2 thoughts on “Analysis of the status quo of the insurance agency industry”
Colin
Analysis of the current situation and development prospects of China's insurance industry and development prospects. The analysis of the current situation and development prospects of the insurance industry. For more than 20 years in my country's insurance industry, although the Chinese insurance market has achieved great achievements, it is still a big gap compared with developed countries. After joining the WTO, China's insurance industry faces rare opportunities and unprecedented challenges. This article analyzes the current status, development trends and prospects of the Chinese insurance industry, and at the same time proposes countermeasures that should be taken after joining the WTO. Keywords: The current development trend of the insurance industry challenge potential countermeasures 1. Since the development of China's insurance industry and the development trend of the development trend, the development of China's insurance industry has achieved a series of results. A state -owned insurance company coexisted with Chinese and foreign insurance companies, and foreign insurance companies are rushing to enter the market. A new insurance market pattern that many insurance companies have actually developed for development have initially formed. But compared with developed countries, there is a huge gap between China's insurance industry. (1) China's insurance industry is continuously developed and expanded, and has achieved a series of results 1. The rapid development of business. Since the restoration of domestic insurance business in 1980, China's insurance industry has maintained a good momentum of continuous and fast and healthy development. The total premium revenue in 2003 reached 388.04 billion yuan, an increase of 27.1%over the previous year, equivalent to 2.8 times in 1999; the total insurance industry's total assets reached 912.28 billion yuan, an increase of 41.5%over the previous year; 51.4%over the previous year. In 2003, the insurance density was 287.44 yuan (that is, the average premium of each citizen), and the insurance depth was 3.33%. The Chinese insurance industry showed a good situation of booming. 2. The market system is gradually improved. As of the end of 2003, there were 61 insurance companies across the country, including 24 Chinese -funded insurance companies and 37 foreign -funded insurance companies. According to business nature, there are 25 property insurance companies, 30 personal insurance companies, 5 reinsurance companies, and 1 policy insurance company. In addition, there are 6 insurance groups (holding) companies and 2 insurance asset management companies. There are 705 professional insurance intermediaries, including 507 insurance agency companies, 115 insurance agency companies, 83 insurance publicly estimated companies, and 1.5 million insurance practitioners. 3. The progress of system reform is smooth. The reform of the joint -stock system of Chinese People's Insurance Corporation, China Life Insurance Corporation, and China Reinsurance Corporation has made significant progress. Some joint -stock insurance companies participate in the shares of foreign investment and private capital, the equity structure is optimized, the governance structure has gradually improved, and the level of management and management has been further improved. The reform of the management system of insurance funds made a breakthrough. With the approval of the State Council, the China Insurance Holdings Company and China Life Insurance Corporation have set up insurance asset management companies to implement professional management and centralized use of insurance funds. It has taken an important step in exploring the reform of insurance fund management. 4. Primary improvement of laws and regulations. The promulgation and implementation of the Insurance Law of the People's Republic of China in 1995 marked that the Chinese insurance industry has entered the stage of law and management according to law. In order to meet the needs of China to join the WTO, in 2001, the State Council issued the "Regulations on the Management of Foreign Insurance Company", and the China Insurance Regulatory Commission actively cleaned up laws and regulations and regulations that do not comply with the rules of the WTO. In 2002, a new insurance law was promulgated. At the same time, in accordance with the relevant provisions of the new insurance law, the China Insurance Regulatory Commission has formulated and revised a series of supporting rules and systems such as insurance company management regulations. A law system that is suitable for the development of the Chinese insurance market has gradually formed. 5. Insurance supervision is gradually in line with international standards. The procedure capacity supervision has taken a substantial step, and promulgated the "Insurance Company's Capable Requirements and Regulations for the Management of Supervision Indicators", established a system of solvency early warning indicators, which is initially established in accordance with the framework of China's national conditions. At the same time, a series of regulatory regulations such as the "Supervision Index of Property Insurance Company Branch", "Supervision Report on Property Insurance Company", and "New Personal Insurance New Products" are implemented. The system construction of the insurance industry supervision was strengthened. (2) Compared with developed countries, there is a huge gap in the following aspects of the insurance industry in my country. 1. From the scale of the development of the insurance industry, the number of insurance companies, total premium income and total assets of insurance companies are all Relatively few. The scale is the basic symbol of the development level of the industry and enterprises. From the statistics of various aspects, it should be seen that my country's insurance industry is still in its infancy. 2. From the perspective of insurance depth and insurance density, my country is at a very low level in these two aspects, far from developed countries. Insurance depth is the ratio of annual premium income from a country and region to GDP in the same period. At present, the insurance depth of the insurance market in developed countries has reached about 10%. The insurance depth of my country in 2000 was 1.8%. Insurance density indicators refer to per capita premiums. Developed countries have reached 2000--3,000 US dollars, and Japan is as high as $ 4,600. The per capita premiums in my country are only 127.7 yuan, about $ 15, US $ 1,600, per capita premiums are 107 times that of China, and Japan is 307 times that of China. Insurance depth and insurance density are important indicators to measure the development level of the insurance industry. 3. From the perspective of the people's understanding of the insurance industry, the concept of insurance is still poor. People do not know enough about the role of insurance in stabilizing socio -economic and maintaining personal interests. There are very few individuals who have taken the initiative to buy insurance. The entire insurance industry, especially personal insurance, is a buyer's market, forcing millions of insurance to sell troops to run around and sell insurance products. As a product of a market economy, as a stabilizer of society, it is necessary to let people understand their role in vital interests. (3) According to the general laws of the development of the market economy and the actual situation of the development of my country's insurance industry over the years, it is expected that in the future, the following development trends will emerge in my country's insurance industry. 1. Insurance market systemization. Judging from the establishment of the "Insurance Law" in 1995, especially since the establishment of the China Insurance Regulatory Commission in November 1998, the pace of construction and improvement of the Chinese insurance market system is accelerating. Establish. 2. Professional business. With the deepening of my country's insurance system reform, policy insurance businesses such as credit insurance and agricultural insurance are separated from commercial insurance companies, and a special policy insurance company is established by the state. At the same time, in the next few years, specialized insurance companies such as fire insurance or motor vehicle insurance will also be established in the next few years. 3. The market competition is orderly. Since 1997, the People's Bank of China has adjusted the refund of aviation insurance and motor vehicle insurance from the rectification agent, and has vigorously rectified the insurance market. Increasing the punishment of violations and violations, and achieved significant results. 4. Insurance product character. In a gradual mature market, products to occupy the market can only rely on brand price service. This is characterization. As far as the characteristics of insurance products are concerned, it contains not only the interest guarantee function or investment function, savings function or product combination function, but also its price level and service level. 5. Innovative insurance system. According to my country's specific situation, my country's insurance innovation content mainly includes innovation in product development, marketing methods, business management, organization, electronic technology, service content, and employment system, distribution system, and incentive mechanism. Through the innovation of the above content, the development of my country's national insurance industry has been promoted, and domestic insurance companies are invincible in the competition with foreign insurance companies. 6. Instances management and management. In the context of the increasingly fierce market competition, domestic insurance companies have realized that they only pay attention to the disadvantages of expanding scale and seizing the market, and seek to follow the benefits, intensively intensive development, and maximize economic benefits. 7. International development of the industry. Under the general trend of global economic integration, my country's insurance industry and international standards are the only way. Chinese -funded insurance companies will also set up branches abroad to strengthen technical cooperation and business cooperation with the international insurance (reinsurance) market, and actively carry out international insurance business. 8. Practitioner professionalism. In the context of competition at home and abroad, it objectively put forward higher requirements for insurance practitioners. Each commercial insurance company will pay more attention to the training of talents. Actuary and professional talents, we must also cultivate export -oriented talents who are proficient in international insurance practices and participate in competition in the international insurance market. 2. The development of China's insurance industry is facing unprecedented challenges. At the same time, after its huge potential to join the WTO, China's insurance industry is facing unprecedented challenges. At the same time, China's insurance industry has huge potential. (1) The development of China's insurance industry is facing unprecedented challenges 1. The entry of foreign insurance companies has strengthened the competition in the insurance market and led to the rapid decline in the premium profit margin of insurance companies. 2. Cause some premium outflow. Although Article 102 of the Insurance Law implemented in 1995 stipulates that "if insurance companies need to handle reinsurance distribution of business, they should give priority to insurance companies in China", but it is difficult to operate in actual operation. At present, the insurance regulatory authorities require foreign insurance companies to retain their own premiums not less than 30%. In addition to the 20%of the legal division insurance, 50%of the premiums can be arranged by foreign -funded insurance companies. 3. Competition with domestic insurance companies for a certain market share. Foreign insurance companies objectively have the advantages of strong financial strength, advanced management, and high technical service level. Although they are still limited in business operations, the development momentum is better. From the perspective of the national market structure, the proportion of foreign -funded insurance companies is less than one percent years, but the market share of foreign insurance companies in the open area has been close to 10%, and it has continued to expand. 4. Foreign insurance companies have a strong conditions than domestic insurance companies because they have a strong treatment in terms of treatment, which will cause some outstanding talents in domestic insurance companies to lose. (2) From the factors that affect the development of the insurance industry, the development of China's insurance industry has huge potential 1. With the increase of the income of urban and rural residents in my country, the continuous decrease in the Engel coefficients, and insurance products are inevitable as a special financial consumer goods. It will gradually increase with the increase in income. 2. With the continuous adjustment of my country's economic structure, the insurance industry will continue to increase with the proportion of the financial industry in the national economy. In contemporary world economic activities, the insurance industry has become more and more important, and the proportion of the insurance industry in the economic structure will increase. Insurance institutions should fully recognize the huge market potential and living space of my country's insurance industry, and achieve the transformation of the insurance industry from the buyer's market to the seller market. 3. During the period of major changes in my country's socio -economic changes, the scope of the insured and the insured is growing and expanding. All kinds of accidents have repeatedly occurred, and natural disasters and people's disasters have come to an end. This provides a full basis for expanding the development of the insurance industry. Provide a wider space. 3. The countermeasures of China after joining the WTO in the face of the huge gap between China's insurance industry and developed countries and the challenges faced after joining the WTO, we should consider the following countermeasures: (1) Accelerate the pace of open insurance markets and improve national insurance At this stage of the industry's competitiveness, there are two major characteristics of the insurance market in my country, one is closed and the other is monopoly. Aiming at the development of my country's insurance market, accelerate the pace of opening up the domestic insurance market, establish a set of insurance mechanisms that adapt to the market economy as soon as possible, break the market structure of closed monopolies, liberalize the domestic insurance market, and boldly allow existing insurance companies to join The ranks of competition have achieved full and orderly competition in the insurance market and fully developed. (2) The state shall implement a low tax policy for the insurance industry to further strengthen the strength of the national insurance industry. my country's current insurance company's taxation standards pay 8 % of business tax, 33 % of income tax and 15 % adjustment tax in accordance with premium income. my country ’s fiscal taxes on insurance companies to a bottom -class lesson affect the accumulation of insurance company liability reserve to a certain extent, thereby improving the improvement of insurance solvency. In addition, policies to foreign insurance companies exceed some policies of national treatment, and will also make Chinese and foreign insurance companies in unequal competitive position. The above requires the country to discuss research from the policy. (3) Reform the insurance operation system and management system of my country's domestic asset insurance company, and realize the integration with international practice as soon as possible. my country's insurance industry is born in the era of planned economy. Now domestic -funded insurance companies are basically old management systems in personnel and finance. Due to the rigid system, low treatment, and the use of talents, employees' wages and benefits cannot be compared with foreign companies. Therefore, through reform, it is necessary to overcome the disadvantages of the domestic insurance system, the introduction of advanced management systems and operating systems, so that domestic companies can improve corporate vitality as soon as possible and enhance market competitiveness. At the same time, it is necessary to improve and develop the capital market and securities market that is conducive to the use of funds of domestic insurance companies, broaden the domestic insurance industry business channels, strengthen the capital strength of domestic companies, and actively and steadily promote the reform of domestic insurance companies. In the company's structure and insurance business operations as soon as possible with international standards, and actively participate in competition. (4) In the increasingly international insurance market, if my country's insurance industry wants to be invincible, it must establish a new insurance business concept. To truly cultivate a national insurance company with strong strength and national awareness, domestic insurance companies must change their business ideas, establish business ideas with efficiency costs, establish internal control mechanisms to adapt to the future insurance market, and specialize in the quality of underwriting quality, management efficiency, and risk capabilities. , Strict management of procedures for standardized operations. The thickest operation is intensive operation, hard work in internal skills, and improve risk management and technical level. It is necessary to transform a single business model into a variety of marketing models, and to explore various forms of marketing methods in a spirit of pioneering and innovative. To learn and learn from the practice of foreign insurance companies, focus on cultivating intermediaries and using intermediary agencies. To improve the quality of insurance services, make itself invincible. In addition, the state should support the national insurance company from the policy, implement a tilt policy in the sources to enhance its comprehensive strength. (5) Actively carry out insurance scientific and technological innovation activities to comprehensively and rapidly improve the level of management and management. Insurance technology innovation is a pioneering and creative change in the business operation of the insurance industry. It mainly includes many aspects of insurance innovation, marketing methods, and service project innovation. Insurance technology innovation is conducive to narrowing the gap between the ethnic insurance industry and the international insurance market, driving the rapid development of the insurance industry, and maximizing the society's growing multi -level and diverse insurance needs, which will make us live in the future insurance market. The status. At present, in terms of insurance innovation, we must vigorously develop liability insurance, medical insurance and other types of insurance, and make every effort to explore new insurance types. Such as dividend insurance, variable insurance, single disease and specific disease insurance. Secondly, in terms of marketing methods, we can learn from the business experience of the foreign insurance industry, combine our own situation, vigorously develop new marketing methods and methods, and pave the way for network insurance as soon as possible. The development of online insurance is used as a strategic measure for the 21st century, and it is positive for occupying the online market. (6) Accelerating the future competition of high -quality talents, in the final analysis, is the competition of talents. In addition to paying attention to the nesting and attracting phoenixes, the national insurance industry needs to attract talents through respect and preferential treatment policies, but also requires all aspects of the education and training of existing talents. At the same time, we must pay attention to the cultivation of the atmosphere of corporate culture, create a harmonious, loose, united environment to enhance the cohesion of the enterprise and prevent talent loss. (7) Improve insurance regulations, strengthen market supervision and ensure the healthy and sustainable development of the insurance market, and achieve the full process of supervision, dynamic, and sustainable. At the same time, it is necessary to accelerate the formulation of relevant laws and regulations before and after entering, including modifying and improving the Insurance Law, which should implement unified supervision of internal and external insurance companies. Double standards should be avoided in supervision goals, indicators, and means. effect. References: 1. Qiao Guiming: "Research on the Development of China's Insurance Industry" 2003-12-012.3. Wei Huarin, Yu Shili, Guo Yang: Open and supervision of the Chinese insurance market. "Insurance Research", 1998 (7), (8), (9) Author address: 2004 level of economic and trade at the School of Economics and Trade of Henan University of Technology: 450001 Extension reading: [insurance] how to buy, which one is better, which one is better, Teach you the "pit"
—— Original title: The rice bowl of the insurance agent can't hold it anymore? One article understands the current status and development trend of the Chinese insurance market in 2021 2020, a sudden epidemic, so that people who are in uncertainty realize that the role of insurance in responding to emergencies and increasing the role of anti -risk in life to increase the ability to resist risks in life Essence The good tactics of insurance companies have become the past. The model of traditional dependence on the advantages of the agent's scale is far from meeting user needs, and major insurance companies have reduced their staff. At the same time, insurance technology applications with high convenience and flexibility have quickly exerted the process of users to insure insurance. Under the epidemic, various traditional insurance companies have accelerated the transformation of digitalization. In the blessing of technology such as digitalization and the Internet, traditional insurance companies are re -reshaping in structure. Among them, the cost structure will change tremendous changes. The manpower of repeated work will be replaced by technology. The addition of the Internet is an insurance company The channels for obtaining customer acquisition have been broaden, and the cost of obtaining customers has been reduced, and the cost of operation is also reduced to a certain extent. At present, the technical investment cost of head insurance companies has increased year by year. Strive to get the top spot in the paid. S listed companies in the insurance industry: Ping An of China (601318), Chinese PICC (601319), Xinhua Insurance (601336), China Taiping (00966.HK), China Life (601628) and so on. 1. The sea tactical tactics have become the past. The epidemic accelerated insurance companies have reduced members 1992 AIA's entry to China Insurance Industry brings the principles of the people, forming the current mainstream pyramid agent structure in China. After being introduced into various insurance companies, the system has promoted the division of sales costs, rewards and punishments in the exhibition industry to gradually solidify, forming the "Basic Law" of the current companies. In the results of the history of China's insurance development, this golden tower -type agent system actually gradually stabilized in 2005 and became the support for insurance companies' premium income. In the early days of the development of insurance in China, insurance agents The number of people determines the insurance premium income, and the increasing insurance companies are essential. Each insurance company was increasing a lot before the transformation, expanding the team of agent, especially the 2015 In the 2015s. , After 2015, the manpower growth slowed down, and the growth rate of people even 7.6%of the growth rate of people in the 2020s was the first negative growth since 2012. It can be seen that the marginal effect of human naval tactics has decreased. Essence From "quantity growth" to "quality growth", major insurance companies focus on increasing per capita capacity. Human sea tactics will eventually become the past. It's point of view of insurance companies, different agents have slowed down to varying degrees. According to the public information of some head insurance companies, the current head insurance companies have diluted door -to -door opening and improved the quality of the agent's quality. The trend of (slow increase), from 2018 to 2020, the number of agents of Ping An, China Taibao and China Taiping have declined to varying degrees. The agent of Ping An of China has dropped from 1.42 million in 2018 to 2020 in 2020 1.05 million people, a decrease of 26.1%in only 3 years, showing a great efforts to reduce staff. 2, the traditional core system can no longer meet the current needs, the epidemic force the digital acceleration transformation of the insurance industry The traditional core system has gradually unable to meet the current business development needs. Change; due to the long product development cycle of traditional insurance companies, and the business of insurance companies in the operation process is complicated, the amount of data that has been exposed is very large, which also brings high loads, high -frequency data for the core system of traditional insurance companies, The processing gradually becomes powerless, resulting in low information exchange rate, low sharing efficiency in insurance companies during the operation, and dragging back legs for business development. Therefore, the core system of traditional insurance companies needs to follow the changes in business needs, realize product diversification, and optimize the user experience on the basis of Internet traffic. In 2020, a sudden epidemic, let people who are in uncertainty realize that insurance should deal with emergencies and increase the role of anti -risk in life. However, due to the need to be isolated at home during the epidemic, the resumption of work is far away, and the agent's exhibition industry is difficult. It is difficult for customers to touch issues such as it. The three -dimensional service forms such as the full journey, omni -channel, and full scenes of digital users on the mobile terminal will also minimize user value. During the restriction of offline services since 2020, the scale of digital users in the insurance service field has continued to rise, and monthly active users have reached 47.565 million people. It's user activity and industry penetration rate in the field of insurance service fields, the emerging Internet insurance field has greater development potential. Among them, the advantages of Internet insurance companies such as Zhongan Insurance and other heads are even more prominent. In October 2020, Zhongan Insurance ranked first with the scale of active users of 2.325 million, and at the same time the penetration rate in the insurance service industry was the highest, up to 5.3%. and the "Double 11" in 2020, each insurance company also regards the APP as the main battlefield of marketing services, and Zhongan Insurance reached 827,000 during the daily life during the event, and the number of insurance users increased by 247%year -on -year. Irds from the perspective of APP active users in the entire insurance service field, Ping An, National Life, Tai Insurance, Zhong'an, and Renmin Insurance are in the first camp in the insurance service field, and more than 1 million monthly active users corresponding to the insurance service APP. 3. Insurance technology greatly optimized the experience of insurance users The traditional insurance companies under the epidemic to accelerate insurance technology layout, insurance technology infiltrated into product design, sales, insurance underwriting, claims and other links Users' insurance underwriting and claiming processes have been greatly shortened, which greatly optimized the experience of insurance users. Among them, in terms of product design, insurance technology can achieve precise differentiated pricing. For example, the car insurance collection habits of driving habits, accurately evaluate the driver's driving behavior risk level, so as to determine different premium levels and improve risk pricing capabilities; in terms of channels, through big data and artificial intelligence as the main technologies, customers are carried out to customers to carry out customers. 360 -degree precision portrait, realize the accurate positioning of customer groups, armed agent skills, and provide customized insurance solutions. This insured and underwriting links, realizing process intelligence, the application of electronic insurance policies and automatic underwriting help cost reduction and efficiency; claims and after -sales, through artificial intelligence and big data technology, insurance companies can significantly improve the efficiency of claims, achieve realization Capture anti -fraud and enhance customer experience. 4. Digital upgrade driver insurance companies realize cost reduction and efficiency and increase efficiency High cost is always a pain point that insurance companies cannot avoid. The insurance industry is a densely personnel industry to a certain extent. The cost accounts for about 30%of the total cost; followed by the high channel expenditure of the insurance company, the high commission of the agent and the high distribution channel commission rate of the intermediary has led to a certain extent. It is the risk control link of insurance companies themselves. Operating risks, such as external fraud, claims also worsen the snow -capacity insurance companies with weak risk control. From the perspective of reducing costs, digital transformation can to some extent replace some unnecessary and highly repetitive tasks, save labor costs, and improve the operational efficiency of insurance companies; second, agents, agents Through the blessing of digital technology, the per capita capacity will also have room to rise, and the relative cost will decrease. With the help of digital transformation, insurance companies can also do more professional operations, optimize the process and business structure, and greatly improve operating efficiency; in the wind; in the wind Control the potential risks in a timely manner through the analysis of big data to achieve advance warning beforehand. 5. Marketing innovation is the most valuable direction. The marketing costs are the largest cost except for compensation costs. Whether it is the early stage of development or maturity, the sales link is always the lifeblood of insurance companies, and strong business capabilities are strong. Hengqiang, the cost of investing in the sales end of various insurance companies is very high. In 2019, the sales cost of life insurance was the largest cost except for payout expenditure. The sales cost was as high as 81.4 billion yuan, accounting for 14.53%of the earning premiums. High sales costs led to a decline in profitability of insurance companies and rising yields. Stress on the asset side. For property insurance, this phenomenon is more obvious. In recent years, the competition of property insurance has gradually intensified, and the price war has intensified. In 2019, the sales cost of property insurance is also the largest cost except for payout expenditure. In 2019, the sales cost of property insurance was 77.9 billion yuan, accounting for 20.47%of the earning premiums. It this shows that for property insurance and life insurance, sales costs are still the biggest cost except for compensation expenditure. Therefore, the importance of digitalization is self -evident in the road of insurance companies to achieve cost reduction and efficiency and obtain continuous product capabilities. 6. Investment investment in insurance companies continues to increase, acceleration of industry transformation and upgrading , on the other hand, the blessing of emerging technology. With the support of policy, domestic insurance companies have actively developed the innovation of information technology, each of which each, each, each, each, each, each, each, each, each, each, each, each, each, each. Insurance companies have increased investment in insurance technology and company IT. In public data released by the China Insurance Regulatory Commission: The direct investment of information technology of major insurance institutions in 2020 was 35.62 billion yuan, which has increased significantly compared to 26.8 billion yuan in 2018. The proportion also increased year by year. It shows that the investment of insurance companies' investment in science and technology is continuously attached great importance. In turn, the original premium income has also increased from 3.8 trillion yuan in 2018 to 4.53 trillion yuan in 2020. Effective. Insurance agency technology upgrades have entered a stage of high -speed growth. Insurance companies in Internet insurance channels have increased their investment in science and technology, further to digitalization, and accelerate the progress of the entire industry. Im related data for more industries, please refer to the "China's Insurance Industry Market Prospective and Investment Planning Analysis Report"
Analysis of the current situation and development prospects of China's insurance industry and development prospects. The analysis of the current situation and development prospects of the insurance industry. For more than 20 years in my country's insurance industry, although the Chinese insurance market has achieved great achievements, it is still a big gap compared with developed countries. After joining the WTO, China's insurance industry faces rare opportunities and unprecedented challenges. This article analyzes the current status, development trends and prospects of the Chinese insurance industry, and at the same time proposes countermeasures that should be taken after joining the WTO. Keywords: The current development trend of the insurance industry challenge potential countermeasures 1. Since the development of China's insurance industry and the development trend of the development trend, the development of China's insurance industry has achieved a series of results. A state -owned insurance company coexisted with Chinese and foreign insurance companies, and foreign insurance companies are rushing to enter the market. A new insurance market pattern that many insurance companies have actually developed for development have initially formed. But compared with developed countries, there is a huge gap between China's insurance industry. (1) China's insurance industry is continuously developed and expanded, and has achieved a series of results 1. The rapid development of business. Since the restoration of domestic insurance business in 1980, China's insurance industry has maintained a good momentum of continuous and fast and healthy development. The total premium revenue in 2003 reached 388.04 billion yuan, an increase of 27.1%over the previous year, equivalent to 2.8 times in 1999; the total insurance industry's total assets reached 912.28 billion yuan, an increase of 41.5%over the previous year; 51.4%over the previous year. In 2003, the insurance density was 287.44 yuan (that is, the average premium of each citizen), and the insurance depth was 3.33%. The Chinese insurance industry showed a good situation of booming. 2. The market system is gradually improved. As of the end of 2003, there were 61 insurance companies across the country, including 24 Chinese -funded insurance companies and 37 foreign -funded insurance companies. According to business nature, there are 25 property insurance companies, 30 personal insurance companies, 5 reinsurance companies, and 1 policy insurance company. In addition, there are 6 insurance groups (holding) companies and 2 insurance asset management companies. There are 705 professional insurance intermediaries, including 507 insurance agency companies, 115 insurance agency companies, 83 insurance publicly estimated companies, and 1.5 million insurance practitioners. 3. The progress of system reform is smooth. The reform of the joint -stock system of Chinese People's Insurance Corporation, China Life Insurance Corporation, and China Reinsurance Corporation has made significant progress. Some joint -stock insurance companies participate in the shares of foreign investment and private capital, the equity structure is optimized, the governance structure has gradually improved, and the level of management and management has been further improved. The reform of the management system of insurance funds made a breakthrough. With the approval of the State Council, the China Insurance Holdings Company and China Life Insurance Corporation have set up insurance asset management companies to implement professional management and centralized use of insurance funds. It has taken an important step in exploring the reform of insurance fund management. 4. Primary improvement of laws and regulations. The promulgation and implementation of the Insurance Law of the People's Republic of China in 1995 marked that the Chinese insurance industry has entered the stage of law and management according to law. In order to meet the needs of China to join the WTO, in 2001, the State Council issued the "Regulations on the Management of Foreign Insurance Company", and the China Insurance Regulatory Commission actively cleaned up laws and regulations and regulations that do not comply with the rules of the WTO. In 2002, a new insurance law was promulgated. At the same time, in accordance with the relevant provisions of the new insurance law, the China Insurance Regulatory Commission has formulated and revised a series of supporting rules and systems such as insurance company management regulations. A law system that is suitable for the development of the Chinese insurance market has gradually formed. 5. Insurance supervision is gradually in line with international standards. The procedure capacity supervision has taken a substantial step, and promulgated the "Insurance Company's Capable Requirements and Regulations for the Management of Supervision Indicators", established a system of solvency early warning indicators, which is initially established in accordance with the framework of China's national conditions. At the same time, a series of regulatory regulations such as the "Supervision Index of Property Insurance Company Branch", "Supervision Report on Property Insurance Company", and "New Personal Insurance New Products" are implemented. The system construction of the insurance industry supervision was strengthened. (2) Compared with developed countries, there is a huge gap in the following aspects of the insurance industry in my country. 1. From the scale of the development of the insurance industry, the number of insurance companies, total premium income and total assets of insurance companies are all Relatively few. The scale is the basic symbol of the development level of the industry and enterprises. From the statistics of various aspects, it should be seen that my country's insurance industry is still in its infancy. 2. From the perspective of insurance depth and insurance density, my country is at a very low level in these two aspects, far from developed countries. Insurance depth is the ratio of annual premium income from a country and region to GDP in the same period. At present, the insurance depth of the insurance market in developed countries has reached about 10%. The insurance depth of my country in 2000 was 1.8%. Insurance density indicators refer to per capita premiums. Developed countries have reached 2000--3,000 US dollars, and Japan is as high as $ 4,600. The per capita premiums in my country are only 127.7 yuan, about $ 15, US $ 1,600, per capita premiums are 107 times that of China, and Japan is 307 times that of China. Insurance depth and insurance density are important indicators to measure the development level of the insurance industry. 3. From the perspective of the people's understanding of the insurance industry, the concept of insurance is still poor. People do not know enough about the role of insurance in stabilizing socio -economic and maintaining personal interests. There are very few individuals who have taken the initiative to buy insurance. The entire insurance industry, especially personal insurance, is a buyer's market, forcing millions of insurance to sell troops to run around and sell insurance products. As a product of a market economy, as a stabilizer of society, it is necessary to let people understand their role in vital interests. (3) According to the general laws of the development of the market economy and the actual situation of the development of my country's insurance industry over the years, it is expected that in the future, the following development trends will emerge in my country's insurance industry. 1. Insurance market systemization. Judging from the establishment of the "Insurance Law" in 1995, especially since the establishment of the China Insurance Regulatory Commission in November 1998, the pace of construction and improvement of the Chinese insurance market system is accelerating. Establish. 2. Professional business. With the deepening of my country's insurance system reform, policy insurance businesses such as credit insurance and agricultural insurance are separated from commercial insurance companies, and a special policy insurance company is established by the state. At the same time, in the next few years, specialized insurance companies such as fire insurance or motor vehicle insurance will also be established in the next few years. 3. The market competition is orderly. Since 1997, the People's Bank of China has adjusted the refund of aviation insurance and motor vehicle insurance from the rectification agent, and has vigorously rectified the insurance market. Increasing the punishment of violations and violations, and achieved significant results. 4. Insurance product character. In a gradual mature market, products to occupy the market can only rely on brand price service. This is characterization. As far as the characteristics of insurance products are concerned, it contains not only the interest guarantee function or investment function, savings function or product combination function, but also its price level and service level. 5. Innovative insurance system. According to my country's specific situation, my country's insurance innovation content mainly includes innovation in product development, marketing methods, business management, organization, electronic technology, service content, and employment system, distribution system, and incentive mechanism. Through the innovation of the above content, the development of my country's national insurance industry has been promoted, and domestic insurance companies are invincible in the competition with foreign insurance companies. 6. Instances management and management. In the context of the increasingly fierce market competition, domestic insurance companies have realized that they only pay attention to the disadvantages of expanding scale and seizing the market, and seek to follow the benefits, intensively intensive development, and maximize economic benefits. 7. International development of the industry. Under the general trend of global economic integration, my country's insurance industry and international standards are the only way. Chinese -funded insurance companies will also set up branches abroad to strengthen technical cooperation and business cooperation with the international insurance (reinsurance) market, and actively carry out international insurance business. 8. Practitioner professionalism. In the context of competition at home and abroad, it objectively put forward higher requirements for insurance practitioners. Each commercial insurance company will pay more attention to the training of talents. Actuary and professional talents, we must also cultivate export -oriented talents who are proficient in international insurance practices and participate in competition in the international insurance market. 2. The development of China's insurance industry is facing unprecedented challenges. At the same time, after its huge potential to join the WTO, China's insurance industry is facing unprecedented challenges. At the same time, China's insurance industry has huge potential. (1) The development of China's insurance industry is facing unprecedented challenges 1. The entry of foreign insurance companies has strengthened the competition in the insurance market and led to the rapid decline in the premium profit margin of insurance companies. 2. Cause some premium outflow. Although Article 102 of the Insurance Law implemented in 1995 stipulates that "if insurance companies need to handle reinsurance distribution of business, they should give priority to insurance companies in China", but it is difficult to operate in actual operation. At present, the insurance regulatory authorities require foreign insurance companies to retain their own premiums not less than 30%. In addition to the 20%of the legal division insurance, 50%of the premiums can be arranged by foreign -funded insurance companies. 3. Competition with domestic insurance companies for a certain market share. Foreign insurance companies objectively have the advantages of strong financial strength, advanced management, and high technical service level. Although they are still limited in business operations, the development momentum is better. From the perspective of the national market structure, the proportion of foreign -funded insurance companies is less than one percent years, but the market share of foreign insurance companies in the open area has been close to 10%, and it has continued to expand. 4. Foreign insurance companies have a strong conditions than domestic insurance companies because they have a strong treatment in terms of treatment, which will cause some outstanding talents in domestic insurance companies to lose. (2) From the factors that affect the development of the insurance industry, the development of China's insurance industry has huge potential 1. With the increase of the income of urban and rural residents in my country, the continuous decrease in the Engel coefficients, and insurance products are inevitable as a special financial consumer goods. It will gradually increase with the increase in income. 2. With the continuous adjustment of my country's economic structure, the insurance industry will continue to increase with the proportion of the financial industry in the national economy. In contemporary world economic activities, the insurance industry has become more and more important, and the proportion of the insurance industry in the economic structure will increase. Insurance institutions should fully recognize the huge market potential and living space of my country's insurance industry, and achieve the transformation of the insurance industry from the buyer's market to the seller market. 3. During the period of major changes in my country's socio -economic changes, the scope of the insured and the insured is growing and expanding. All kinds of accidents have repeatedly occurred, and natural disasters and people's disasters have come to an end. This provides a full basis for expanding the development of the insurance industry. Provide a wider space. 3. The countermeasures of China after joining the WTO in the face of the huge gap between China's insurance industry and developed countries and the challenges faced after joining the WTO, we should consider the following countermeasures: (1) Accelerate the pace of open insurance markets and improve national insurance At this stage of the industry's competitiveness, there are two major characteristics of the insurance market in my country, one is closed and the other is monopoly. Aiming at the development of my country's insurance market, accelerate the pace of opening up the domestic insurance market, establish a set of insurance mechanisms that adapt to the market economy as soon as possible, break the market structure of closed monopolies, liberalize the domestic insurance market, and boldly allow existing insurance companies to join The ranks of competition have achieved full and orderly competition in the insurance market and fully developed. (2) The state shall implement a low tax policy for the insurance industry to further strengthen the strength of the national insurance industry. my country's current insurance company's taxation standards pay 8 % of business tax, 33 % of income tax and 15 % adjustment tax in accordance with premium income. my country ’s fiscal taxes on insurance companies to a bottom -class lesson affect the accumulation of insurance company liability reserve to a certain extent, thereby improving the improvement of insurance solvency. In addition, policies to foreign insurance companies exceed some policies of national treatment, and will also make Chinese and foreign insurance companies in unequal competitive position. The above requires the country to discuss research from the policy. (3) Reform the insurance operation system and management system of my country's domestic asset insurance company, and realize the integration with international practice as soon as possible. my country's insurance industry is born in the era of planned economy. Now domestic -funded insurance companies are basically old management systems in personnel and finance. Due to the rigid system, low treatment, and the use of talents, employees' wages and benefits cannot be compared with foreign companies. Therefore, through reform, it is necessary to overcome the disadvantages of the domestic insurance system, the introduction of advanced management systems and operating systems, so that domestic companies can improve corporate vitality as soon as possible and enhance market competitiveness. At the same time, it is necessary to improve and develop the capital market and securities market that is conducive to the use of funds of domestic insurance companies, broaden the domestic insurance industry business channels, strengthen the capital strength of domestic companies, and actively and steadily promote the reform of domestic insurance companies. In the company's structure and insurance business operations as soon as possible with international standards, and actively participate in competition. (4) In the increasingly international insurance market, if my country's insurance industry wants to be invincible, it must establish a new insurance business concept. To truly cultivate a national insurance company with strong strength and national awareness, domestic insurance companies must change their business ideas, establish business ideas with efficiency costs, establish internal control mechanisms to adapt to the future insurance market, and specialize in the quality of underwriting quality, management efficiency, and risk capabilities. , Strict management of procedures for standardized operations. The thickest operation is intensive operation, hard work in internal skills, and improve risk management and technical level. It is necessary to transform a single business model into a variety of marketing models, and to explore various forms of marketing methods in a spirit of pioneering and innovative. To learn and learn from the practice of foreign insurance companies, focus on cultivating intermediaries and using intermediary agencies. To improve the quality of insurance services, make itself invincible. In addition, the state should support the national insurance company from the policy, implement a tilt policy in the sources to enhance its comprehensive strength. (5) Actively carry out insurance scientific and technological innovation activities to comprehensively and rapidly improve the level of management and management. Insurance technology innovation is a pioneering and creative change in the business operation of the insurance industry. It mainly includes many aspects of insurance innovation, marketing methods, and service project innovation. Insurance technology innovation is conducive to narrowing the gap between the ethnic insurance industry and the international insurance market, driving the rapid development of the insurance industry, and maximizing the society's growing multi -level and diverse insurance needs, which will make us live in the future insurance market. The status. At present, in terms of insurance innovation, we must vigorously develop liability insurance, medical insurance and other types of insurance, and make every effort to explore new insurance types. Such as dividend insurance, variable insurance, single disease and specific disease insurance. Secondly, in terms of marketing methods, we can learn from the business experience of the foreign insurance industry, combine our own situation, vigorously develop new marketing methods and methods, and pave the way for network insurance as soon as possible. The development of online insurance is used as a strategic measure for the 21st century, and it is positive for occupying the online market. (6) Accelerating the future competition of high -quality talents, in the final analysis, is the competition of talents. In addition to paying attention to the nesting and attracting phoenixes, the national insurance industry needs to attract talents through respect and preferential treatment policies, but also requires all aspects of the education and training of existing talents. At the same time, we must pay attention to the cultivation of the atmosphere of corporate culture, create a harmonious, loose, united environment to enhance the cohesion of the enterprise and prevent talent loss. (7) Improve insurance regulations, strengthen market supervision and ensure the healthy and sustainable development of the insurance market, and achieve the full process of supervision, dynamic, and sustainable. At the same time, it is necessary to accelerate the formulation of relevant laws and regulations before and after entering, including modifying and improving the Insurance Law, which should implement unified supervision of internal and external insurance companies. Double standards should be avoided in supervision goals, indicators, and means. effect. References: 1. Qiao Guiming: "Research on the Development of China's Insurance Industry" 2003-12-012.3. Wei Huarin, Yu Shili, Guo Yang: Open and supervision of the Chinese insurance market. "Insurance Research", 1998 (7), (8), (9) Author address: 2004 level of economic and trade at the School of Economics and Trade of Henan University of Technology: 450001
Extension reading: [insurance] how to buy, which one is better, which one is better, Teach you the "pit"
—— Original title: The rice bowl of the insurance agent can't hold it anymore? One article understands the current status and development trend of the Chinese insurance market in 2021
2020, a sudden epidemic, so that people who are in uncertainty realize that the role of insurance in responding to emergencies and increasing the role of anti -risk in life to increase the ability to resist risks in life Essence The good tactics of insurance companies have become the past. The model of traditional dependence on the advantages of the agent's scale is far from meeting user needs, and major insurance companies have reduced their staff. At the same time, insurance technology applications with high convenience and flexibility have quickly exerted the process of users to insure insurance. Under the epidemic, various traditional insurance companies have accelerated the transformation of digitalization.
In the blessing of technology such as digitalization and the Internet, traditional insurance companies are re -reshaping in structure. Among them, the cost structure will change tremendous changes. The manpower of repeated work will be replaced by technology. The addition of the Internet is an insurance company The channels for obtaining customer acquisition have been broaden, and the cost of obtaining customers has been reduced, and the cost of operation is also reduced to a certain extent. At present, the technical investment cost of head insurance companies has increased year by year. Strive to get the top spot in the paid.
S listed companies in the insurance industry: Ping An of China (601318), Chinese PICC (601319), Xinhua Insurance (601336), China Taiping (00966.HK), China Life (601628) and so on.
1. The sea tactical tactics have become the past. The epidemic accelerated insurance companies have reduced members
1992 AIA's entry to China Insurance Industry brings the principles of the people, forming the current mainstream pyramid agent structure in China. After being introduced into various insurance companies, the system has promoted the division of sales costs, rewards and punishments in the exhibition industry to gradually solidify, forming the "Basic Law" of the current companies.
In the results of the history of China's insurance development, this golden tower -type agent system actually gradually stabilized in 2005 and became the support for insurance companies' premium income. In the early days of the development of insurance in China, insurance agents The number of people determines the insurance premium income, and the increasing insurance companies are essential.
Each insurance company was increasing a lot before the transformation, expanding the team of agent, especially the 2015 In the 2015s. , After 2015, the manpower growth slowed down, and the growth rate of people even 7.6%of the growth rate of people in the 2020s was the first negative growth since 2012. It can be seen that the marginal effect of human naval tactics has decreased. Essence From "quantity growth" to "quality growth", major insurance companies focus on increasing per capita capacity. Human sea tactics will eventually become the past.
It's point of view of insurance companies, different agents have slowed down to varying degrees. According to the public information of some head insurance companies, the current head insurance companies have diluted door -to -door opening and improved the quality of the agent's quality. The trend of (slow increase), from 2018 to 2020, the number of agents of Ping An, China Taibao and China Taiping have declined to varying degrees. The agent of Ping An of China has dropped from 1.42 million in 2018 to 2020 in 2020 1.05 million people, a decrease of 26.1%in only 3 years, showing a great efforts to reduce staff.
2, the traditional core system can no longer meet the current needs, the epidemic force the digital acceleration transformation of the insurance industry
The traditional core system has gradually unable to meet the current business development needs. Change; due to the long product development cycle of traditional insurance companies, and the business of insurance companies in the operation process is complicated, the amount of data that has been exposed is very large, which also brings high loads, high -frequency data for the core system of traditional insurance companies, The processing gradually becomes powerless, resulting in low information exchange rate, low sharing efficiency in insurance companies during the operation, and dragging back legs for business development. Therefore, the core system of traditional insurance companies needs to follow the changes in business needs, realize product diversification, and optimize the user experience on the basis of Internet traffic.
In 2020, a sudden epidemic, let people who are in uncertainty realize that insurance should deal with emergencies and increase the role of anti -risk in life. However, due to the need to be isolated at home during the epidemic, the resumption of work is far away, and the agent's exhibition industry is difficult. It is difficult for customers to touch issues such as it.
The three -dimensional service forms such as the full journey, omni -channel, and full scenes of digital users on the mobile terminal will also minimize user value. During the restriction of offline services since 2020, the scale of digital users in the insurance service field has continued to rise, and monthly active users have reached 47.565 million people.
It's user activity and industry penetration rate in the field of insurance service fields, the emerging Internet insurance field has greater development potential. Among them, the advantages of Internet insurance companies such as Zhongan Insurance and other heads are even more prominent. In October 2020, Zhongan Insurance ranked first with the scale of active users of 2.325 million, and at the same time the penetration rate in the insurance service industry was the highest, up to 5.3%.
and the "Double 11" in 2020, each insurance company also regards the APP as the main battlefield of marketing services, and Zhongan Insurance reached 827,000 during the daily life during the event, and the number of insurance users increased by 247%year -on -year.
Irds from the perspective of APP active users in the entire insurance service field, Ping An, National Life, Tai Insurance, Zhong'an, and Renmin Insurance are in the first camp in the insurance service field, and more than 1 million monthly active users corresponding to the insurance service APP.
3. Insurance technology greatly optimized the experience of insurance users
The traditional insurance companies under the epidemic to accelerate insurance technology layout, insurance technology infiltrated into product design, sales, insurance underwriting, claims and other links Users' insurance underwriting and claiming processes have been greatly shortened, which greatly optimized the experience of insurance users.
Among them, in terms of product design, insurance technology can achieve precise differentiated pricing. For example, the car insurance collection habits of driving habits, accurately evaluate the driver's driving behavior risk level, so as to determine different premium levels and improve risk pricing capabilities; in terms of channels, through big data and artificial intelligence as the main technologies, customers are carried out to customers to carry out customers. 360 -degree precision portrait, realize the accurate positioning of customer groups, armed agent skills, and provide customized insurance solutions.
This insured and underwriting links, realizing process intelligence, the application of electronic insurance policies and automatic underwriting help cost reduction and efficiency; claims and after -sales, through artificial intelligence and big data technology, insurance companies can significantly improve the efficiency of claims, achieve realization Capture anti -fraud and enhance customer experience.
4. Digital upgrade driver insurance companies realize cost reduction and efficiency and increase efficiency
High cost is always a pain point that insurance companies cannot avoid. The insurance industry is a densely personnel industry to a certain extent. The cost accounts for about 30%of the total cost; followed by the high channel expenditure of the insurance company, the high commission of the agent and the high distribution channel commission rate of the intermediary has led to a certain extent. It is the risk control link of insurance companies themselves. Operating risks, such as external fraud, claims also worsen the snow -capacity insurance companies with weak risk control.
From the perspective of reducing costs, digital transformation can to some extent replace some unnecessary and highly repetitive tasks, save labor costs, and improve the operational efficiency of insurance companies; second, agents, agents Through the blessing of digital technology, the per capita capacity will also have room to rise, and the relative cost will decrease. With the help of digital transformation, insurance companies can also do more professional operations, optimize the process and business structure, and greatly improve operating efficiency; in the wind; in the wind Control the potential risks in a timely manner through the analysis of big data to achieve advance warning beforehand.
5. Marketing innovation is the most valuable direction.
The marketing costs are the largest cost except for compensation costs. Whether it is the early stage of development or maturity, the sales link is always the lifeblood of insurance companies, and strong business capabilities are strong. Hengqiang, the cost of investing in the sales end of various insurance companies is very high. In 2019, the sales cost of life insurance was the largest cost except for payout expenditure. The sales cost was as high as 81.4 billion yuan, accounting for 14.53%of the earning premiums. High sales costs led to a decline in profitability of insurance companies and rising yields. Stress on the asset side.
For property insurance, this phenomenon is more obvious. In recent years, the competition of property insurance has gradually intensified, and the price war has intensified. In 2019, the sales cost of property insurance is also the largest cost except for payout expenditure. In 2019, the sales cost of property insurance was 77.9 billion yuan, accounting for 20.47%of the earning premiums.
It this shows that for property insurance and life insurance, sales costs are still the biggest cost except for compensation expenditure. Therefore, the importance of digitalization is self -evident in the road of insurance companies to achieve cost reduction and efficiency and obtain continuous product capabilities.
6. Investment investment in insurance companies continues to increase, acceleration of industry transformation and upgrading
, on the other hand, the blessing of emerging technology. With the support of policy, domestic insurance companies have actively developed the innovation of information technology, each of which each, each, each, each, each, each, each, each, each, each, each, each, each, each. Insurance companies have increased investment in insurance technology and company IT.
In public data released by the China Insurance Regulatory Commission: The direct investment of information technology of major insurance institutions in 2020 was 35.62 billion yuan, which has increased significantly compared to 26.8 billion yuan in 2018. The proportion also increased year by year. It shows that the investment of insurance companies' investment in science and technology is continuously attached great importance. In turn, the original premium income has also increased from 3.8 trillion yuan in 2018 to 4.53 trillion yuan in 2020. Effective. Insurance agency technology upgrades have entered a stage of high -speed growth. Insurance companies in Internet insurance channels have increased their investment in science and technology, further to digitalization, and accelerate the progress of the entire industry.
Im related data for more industries, please refer to the "China's Insurance Industry Market Prospective and Investment Planning Analysis Report"