China's insurance industry, which is in a critical transition period, did not reproduce the rapid development of previous years in 20021. The growth rate of the industry is much lower than the GDP growth rate in the same period, and it is in an embarrassing stage of development, and its contribution rate to national economic growth is also declining.
In the first three quarters of 20021,the premium income of national insurance companies was 3.7 trillion yuan, up 3.3% year-on-year, and the overall growth rate slowed down obviously. Although the number of new policies is 34.5 billion; Expenditure on salary payment 1.2 trillion yuan, up 18. 1% year-on-year. By the end of the third quarter of 2002/kloc-0, the total assets of China's insurance companies were 24.3 trillion yuan, an increase of 2 trillion yuan over the beginning of the year. However, words such as "sharp drop of agents", "difficulty in increasing staff", "negative growth", "industry being questioned", "declining value of new business" and "difficulty in transformation and upgrading" are frequently mentioned in the market, which constantly weaken the confidence of practitioners and insurance institutions and dampen their enthusiasm.
In addition, the spread of COVID-19 epidemic has led to increased uncertainty of technological change, weak fundamentals of insurance companies (including the slowdown of life insurance supply and demand, the pressure of property insurance premiums caused by comprehensive auto insurance reform, and the impact of real estate risk events on investment performance, etc.), and the regulatory governance has been tightened continuously (such as self-insurance regulations, insurance group governance, insurance investment regulations, and policies in the fields of critical illness insurance, accident insurance, health insurance, and Internet personal insurance, etc.). ), the traditional marketing system needs to be reformed, the professionalism of intermediaries needs to be improved, the shareholders in the A-share market reduce their holdings, and inclusive insurance replaces or squeezes commercial insurance. In fact, it has impacted or weakened the social soil and economic foundation on which the industry depends for survival and development, further divided the insurance institutions' exploration and cognition of the development law of the industry, and made the overall development of the industry fall into confusion and lag.
202 1 this year, birth, longevity and health are all a bit difficult and difficult without exception. This is also to let the practitioners wake up from the ecstasy brought by the rapid development in the past and re-examine the development level and quality of the industry and its actual position in the national economy.
The current predicament is the inevitable result that the extensive traditional business model of China insurance industry has come to an end and is unsustainable for decades. If 1992 AIA enters China, it will bring the previously faltering insurance industry in China into a brand-new market-oriented era, which is the first wave of insurance market-oriented reform in China. After 20 14 "Ten Articles of New China" came into being, the life insurance rate reform initiated by the industry and the "great increase in the number of agents" are the second wave of the market-oriented reform of China insurance industry, so what we are facing now is a brand-new unknown.
Different from before, the third wave of insurance reform is more like an overall and all-round change. This is because the local changes in the past have been unable to effectively solve the problems faced by the current industry, and the industry has always been trapped in the strange circle of focusing on scale and neglecting quality, and there is no paradox that the growth model does not match the consumer demand (structure). At present, the whole insurance industry needs not only reform, but also reconstruction and restart. It is urgent to seek a brand-new and sustainable development model, which is the key to open the door to new life in the industry.
This reconstruction is all-round, whether it is products, services, agents, investment business, financial technology or insurance intermediaries, it needs a profound revolution that touches the soul. Its logic can actually be traced back to an extremely simple question: what is insurance?
Insurance is a very fine and professional industry, which has a wide influence on the public. Practitioners could have set up a professional brand image with the help of the whole society, the largest market, and let insurance really penetrate into every corner of society. However, after decades of market development, the value of the industry has not been fully reflected, but there have been many disgusting ills. The core lies in: everyone has been bowing their heads to calculate small accounts, monitoring the scale, and calculating expenses at the grassroots level, while just ignoring the large accounts of China's population of 654.38+0.4 billion. Short-sightedness and rich mentality are vividly reflected, and the resulting chaos is disgusting.
Therefore, the reconstruction of the third wave of reform must not be piecemeal as before, but should fundamentally solve important propositions such as what is the value of insurance, why it exists and how it exists. If you don't answer this question, this reconstruction is incomplete and incomplete.
This reconstruction must be profound, including the following connotations: from the pursuit of scale growth to the pursuit of standardized quality improvement; From focusing on sales to focusing on service; Regression or differentiation from comprehensive management to professional management; From integration of production and marketing to separation of production and marketing; From competing to grab the Internet dividend of traffic realization and data monopoly, to digital transformation and intelligent customization sublimation; The transformation from capital standard to customer value standard; From supply-side structural reform to cognitive and behavioral improvement of both supply and demand sides; From the close relatives of domestic circulation in the industry to the greater integration of opening to the outside world, the boundary between international and domestic dual circulation is weakened.
In the past year, although the industry encountered many development bottlenecks, China's insurance industry will still achieve rapid development during the 14 th Five-Year Plan period, and the golden opportunity period from the next five years to 10 still exists. Many favorable industries can also lay a solid foundation for the thorough reconstruction of the industry and let the industry embark on the road of real high quality and sustainable development.
Judging from the overall demand, the per capita disposable income of China people has increased steadily, the insurance density and depth are still at a low level, the medical gap still exists, and the pension gap continues to widen. As a long-term product accompanying customers' life cycle, insurance has huge market growth space and potential.
In the property insurance market, with the official issuance of Document No.2021Central Committee No.1 and the continuous optimization and introduction of innovative products based on actual needs (such as pet insurance, FPA insurance and Dong liability insurance), new agricultural insurance and family property insurance are expected to inject new growth vitality into the property insurance industry in the next stage. Among them, the agricultural insurance business is greatly affected by the policy. If we can continue to optimize risk identification and pricing, and benefit from government financial subsidies, good risk control capabilities, huge capital scale and technical empowerment, it is expected to achieve the final underwriting profit. However, pet insurance, director liability insurance and other markets are developing slowly, with low coverage and huge growth potential, which is also expected to bring new business. In addition, in terms of auto insurance, after the first anniversary of the comprehensive reform of auto insurance, the trend of auto insurance premiums is gradually picking up, and the downward pressure is expected to stop. The new energy auto insurance launched during the year is expected to bring new increment to the auto insurance market due to its wider coverage and higher battery cost.
In the aspect of marketing system reform, facing the bottleneck of individual insurance channels, many insurance companies began to promote the in-depth reform of marketing system. With the reform gradually entering the deep water area and the deepening of the activities of eliminating defects and improving quality, the marketing system reform with the new basic law, new business division model, fine hierarchical management and independent agents as important means is expected to really improve the quality of the agent team and build a positive feedback closed loop of "high quality, high productivity and high income".
In terms of investment business, the current macroeconomic downward trend is obvious, the possibility of interest rate downward increases, and the credit risk is strong, which really brings new challenges to the investment business of insurance funds. However, since the second half of 20021,the regulatory authorities have intensively issued a number of policies, such as canceling the restrictions on insurance funds to invest in financial equity, explicitly agreeing that insurance funds can invest in infrastructure funds, and explicitly stating that insurance companies can issue open-ended capital bonds. It broadens the application scope of insurance funds, helps insurance companies to build relatively flexible investment strategies according to their own conditions under the condition of controllable risks, and brings benefits to insurance investment business. It is predicted that in the future, with the further opening and maturity of the multi-level capital market, the application scope of insurance funds will be further broadened and its role in the national economy will be further exerted.
In terms of insurance intermediary, under the background of separation of production and marketing, referring to the premium distribution of mature insurance market, the development potential of China's insurance intermediary market has been very huge. In the future, with the deepening of the reform and transformation of the insurance industry and the improvement of the degree of opening to the outside world, the structure, scale and function of the domestic insurance intermediary market will continue to undergo positive changes, and the diversified demand and comprehensive protection demand of young insurance consumers for insurance products will also highlight the value of insurance intermediaries in this regard. Normative documents such as "Implementation Measures for Administrative Licensing and Filing of Insurance Intermediaries" and "Requirements for Informatization Construction of Insurance Intermediaries" issued during the year have further improved the entry threshold of insurance intermediaries, standardized the market access behavior of intermediaries, effectively solved many problems such as the huge number of insurance intermediaries and uneven management level in China for a long time, provided rigid policy guarantee for the service quality and service quality of intermediaries, paved the way for the structural transformation and healthy development of the insurance industry and the market-oriented development of market operators, and promoted the orderly development.
Although the road is far, the line will come; Hard as it is, it will be finished. Only determined reformers can see the dawn. At the moment when the development environment is quietly changing, both industry and supervision, institutions and individuals need to anchor their positioning and clarify their goals and directions; Straighten out the relationship between supervision and market; Reconstruct business logic, stimulate motivation, change yourself, and follow the trend.
Source/Economic Magazine-Economic Net
Author/Zhang Caihui, Party Secretary and President of Holding Group, Dean of Huizhi Insurance Research Institute
Editor/Tan Ran