Category: Insurance tips Release Date: 2006-08-01
Shanghai Banking Board to notify the end of a paper industry has brought about tremendous shock.
The notice stipulates that from January 1, 2004 start, there is no financial counter bank outlets are not allowed to apply for investment in dividend-based life insurance business. In addition, banks should make it clear the business of insurance products between the principal and agent responsibilities and obligations. In addition to banking products may not be compared with the insurance agency products, the agent of insurance products in the promotional content and the insured book (list), we also should be avoided "bank" the words.
Flourishing more than three years of bank-insurance cooperation, and finally by the bank sounded the alarm. Insiders pointed out that although China Banking Regulatory Commission There is no across the country issued a similar notice, but Shanghai Banking Bureau of the above provisions, to a certain extent, means: Bank regulators have been reluctant to sit by and watch the negative effects of bank insurance. China Life Insurance Company of a group of experts believe that the controls may be a number of financial mixed operation of a fuse.
Inequality in the Shanghai Banking Regulatory Commission informed the co-operation to fully safeguard bank credit. The reason is simple: in the current bank-insurance cooperation, the bank's biggest risk is lack of credit.
At present not only in Shanghai, nearly all the country's banks are considered insurance products, bonus products, and most of all the counter sale of savings - because the financial counters to open a bank outlets are few. Banking Bureau in Shanghai at the beginning of the season launch of Bancassurance this provision, is bound to one-year premium income of insurance companies a huge impact.
The insurance companies to introduce basic bank insurance products in order to pay dividends of 5-year insurance-based wholesale. Most of this kind of bank insurance products in the investment rate of return on an issue, both some simple support functions. The advantage lies in terms of ease of understanding, the insured simplicity. However, as product features over a single, homogeneous serious, a direct consequence of this is easy for the bank insurance business into a low-level, low-profit, premium income, one-sided emphasis of competition trap.
At the same time, as banks agents in the sales process generally improper publicity so difficult to distinguish the insured bank insurance products and savings products, insurance products and the level of dividends unrealistic expectations. Once the policyholder dividends are not satisfied right, and then found that premiums did not deposit readily available, it will surely cast doubt on first bank credit, resulting in adverse consequences.
In the insurance company view, once the cooperation problems, the real losses of the insurance company will always be. An insurance practitioners, said: with the bank-insurance cooperation, banks and insurance companies relationship between the two is absolutely unequal. With the inherent advantages of banking outlets, almost without thinking of making profits,坐收agency fees. Insurance agents not only to the bank to pay the cost, but also is responsible for product planning, promotion, training and follow-up. Once the capital market weakness, dividends products are likely to be meager profits or even unprofitable. Some people even as banks and insurance summed up four major charges: underwriting profit margins decline, bringing banks and insurance companies double the credit crisis may lead to payment crisis, inflated insurance density.
These claims may sound unreasonable, but if so which company to give up banking, insurance, it is almost impossible.
Statistics show that in 2001 the national bank-insurance premium income of only 50 billion yuan, accounting for life insurance than the proportion of total revenue 3.5%; to the premium income in 2002 soared to 388 billion yuan, accounting for 17.1% of total income life insurance ; in 2003 the premium income is expected to be 800 billion yuan, accounting for 25% of total income life insurance. And, in some insurance companies, bank insurance revenue has accounted for the total premium income of more than 70%.
In fact, in the growth stage the impact of the use of bank insurance market and increase market share as quickly as possible, access to client resources, and further in conjunction with traditional products and traditional channels of marketing, this approach has been adopted by many insurance rookie and has achieved good results. A typical example is the Taiping Life. The resumption of business by the end of 2001 just life insurance company, opened at the beginning will push for banking, insurance, 5 months when he realized the premiums paid 150 million yuan, becoming the fastest-growing life insurance companies.
A foreign insurance companies, bank insurance business, a responsible person, said: "As a long established insurance company, in order to gain a firm foothold in the market, they must be able to obtain customer resource, open the profile. If the reliance on traditional agent, up-front costs are too high, while the bank insurance is the best way to dominate the market. However, the market is the best selling products of 5-year dividend, if we do not 5-year period, the product does not go out on sales. Therefore, even if margins are thin or , they have to bite the bullet on. "
In the "standing only as" China's life insurance industry, banking insurance, it is by virtue of its growing size of the achievements of an important position. Coupled with a spring of this year, the insurance market is an attitude of "cattle to go over and over," the busy scene, so there is no Which insurance companies will give up at this time, bank insurance, so that my big opportunity to come on when the lame leg.
Small-scale improvements in fact, for the insurers. Mai Bumai banks and insurance have no choice. However, what are they selling, how to sell, or quite luxurious.
For the insurance companies want to quickly dominate the market for large-scale roll out the network to sell a simple product quickly gathered premiums naturally is the best choice. Although a single product for the company's profit contribution can be negligible, but for the entire company's strategic development, the Bank Insurance was able to make an important contribution. For a new insurance company set up by banks and insurance department head, said: "Shortly after the product launch, we have fifty or sixty outlets daily premiums reached more than 100 million, quickly establishing a brand image . and the agencies are coming in customer data, we can carry out secondary development of more profitable to sell to them the accident insurance or pension insurance. "
However, those who have occupied certain market share in the implementation of a large insurance company has a different strategy, that is to reduce the size of dividends products, turned to more profitable high-end customers to provide protection products. Alleged that the earliest introduction of dividend categories of banks insurance products, Ping An Insurance, has begun to gradually reduce the bank outlets nationwide, and gradually began to replace short-term products with long-term product.
Some experts pointed out that the big insurance companies this strategy closer to the mature business model. 5-year dividend of products weakness is that it is too much emphasis on the concept of short-term savings and investments and ignores long-term security features, its greatest contribution to the insurance company is to expand customer base, and is not profit. The large insurance company after years of operations, to customer demand for resources is not as big as the new company, if it continues pushing the product, although it may contribute to large insurance companies dominate the market share, but it can also challenge the company's capital operation ability, may be wasted.
How to policyholders in the selection process in existing banks would have more of them into that part of the purchasing power of the long-term products and assuring product holders, which has become the major insurance companies now consider the main issues. In the banking sector, the real face of the high-end customer sales of banking products still fall far short of needs. Of course, once the financial derivative products which have a breakthrough in the near future, the entire financial market will be a different story of the.
A state-owned commercial banks in the Pudong financial center, a client manager, says that currently the bank financial center consignment are 45 kinds of insurance products, but all five-year dividend of products. As the financial center to cope with the high-end customers, they have more investment options, insurance and failing to invest in dividend income, but also tend to choose funds and other investment products.
As a result, many insurance companies and banks began banking centers to launch a full range of life insurance products. Pacific Insurance and China Merchants Bank in which the cooperation was exemplary. There are insurance companies completely out of the existing bank-insurance model, to design a new channel integration plan. One of the most representative of the course ought to set up near Heng Standard Life.
Senior Training Manager Standard Life Heng Xu Ma, said: "the early 1980s, when banks began to develop when the insurance, which is defined only by financial institutions in the counter sales of life insurance products. And now, banks and post office network has been able, through its control of the customer information, by phone, mail and the Internet, direct distribution of insurance policies to customers. In our view, this idea can still continue to grow. We can, and any customer channels agencies selling of insurance policies to their customers. "
It is based on this consideration, Heng Standard Life and Tianjin, is brewing a local newspaper groups to sign an agency agreement, the use of more than 4,000 people the group's newspaper subscriptions newspaper delivery team, to the group more than 60 million customers in selling of insurance policies.
"To take this approach, we are mainly based on two considerations. First, the bank insurance to meet all needs in the current competition, banks will demand a higher agency costs, while the other channels relatively low cost; In addition, the bank customers, most of them office workers come and gone, it may not have time to note that promotion of insurance products, banking outlets are after all limited. through Newspaper Group newspaper delivery team, our products can be delivered directly to customers at home . "
Of course, through the press distribution channels to sell insurance products, unlike banks and insurance, as people feel taken for granted. For some of the problems that may be encountered, Heng Standard Life also has fully considered.
"The issue is not only newspaper delivery personnel usually, but also charged with collecting pay the utility bills, to send milk to send dishes other work. Their advantages and customers to meet directly compare the relationship between the past, weaknesses lie relatively far away from insurance products. So, We do not intend to have one so that they can sell insurance products directly to customers, but on a questionnaire distributed to customers the way stoning pathfinder. and then the situation according to the questionnaire, targeted to sell a simple product. and then make further secondary development of the customers to sell other products. Now, the majority of personnel for the sale of insurance products issued enthusiasm relatively high, the effect should be good. "
The key is whether this can really be these channels are incorporated into the overall development framework of insurance companies.
Natural enemies of banks and insurance insurance company of all these efforts there in 2003, bancassurance is still booming. How to further in 2004, insurance companies, they are invariably find it difficult. Always believed in the "Innovation is the first imitation" of the Chinese insurance companies, but found that the good ideas in the bank insurance market seem to have lost the magic.
Europe is the world's banks and insurance industry's most developed regions, while France is the ancestor of the European banking and insurance, as of the end of 2003, the French bank insurance premiums throughout the life insurance market accounts for about 65% or so. Among them, Jia Defoe Bank of France Bank of insurance is the most important insurance market, one of the participants.
According to reports, good Defoe banks insurance companies established in 1973 as BNP Paribas, a wholly-owned subsidiary of France and Europe was the first two insurance companies specializing in bancassurance one. Established in that year, good Defoe has signed on with its parent company, a comprehensive cooperation agreement. It seems that at the time a new insurance business principles and practices, making BNP Paribas in the first year that the total investment costs were recovered, while the good Defoe, also began a full year profit.
French Life Insurance Co., Ltd. Shanghai Jia Defoe, Huang Ping, chief representative in France, worked for many years, in his view, China's banks and insurance while in these years and have made great progress, but to really develop to the European level First of all regulations in the still awaiting a breakthrough, technology and experience to be further enhanced and accumulation.
Huang said: "The good Defoe 30 years of experience has shown that bank insurance you want to succeed, we must really mobilize the enthusiasm of the banks. Only for the banks to create added value, in order to have the insurance company value." Experts pointed out that China's current situation, banks and insurance companies can not really tied to the interests of both sides, coupled with the investment environment also is not ideal, to the bank insurance so deep, really rather difficult. "
Can be said that the insurance product innovation is the main force of China's current financial innovations. However, insurance companies generally face poor investment channels, has become a stumbling block. Because the current limited use of insurance funds, investment type insurance products, the yield would be very difficult, and other comparable investment. Products, if the dividend yield is not high, it is difficult to appeal to customers. At the same time, profit-sharing ratio is too large, but will also affect the profits of insurance companies is indeed a dilemma. Insurance companies want to protect the bank insurance products to the guide, but the provisions of protection of products are usually complex, if the banks do not strongly co-ordination is difficult to promote.
At the moment, China's financial sector are beginning to realize that if not universal banking, banks and insurance companies would be difficult to achieve the interests of both to enjoy, risk sharing, but only ran into each fly disaster; do not open up investment channels for insurance funds, Investment type insurance products will not be competitive, insurance companies, "make money off crying," the time inevitably lose money.
Policy Dongfeng The good news is that the regulatory authorities have begun to realize the problem. In the recently concluded "China's Insurance Industry Innovation and Development Forum," the first meeting, the China Insurance Regulatory Commission Vice Chairman Wei Ying-Ning pointed out: "The current banking sales agent of the life insurance business life insurance premium income has accounted for nearly 1 / 3, is a big business has. And now insurance companies and banks, bank insurance agency, it is just a low-level co-operation. If a bank and an insurance company did not property rights, cooperation, while a certain period, but not long-term stability, may not be able to implement a long-term strategic cooperation. As a starting point, is not it can be studied how the insurance industry and the banking sector through the relationship between ownership and to build long-term cooperation relationship problems? "central bank vice governor Wu Xiaoling, a further said:" The adoption of Financial Holding ways to achieve the overall financial operations, currently in the country is already an objective to exist. comprehensive management is not the problem or not, but how to regulate its problems. It should be said that the objective to promote the development of China's financial industry , but it also brought some problems. If we do not study it, do not face up to it, and will be detrimental to the future development of China's financial sector. "
In the area of operation of insurance funds, the future is also a promising step by step.
Since 1995, the insurance money can buy treasury bonds, insurance funds in 1999, the market indirectly through the Fund, to the last year, two insurance companies in the overseas market, particularly in the recent State Council published the "reform and development to promote and stabilize the market direction of a number of opinions" put forward the capital market, insurance companies to become one of the leading institutional investors to support a variety of insurance funds directly into the stock market. It can be said, capital markets and insurance markets, docking, interaction has entered its final preparatory stages.
