Introduction:
In 2021, the new decade of China's financial industry began. Sina Finance has launched the annual feature "The Great Age of Finance", which contains three chapters: "100 People, 100 Moments", "The Times Have a Temperature" and "The Industry Have a Sentiment", looking back at the history and the history of the industry, and the history of the industry and the history of the industry. The feature consists of three chapters, "100 People 100 Moments", "Temperature of the Times" and "Sentiments of the Industry", which look back at the history, record the financial figures and look forward to the journey.
This article is co-published by Sina Finance and Baoqi
Editor's Note
After years of ultra-high-speed growth, the insurance industry seems to have fallen into a new round of stagflation in recent years, and the stagflation effect has intensified since last year.
This situation has both domestic and international economic situation of the profound impact, but also the impact of the epidemic, but the deeper reason also lies in their own positioning and the resulting series of internal difficulties.
Whether it is the gap between the depth and density of insurance with the developed market, or the response to meet the people's demand for the depth of insurance protection, the insurance industry has the responsibility to explore a new development logic more suitable for this era in the change.
What about the insurance industry?
The direction of the answer may have been clear as early as 2017 - high-quality transformational development. From now on, the insurance contract will be elaborated through a series of articles, and jointly with the Sina Finance in the "financial era" series of topics.
Before the midterm report is out, the chill has already set in.
Over the past period of time, large life insurers have been disclosing their premium income figures for the first half of the year. China Life, Ping An Life, Taibao Life Insurance, PICC Life Insurance, Xinhua Insurance five head companies total premiums amounted to 1.02 trillion yuan, the year-on-year growth rate of only 0.77%, much lower than the industry's original premium income growth rate of 5.2%.
Among them, Ping An Life, PICC Life Insurance premium income fell 3.72% and 4.61%. New China Insurance, China Life and Taibao Life Insurance premium income increased by 3.85%, 3.41% and 2.19% respectively.
Taikang Life, also a large life insurer, did pretty well, with first-half insurance revenue up 9.68% year-on-year to 98.416 billion yuan.
It is reasonable to say that in the first half of last year, large life insurance companies were more affected by the epidemic, but the year-on-year premium income growth rate still reached 5.29%, and as the impact of the epidemic receded, the first half of this year, the premium growth of these companies should have a better performance.
The gap between reality and "deserve" may mean that in addition to the impact of the epidemic, there are deeper factors are plaguing the insurance industry. In a series of policies to guide the high-quality development of insurance, the past to spell manpower scale, spell channel laying of sloppy development problems, has reached a point that can not be ignored, life insurance industry transformation is imminent.
Spring river water warm ducks know first, as the industry's head of life insurance companies, the first to feel the winter before the "autumn", have embarked on the road of transformation in recent years. The authors review the transition path of these companies, trying to find the **** sex and characteristics, but also for the transformation of the whole industry to provide more reference.
China Life: "revitalization of the country life" landing "Dingxin project"
First, let's take a look at China Life, as a life insurance "brother".
Since September 2018, Wang Bin took charge of China Life, a reform centered on the strategic goal of "revitalizing China Life" has been comprehensively rolled out within the company, which is called the "Dingxin Project".
This is an all-round reform covering channels, mechanisms and systems, involving internal structural adjustments, personnel adjustments, incentive system reforms, etc., which affects the whole body, based on which China Life has also launched a three-year action to build a "technological China Life".
"'Revitalize China Life' strategy is not to shoot the brain out of thin air, but according to the actual situation of the enterprise itself, combined with the current situation of business development, personnel structure and the next step in the development of the insurance industry to conduct in-depth research, repeated demonstration, the development of strategies. " On March 28, 2019, Wang Bin said so at the company's annual results conference.
Indeed, the "Dingxin Project" is not a verbal reform, only one year, it is "blossoming", by the end of 2019, has basically completed the optimization of the organizational structure and personnel adjustment.
In terms of operation, the integration of the front, middle and back office has been accelerated, the intensive intelligent operation system and the precise financial resource allocation system have been built gradually, and the operation and financial*** enjoyment service center has started to prepare for construction.
In the 2020 annual report, Wang Bin bluntly said that the first phase of the "revitalization of China Life" goal has been fully achieved.
Technology The effect of the promotion of the State Life is more significant, under the digital transformation, nearly 50 cutting-edge technology research in depth, 28 intelligent application scenarios blossomed, computing power, flexible and agile hybrid cloud in the epidemic period to fully support the company's operations and management from the offline to the online seamless switch.
Ping An Life: focusing on channels, products, and operations in three major directions
At the end of 2019, Ping An Life also launched a comprehensive life insurance reform, and Ping An of China Chairman Ma Mingzhe has repeatedly said in public that the reform has been urgent and there is no choice.
This is undoubtedly a major reform concerning the future fate of Ping An Life, which gathers the three co-CEOs of the group as well as the group's cross-line and cross-business expertise and quality resources.
The reform project mainly focuses on the three major directions of channel upgrading, product upgrading, and operational upgrading, and makes full use of digital empowerment to accelerate the project, while the top-level design of the project has been basically completed in 2020, and some of the projects have already been landed and promoted, such as in August 2020, Ping An Life upgraded the "Basic Law For example, in August 2020, Ping An Life upgraded its "Basic Law", including treatment upgrade, covering newcomers, top performers, and supervisors; care upgrade, enhancing agents' sense of belonging and solving their worries; management upgrade, focusing on team quality and realizing sustainable operation, and ultimately reaching the goal of continuous growth of manpower, continuous optimization of structure, and continuous improvement of income.
By the first quarter of 2021, Ping An Life's reform project has entered the stage of comprehensive promotion and implementation. In terms of channels, Ping An Life has promoted the implementation of basic management methods for agents at the agency level, supported the development of team classification, and implemented a more comprehensive and warmer welfare protection plan for supervisors and high-performance agents; the reform and reorganization of the bancassurance team has been completed, and the exclusive technology, product, and operation system for the bancassurance channel has been preliminarily set up.
In terms of products, in response to the rise in customer demand during the post epidemic period, Ping An Life has increased its efforts to promote savings products, especially long term savings products.
It can be found that the transformation of Ping An Life is not only its own metamorphosis, but also with the construction of the entire group's large financial, medical and health care and smart city ecosystems synchronized to promote, and ultimately form a mutually reinforcing effect.
For example, in May of this year, Ping An released the "Ping An Zhen Yi Nian" brand of health care and the first high-end product line "Yi Nian City", which combines the mode of "finance + medical care + health care" to lay out the health care industry. The company's first product line, "Yi Nian City", is a combination of "financial, medical, and recreational" model, and the layout of the health care industry.
Taikang Life: Creating the Taikang Program for the Longevity Era
Looking at Taikang Life, this is a large life insurance company that started its transformation earlier in the industry, and the current round of reforms can even be traced back to 2009, when the Insurance Regulatory Commission (CIRC) approved the first pilot program of the insurance industry's investment in the pension community.
Subsequently, Taikang Home for the elderly community spread construction, at present, has covered 22 key cities, of which, Beijing Yanyuan, Shanghai Shenyuan, Guangzhou Yueyuan, Wuhan Chuyuan, Suzhou Wuyuan, Chengdu Shuyuan, Hangzhou Dachinggu 7 has been opened for operation.
In addition, Taikang Healthcare has continued its efforts to build five medical centers, namely Taikang Xianlin Gulou Hospital, Taikang Tongji (Wuhan) Hospital, Taikang Southwest Medical Center (Preparatory), Shenzhen Qianhai Taikang International Hospital (Preparatory), and Taikang Ningbo Hospital (Preparatory), as well as operating the Taikang BayBo Dental Chain, and the Taikang Healthcare Chengdu Clinic, among others.
After more than ten years of "laying the foundation", the Taikang program in the era of longevity was formally unveiled, which is also a program relying on the Taikang Insurance Group to integrate the resources of all parties to create a collection of Taikang Life's past ten years of phased development, but also points to the direction of its future development.
The so-called Taikang program is to create a new business model of "dynamic pension, high-end medical care, excellent financial management, and ultimate care" for the whole life cycle, and to build an ecosystem of the big health industry by creating three closed loops of longevity, health, and affluence.
In addition to continuing to follow the direction of previous reforms to plough into the retirement community and expand the integration of medical resources, Taikang has also innovatively launched the post of "Health Wealth Planner (HWP)", which spans the three major areas of medical care, health, and wealth management, transforming the traditional sale of insurance products into the management of health and wealth of high-net-worth customers, and this is also the first time that Taikang has launched the post of "Health Wealth Planner". This is also a major initiative to change Taikang's internal human resources team.
China Taipao: Released the long voyage plan, focusing on team upgrading
Taipao life insurance embarked on the pace of transformation, in January of this year, the official release of the long voyage plan program of action, clearly put forward the "one excellent, two stable, four new" strategic objectives, that is, aiming at the customer experience, the best, the pursuit of stable growth in value and the market, and the best. The best, the pursuit of stable growth in value and market position, and strive to achieve a new breakthrough in channel diversification, a new pace of health and wellness ecosystems, a new enhancement of digital construction, and the development of the organization and talent on a new stage.
Around the goal, TICC life insurance to build team upgrading, track layout, value-added services, digital empowerment four strategic kernel.
Among them, team upgrading is an important focus point for the implementation of the "long voyage action", whose strategy is to achieve business growth through structured incremental growth, and to actively promote the construction of three key teams, namely, core human resources (CE), top performers (CG), and the new generation (CA), so as to improve the quality of the team.
Specific measures include strictly controlling the "entry barrier" and turning enrollment into recruitment; helping newcomers to continuously improve their professional capabilities through a systematic and strict training system; and pulling towards the top-performing manpower and the top-performing team in terms of assessment.
In order to match the upgrading of the team, TICC Life Insurance has also started to implement a new agent's basic law this year, which is called the "Basic Law of Vitality", and the main purpose is to activate the high-performance team, and to stimulate the team's fighting power rather than just the individual's fighting power.
Of course, the transformation of life insurance is not a single-channel transformation, but with the whole group's upgrading to play with the back of a strong "tai pao service" ecosystem.
For example, "TaiBao Blue Book" specializes in creating exclusive health value-added services for customers; "Life Bank" mainly meets the health management needs of customers at different levels.
The first three-year plan of China TIPO 10 billion yuan investment in TIPO home pension community has also entered the engineering and construction stage, then will also life insurance customer service.
Under the "Insurance + Pension + Health" system built by the Group, the added value of TIBOR's main insurance business has been improved, and the competitive advantage of differentiation has emerged.
Extension: three thoughts on the transformation of large insurance companies
Reviewing the transformation of the four large life insurance companies, it is not difficult to find that the "headache to heal the head, foot to heal the foot" type of reform is no longer adapted to the current situation, it is necessary to take a comprehensive view of the channel to the product to service, the digitalization of the front, middle and back office, the digitalization of the channel to the product to the service, the digitalization of the front, middle and back office. The first step in the process is to make sure that you have a good understanding of the situation, and that you have a good idea of what you are doing.
Secondly, what is the transformation of "turn"? On the surface, whether it is the development of science and technology, digitalization, or upgrading the manpower team, the launch of health wealth planner, the construction of retirement communities, synergistic development of the health care industry, the most direct role is to improve the efficiency of the exhibition, extending the service chain, which also means that the real transformation behind the development mode of the insurer, the original manpower team growth as the core of the crude development has been unable to adapt to the needs of the times, which is This is the driving force of the transformation, but also the landing point of the transformation.
Under the new development model, "selling insurance" should only be a part of the "selling service" of life insurance companies, and the main "selling" is the insurance company's full life cycle of customers under various types of insurance protection, healthcare, healthcare, and healthcare services. The main "sell" is the ability of the insurer to undertake various types of insurance protection, medical, health, pension and even more extended services for the whole life cycle of the customer, which not only relies on the company's internal resources to build, but also should hold an open attitude to attract more partners to integrate resources into the optimal model, and to be truly customer-oriented, so as to increase the added value of insurance products and reflect the advantages of differentiation.
Finally, the reform of large life insurance companies can undoubtedly mobilize more resources, but it also means that it faces the plight of the ship is difficult to turn around. Reform is a key initiative to set the future development of the insurance company outwardly, inwardly is the re-division of interests, if not properly handled, then, the top design and the actual landing between the effect will have a significant gap. Think, has transformed a few years of insurance companies in the first half of this year, poor premium performance, transformation effect lagging, perhaps there are also reasons for this.