply connected with the bancassurance business, leading the future direction of Ping An Bank's retail development and big wealth management! ”
Under the background of "consumption upgrading" and accelerated aging, the reform of the financial industry is also quietly coming, and ping an bank's new bancassurance model and the overall reform of Ping An Life are obviously at the forefront of the industry, and the results of its reform are undoubtedly full of expectations!
Reporter: Xue Yanwen
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