On November 11, Xinhua Insurance announced that the original premium income in the first 10 months of 2020 was 145.153 billion yuan, an increase of 22.65% year-on-year.
Guotai Junan Non-Bank Financial Research Report shows that Xinhua Insurance's new policy premiums continue to grow rapidly, and the growth rate of new business value is expected to improve month-on-month: 1) The new policy premiums increased by 95.3% year-on-year, of which the new insurance of agents was 11.3% year-on-year, which is expected to be mainly due to the high growth of manpower scale brought about by increasing agent incentives; the scale-oriented bancassurance channel continued to exert efforts, with an increase of 523.5% year-on-year. 2) The product strategy in the third quarter focused on value growth, through health insurance, with the promotion of the main strategy to enhance the level of value, ten years and above period premiums paid negative growth narrowed by 5.4pt to -11.8%, is expected to promote the new business value ratio optimization, thereby making NBV growth rate improve month-on-month. 3) In the first three quarters, fee and commission expenses increased by 13.7 percentage points year-on-year, which is expected to be much higher than the growth rate of new business value, and the "value input ratio" is expected to continue the downward trend. We believe that in the context of the rapid growth of the current company's manpower scale, the consolidation and improvement of manpower quality is particularly critical, and the follow-up focus is on the optimization of manpower quality, thereby driving the sustainability of performance growth.
On November 10, Li Quan, party secretary, chief executive officer and president of Xinhua Insurance Co., Ltd., said that insurance companies may now be on the eve of "breaking the cocoon into a butterfly", which I call the "life insurance company 3.0 era". Of course, this "one night" is a long process, it will take several years or even more than a decade, but it is coming.
What is the Life Insurer 3.0 Era? We have to think deeply about the context of the times that support the development of the industry. In the past, in the face of the huge blank market after the reform and opening up, the life insurance industry has mainly done to improve the coverage rate, thus experiencing the "1.0 scale era" of rapid growth in the staking; in the past ten years, the living standards of the Chinese people have improved, the lifestyle has changed, the cognition of insurance and services has improved, and the demand has also been rich and diverse, at the same time, the guidance of the regulatory authorities for sustainable development has also been gradually improved, and the life insurance industry has entered the "2.0 value era" of operational management improvement and growth, and the strong channel expansion team has improved efficiency. Improving basic management is the main theme of the 2.0 era; what is the 3.0 era, the 3.0 era is facing China's transformation into a modern power, facing science and technology, facing the demographic change, and facing the upgrading of lifestyle again. How do we think about these shifts, whether to create an enhanced version of 2.0, or to seize a social hotspot to engage in special operations? I think it is fundamentally necessary to follow the general trend and return to the original intention, the only core of life insurance and its extension industry is people, people in the context of the era you serve, 3.0 can only and must be "human-oriented era".
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