Ping An of China launched the recruitment of "bankers" and recruited a large number of private wealth advisers who understood insurance

As an important part of Ping An's life insurance reform, Ping An Bank's bancassurance channel strategy upgrade has also attracted much attention.

"China Bank insurance news" learned that recently, Ping An Bank launched the recruitment of "Ping An Bankers", and a large number of private wealth consultants who understand insurance are absorbed.

"Based on the strategic layout of big wealth management, the penetration rate of protection insurance products among Ping An Bank's customers is still low, but the needs of customers are large, and the existing team cannot meet the needs of the current rapid development." Cai Xinfa, special assistant to the president of Ping An Bank, said in an interview with China Bank insurance news that Ping An Bank is forming a new professional team of asset allocation that mainly sells insurance, that is, "Ping An Bankers", to create a new model of bancassurance channels.

New Team: Basic Law Based on Banking Ecology

Since the beginning of this year, the life insurance market has been difficult to transform, the personal insurance team has fallen off significantly, the premium growth is weak, and the bancassurance business has returned to the strategic vision of insurance companies. Chinese Life, Ping An of China, China Pacific Insurance Company and other companies have increased their efforts to explore bancassurance channels.

Ping An of China has launched the bancassurance strategic reform since June 2020, hoping to comprehensively upgrade the "product + technology + channel" through the close cooperation between Ping An Life and Ping An Bank, and achieve high-quality development of bancassurance business. Among them, the company has placed the management of the bancassurance channel in Ping An Bank.

Cai Xinfa introduced that ping an bank's original wealth management sector business will be deeply connected with the bancassurance business, and the new bancassurance model will be the future direction of Ping An Bank's retail development and big wealth management. The new team created under the new bancassurance model sells not only insurance products, but also a richer variety of banking and financial products. The new model is by no means to develop a personal insurance team, nor is it to recruit a sales team that relies on commissions, but a "three high" team with high quality, high production capacity and high income, which can provide one-stop comprehensive financial solutions.

"Our training is much more complex than that of traditional insurance companies, from product sales to asset allocation, from simple products to complex products, the marketing team is upgraded through two management methods: one is the management of KPIs, and the other is the self-driving of the basic law. Therefore, team building takes time and precipitation, take the lead in creating a team of high production capacity, high quality, and finally the size of the team. Cai Xinfa said.

It is worth noting that Ping An Bank has designed a special basic law under the new bancassurance model. Ping An Bank Bancassurance New Private Banking Business Executive Official Zhinan introduced that this is a set of basic laws based on the banking ecology, taking into account the "career + entrepreneurship" dual model - both fixed basic salary, as well as sales and position allowances, etc., on the basis of relatively stable income, there is no ceiling; at the same time, the organizational structure is flat, there are only two levels, namely supervisors and account managers. "We're not going to develop pyramidal, multi-tiered organizational teams in banks." Fang Zhinan stressed.

New products: Create a "product +" concept

For a long time, the industry has generally believed that the positioning of the bancassurance channel is to sell simple and easy-to-understand, high-yield savings products, and it is difficult to sell complex high-value insurance products. Therefore, the contribution of bancassurance channel scale is remarkable, but the value contribution is limited.

Li Xin, general manager of the bancassurance center of Ping An Bank, said that in the past, banks often sold insurance as wealth management products, so there were low-value coeler payment products, and the logic behind the new model of bancassurance was that the entire market was changing, customers were also changing, and when customers had more clear understanding of their wealth planning, they understood more about what insurance meant, rather than simply understanding insurance as wealth management products. Customers have the needs of accurate inheritance, the needs of pensions, and the needs of various capital planning. Insurance is a good financial tool for these needs.

Under the new Ping An Bancassurance model, the new product system is the concept of "product +", + health care, + health, + trust, etc., reflecting Ping An's comprehensive financial service capabilities and ecological barriers.

In Fang Zhinan's view, selling complex products, high-value products and asset allocation products is very important for banks. On this basis, the market positioning and development logic of the bancassurance channel will also change.

Fang Zhinan further introduced that the new product is mainly based on two underlying designs: one is whole life insurance, and the other is annuity insurance. "These are two very important products on the wealth side, in the future, the Ping An banker team can do what other banks can't do, we are not only carrying out product reforms, but also look forward to creating the concept of 'product + ecology'." For example, products such as 'insurance + trust' are conducive to increasing the interests of customers through the way of payment. The new team sells both lump sum insurance and periodical insurance, which requires personalized services based on the situation of different customers."

New operation: Integrated services in collaboration

Under normal circumstances, it is difficult for banks and insurance companies to effectively coordinate in customer operations, and it is difficult for the two sides to establish a long-term and stable cooperative relationship based on mutual trust, which is a major challenge facing the high-quality development of bancassurance business.

Fang Zhinan introduced that Ping An's new model of bancassurance will create a new operating system based on the group's comprehensive financial platform of the entire Ping An of China, that is, to integrate ping An Bank, Ping An Life, Ping An Trust and the group's health ecological resources to provide integrated services, and each sector will not be separated or broken.

At present, the new model has been piloted in 7 cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Hangzhou and Foshan, and the recruitment work has also been fully launched.

"We have fully launched the recruitment work, on the one hand, we are attracting excellent talents to join, on the other hand, we are building a better product system, training system and middle and back office operation system." Cai Xinfa said that Ping An Bank has now ranked among the first echelon of joint-stock bank retail, and insurance business is an important part of large retail. The proportion of non-traditional income of large foreign retail banks is significantly higher than that of Chinese banks, so there is a lot of room for growth. In the future, the bancassurance business under the new model will further release production capacity through the management of the team, the management of the amount of activity, and the management of the penetration rate.

Disclaimer: This article is reproduced and does not represent the position of Red Weekly and does not constitute investment advice.