I. Life Insurance Exhibition in 2003
(1) All businesses have developed steadily.
In 2003, the province's life insurance business continued to develop rapidly, and the expansion of peers accelerated, and the competition became more intense. Dividend insurance continued to sell well, bank insurance business developed rapidly, and group insurance business declined significantly. By the end of 10, the province's life insurance premium income was 406,377,200 yuan, of which China Life Branch's premium income was 286,377,200 yuan, up by 12 13% year-on-year, accounting for 70% of the province's life insurance market share, and it continued to maintain a dominant market position. Ping An life insurance premium income10.20 billion yuan, with a market share of 30%, up 8 percentage points from the end of 2002, mainly due to the expansion of bank insurance. At the beginning of 2000, the provincial life insurance company set the goal of realizing the annual premium income of 370 million yuan. Around this goal, combined with the actual situation in Qinghai, the provincial life insurance company is based on occupying the market, taking the competition and strengthening its strength as the starting point, concentrating on development, laying the foundation, expanding the total amount and increasing its stamina; Companies at all levels decompose tasks at different levels, work hard, strive for initiative, overcome the adverse effects of SARS on business development, organize all employees to implement countermeasures, broaden exhibition channels, and minimize losses; Timely launch phased planning and "River Pioneer". Business competitions such as "Spring Tour", "Accident Insurance Hundred Days Competition" and "Group Insurance Hundred Days Competition" promote the coordinated development of various businesses; According to the market demand, five new types of insurance, such as China Life Macro Endowment Insurance, Yongtai Annuity Insurance and Hongtai Endowment Insurance, have been introduced one after another, which have been welcomed by customers. Change the traditional sales methods, popularize innovative life insurance product briefings, and realize the rapid development of personal agency business; We will intensify public relations propaganda for large industries and enterprises, strengthen communication and coordination with banks and postal services, and achieve a new breakthrough in part-time agency business. By the end of 10, the premium income of part-time agency business was 55 million, up 580% year-on-year; We will continue to vigorously promote the "three points and one line" business development strategy focusing on Xining, Haidong, Golmud and the surrounding areas of Qinghai-Tibet Railway, give full play to the backbone radiation role of large companies in business development, and effectively promote the sustained and stable development of business.
(B) Enterprise management has been strengthened.
Focus on improving operational efficiency, strengthen the company's business management and the popularization and application of information technology, ensure the authenticity of business and financial data, and improve work efficiency and management effect. Further expand the scope of centralized management of business and finance to achieve centralized and unified management at the provincial level; Establish and improve the underwriting compensation system suitable for Qinghai, implement classified management and classified underwriting compensation, and enhance the ability to prevent operational risks. By the end of 10, the company had paid a total of 3773. 1 10,000 yuan in compensation, which made due contributions to the economic and social development and the stability of people's lives in Qinghai. Through strict examination, 54 cases of refusing to pay compensation were investigated and dealt with, and compensation and compensation were reduced by 645,500 yuan. We will implement comprehensive budget management, classified performance appraisal methods and expense budget management methods, and increase the centralized management of funds. Carry out in-depth study and publicity activities on the new insurance law, and strengthen employees' legal awareness and consciousness of operating according to law.
(C) increasingly standardized customer service
In order to improve the service quality and enhance the company's market competitiveness, the provincial life insurance company has established a customer service department in its subordinate branches on the basis of establishing a customer service center, perfecting the customer service system, perfecting various rules and regulations, fully implementing customer service management measures, and strengthening the sense of service and integrity of all employees. On the premise of ensuring that management is in place, simplify business processes, improve service efficiency, ensure that claims and payments are made on time, and realize the whole life insurance service; Earnestly implement the customer return visit system and close the relationship with customers; Make full use of "955 19" customer service hotline to standardize and strengthen complaints. Consulting function, safeguarding the vital interests of the insured everywhere. L- 10 connected the customer's phone 97 times, and called out 72 times, up by 96.43% and 74 times respectively. M%%, which meets the various service needs of customers to the maximum extent.
(4) Major breakthroughs have been made in structural reform.
According to the unified arrangement and deployment of the joint-stock reform of the head office, in the first half of 2003, the provincial branches realized the substantive separation of various businesses. In the process of restructuring, due to strengthening the ideological and political work for employees and guiding everyone to fully understand the great significance of the shareholding system reform, the majority of employees actively supported the reform, ensuring the stability of the team, creating a good environment and laying a solid foundation for the smooth progress of the reform. While maintaining sustained and stable development, there are still obvious gaps and problems that cannot be ignored. First, the overall business growth is slow. Although the business development increased in the first month of 2000 10, it is estimated that the total annual premium will be close to the planned target, but it is far from the national system and peer companies. The fundamental reason is that Qinghai's economic aggregate is low, regional economic development is relatively backward, and residents' income is low, which restricts the rapid development of life insurance industry. At the same time, the public's insurance awareness is not strong, people's understanding of commercial life insurance is not high, and publicity and service are not in place, which affects the rapid development of business to some extent. Second, the business structure is not reasonable. County transportation business accounts for a high proportion, short-term insurance business accounts for a low proportion, traditional business develops slowly, and premiums are mainly concentrated on a few dividend insurance products such as "Hong Rui". Although the total amount has increased to some extent, its development potential is insufficient. Third, the development between regions is extremely uneven. The premium income of Xining, Haidong and Haixi branches in densely populated areas accounts for 94.24% of the total premium, while the premium income of other state and county companies only accounts for 5.76% of the total premium. Agricultural and pastoral areas with poor economic and natural environment are relatively backward, and the increase of premium income is obviously low.
Two. Life Insurance Market Forecast in 2003
In 2003, life insurance companies insisted on development as the first priority and accelerated their business development. The overall development trend of life insurance market is good. It is estimated that the total life insurance premium in the province will reach 500 million yuan in 2003, up about 20% year-on-year. It is estimated that China Life Insurance will realize a total premium of 370 million yuan, up 65,438+05% year-on-year, and its overall market share will account for 70%, down 8 percentage points from the previous year. Ping An Life Insurance Company of China is expected to realize the premium of/kloc-0.50 billion yuan, up 45% year-on-year, with a market share of 30%, up 8 percentage points from the end of last year.
Favorable conditions
1. The economic support environment for the development of life insurance industry is good. Since entering the new century, with the rapid development of the western region, it has injected new vitality into the development of the western region, and Qinghai's economy has shown a steady growth trend, especially since 2002. In the first three quarters of 2002, the province's GDP increased by 1 1%, and the income of urban and rural residents and the balance of savings deposits increased significantly. It can be predicted that in the tenth five-year plan or even a longer period, Qinghai's economy will maintain a rapid growth trend, laying a good economic foundation for the rapid development of life insurance industry.
2. Life insurance has great development space. It is predicted that the insurance depth in moderately developed countries and domestic developed regions is generally around 4%, and the insurance density accounts for 5-6% of per capita income. Taking this as a reference, the insurance depth in Qinghai in 200 years is 1.96, and the insurance density is only 128.76 yuan. It shows that the gap between Qinghai insurance industry and advanced developed areas is obvious, and there is still a lot of room to accelerate market development.
3. The competitive environment of life insurance is relatively relaxed. At present, there are only two life insurance entities in Qinghai: China Life Insurance and China Life Insurance Ping An Life Insurance Company of China Insurance Company. Although other life insurance companies will enter the Qinghai market one after another, the market participants will still be less than those in mainland provinces. Although the insurance market has been opened to the outside world since China joined the WTO, it will take some time for foreign companies to enter Qinghai due to the strategy of gradual opening and step-by-step entry adopted by the state. At the same time, due to the limitation of geographical conditions and the influence of human environment, it is difficult for foreign companies to enter Qinghai to develop the life insurance market in a certain period of time. Although the lack of life insurance entities is not conducive to market competition, the insurance space is relatively large. Take advantage of the time difference that other life insurance companies have not yet entered the market or have an unstable foothold to accelerate the development of existing life insurance companies, so as to seize the opportunity, win the initiative and accumulate strength in the market competition. This is undoubtedly a good opportunity for Qinghai Branch of China Life Insurance Co., Ltd., which has a history of 54 years and still dominates the life insurance market in Qinghai.
(B) the main factors restricting the development of life insurance industry
L, the influence of economic and human environment. Qinghai is a province with vast territory and abundant resources. It is also a province with a small population and poor economy. Although the economy has shown a rapid growth momentum in recent years, the total economic output is still very small, and the per capita production capacity and income are far lower than those in the eastern region. Backward productivity determines the low level of income, and low income determines the low level of consumption structure, which in turn affects the formation of residents' new consciousness and new concept. It is difficult for these to make a big difference in the short term. The low level of productivity is still a prominent contradiction that restricts the development of life insurance industry in a certain period of time.
2. The influence of tax rate and interest rate difference. First, in the commission collection of insurance agents by the state, although the pre-tax deduction of personal income tax for individual agents has been increased from the previous 15% to 25%, the double collection of personal income tax and business tax for individual agents has directly affected the enthusiasm of agents, and it is inevitable that agents will delay the delivery of documents, which will affect the interests of customers and companies and cause certain operational risks. Second, because the original insurance interest rate is basically synchronized with the bank interest rate, the products that the company can choose for customers have certain limitations, especially all kinds of dividend-paying products with strong investment are sold to relatively rich and stable customer groups, and it is difficult to popularize them to farmers and herdsmen in a short time. Third, the bank lowered the deposit interest rate eight times, which made the profit and loss difference of the insurance industry obvious and had a certain impact on the company's operating efficiency.
3. The influence of social security system. Since 1998, the State Council issued the Decision on Establishing the Basic Medical Insurance System for Employees, the Qinghai provincial government has issued a series of supporting policies, which have defined the time and implementation standards for enterprises to participate in the overall social basic medical care. Although the demand for supplementary medical insurance and supplementary pension insurance has gradually formed in social security departments and enterprises and institutions participating in social basic medical co-ordination, there are still problems to be solved urgently. First, the development of supplementary medical insurance in Qinghai is still in its infancy. Although there have been many contacts, the coverage is extremely small. Therefore, the high payout ratio of health insurance is a big problem for the company's business development. Second, the insurance premium channels are not smooth, and many enterprises and institutions give up supplementary medical care or supplementary endowment insurance for employees. Third, Qinghai has not yet established a complete set of normative documents for supplementary medical care and supplementary old-age security, which is not conducive to commercial life insurance to expand its business.
4. The influence of horizontal competition. From June 5438+0 to June 5438+0 in 2003, the life insurance premium income of China in Qinghai was 286,377,200 yuan, accounting for 70% of the life insurance market. The premium income of China Ping An Life Insurance Company of China Insurance Company is 6.5438+0.2 million yuan, accounting for 30% of the life insurance market. According to the revised Insurance Law, property insurance companies can engage in accident insurance and short-term health insurance business, and the market competition is more intense. Compared with the end of 2002, the market share of Qinghai China Life decreased by 8 percentage points. At the same time, other domestic life insurance companies also need to expand the market and start to enter the Qinghai life insurance market. In the future, the number of life insurance entities in Qinghai will increase one after another, and the market competition will not be as slow as in the past, but will become more and more fierce. China Life Company's original advantages will be severely challenged, and its business growth will slow down accordingly.
Three. Countermeasures and suggestions
According to the economic development environment and the development trend of life insurance market in Qinghai, especially the increasingly prominent role of building a well-off society in an all-round way and developing the western region, it is predicted that China Life Insurance Company in Qinghai will still maintain a good development trend and a high growth rate. It is estimated that the total premium will exceed 600 million yuan in 2004, including 420 million yuan for China Life Insurance and 654.38+800 million yuan for China Ping An. The competition of life insurance companies will focus on risk-based life insurance products. Constantly optimizing the company's business structure, enhancing the overall competitiveness, paying attention to the growth of new long-term insurance policies, especially the new single-term payment business of individual insurance, and the growth of interest insurance such as short-term insurance are still the constant goals of companies in 2004. To achieve the set goals, the following measures will be implemented.
(1) Enhance the awareness of opportunities and accelerate business development.
At present, Qinghai insurance industry is in an important strategic opportunity period of reform and development. The joint-stock reform of the company has injected new vitality into its development, and the sustained and rapid economic development of the whole province has provided a broader space for the development of life insurance industry. To this end, we should size up the situation, seize the opportunity, constantly update our concepts, further strengthen our market concepts and competition awareness, and enhance our sense of responsibility and urgency for development. We will intensify innovation, give full play to the role of three exhibition channels: personal agent, employee direct sales and part-time agent, and strive to expand the life insurance market. First, strengthen brand awareness and vigorously develop direct selling business. Clarify the market positioning of direct selling business, regard direct selling business as a business to build brands, create benefits and increase strength, formulate development strategies, innovate exhibition methods, focus on group annuities and group supplementary medical insurance, concentrate on increasing public relations propaganda for large industries and enterprises, and strive to expand large customers with market influence to achieve a big breakthrough in the development of the group's business. The second is to speed up the process of specialized operation and enhance the development potential of personal agency business. Promote the demand-oriented selling (NBSS) course and customer demand analysis and product mix selling course introduced by China Life Insurance from LIM-RA, which is one of the achievements of the sales performance improvement project focusing on payment business jointly studied by the Head Office and McKinsey, aiming at improving and enhancing the professional skills and sales performance of sales staff. And according to the sales focus, formulate and improve the promotion plan of main products, implement sales training support, fully implement the "product briefing" sales model, enhance the market development ability, and ensure the leading position of personal agency business. Strengthen the staff training, strive to improve the qualified rate of individual agents, establish a relatively stable and considerable agent team, and reserve human resources for the sustainable development of the business. Third, vigorously develop the agency business of banks and postal services and cultivate new economic growth points. It is necessary to consolidate the strong momentum of the development of part-time agency business in Xining and other places, and at the same time help the branches with lagging development of this business to explore the main channels of business, identify the business breakthrough, try their best to narrow the regional gap, achieve a total breakthrough, and make part-time agency business a new business growth point for the company.
(B) optimize the enterprise structure, improve economic efficiency
Continue to strategically adjust the business structure, correctly handle the relationship between scale and speed, quality and efficiency, while maintaining a certain scale of development, put the traditional life insurance business with good operating efficiency in a more prominent position, promote the coordinated development of various businesses, complement each other in scale and efficiency, and maximize operating value. First, vigorously develop individual insurance claims business. Actively guide employees to focus on the development of installment business, improve and perfect the sales model, vigorously promote the sales portfolio of individual insurance products, strengthen the management of agent activities, increase the number of visits, attach importance to the cultivation and selection of high-quality target customers, improve the average piece premium and personal productivity, and increase the proportion of installment business. The second is to vigorously develop short-term insurance. It is necessary to increase the sales of accident insurance and broaden the sales channels of insurance products such as health insurance, academic insurance, aviation insurance, travel insurance and driving and training insurance. Third, vigorously promote the card folding business, explore new sources of protection and open up new business growth points.
(3) Implementing scientific management to ensure steady operation.
The management should adapt to the change of system as soon as possible and realize the scientific operation of the company. Institutionalization and standardization. First, adhere to institutional innovation, improve management structure and personnel quality, optimize organizational setup and personnel composition, and establish a lean and efficient operating organization and personnel team. The second is to strengthen the development awareness, market awareness, quality awareness, cost awareness, efficiency awareness, supervision awareness and management awareness of all employees, comprehensively implement the management target budget management and performance appraisal system, and implement management responsibilities to companies at all levels. Every department, every employee, let employees truly become the masters of enterprise management. The third is to strengthen the highly centralized and unified management of business and finance, further improve management efficiency, reduce operating costs, effectively prevent operational risks and ensure stable operation. Fourth, strictly implement the Insurance Law and other insurance laws and regulations, improve the management system, promptly carry out the life insurance market rectification and law enforcement discipline inspection, seriously investigate and deal with illegal acts, and create a good business environment. The fifth is to strengthen the incentive and restraint mechanism. Improve and implement various management systems, the first responsible person system and the accountability system for competition planning and business development compliance management, reward the excellent and punish the poor, reward the diligent and punish the lazy, and improve the comprehensive management level of the company.
(4) Pay attention to service innovation and enhance the company's reputation.
Actively advocate the new concept of humanized and information-based service, and strive to form a new pattern of socialized and rational service. First of all, constantly improve the construction of customer service system, fully implement the professional ethics of employees, truly make the service platform a "civilized window" and expand the social influence of life insurance companies. Secondly, actively implement the strategy of "talent highland", constantly attract outstanding talents to enter the life insurance industry, establish a professional management team, improve service quality, actively explore the potential needs of customers, put forward new consumption concepts, grasp the pulse of the market, guide the market trend, and meet the needs of customers to the maximum extent. Third, increase capital and manpower input, strive to improve the content and application ability of information technology, simplify business processes, improve work efficiency, and provide customers with standardized and fast quality services. Fourth, strengthen the integrity construction in an all-round way, conscientiously do a good job in customer return visits and after-sales service, be people-oriented, be sincere and trustworthy, fully reflect the extensiveness, long-term, full-time, policy and regulation of insurance services, and win market returns with a good service brand and a trustworthy brand image.
(5) Strengthen coordination with government departments to create a good social environment for the development of life insurance industry.
As a supplement to social insurance, the role of commercial life insurance has become increasingly prominent, and it has attracted the attention of governments and enterprises at all levels. However, due to the influence of economic conditions and concepts, the public's awareness of insurance is not strong, the coverage of insurance is not high, and the publicity is not enough, and even commercial life insurance is classified as arbitrary charges. Therefore, it is necessary to strengthen communication and coordination with relevant government departments, win the support of local governments, create a good social environment for accelerating the development of life insurance industry, and make more contributions to Qinghai's economic construction and the comprehensive realization of a well-off society.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.