202 1, the curtain of the new decade of China's financial industry opens. Sina Finance launched the annual special topic of Financial Times, including three chapters: "100 people and 100 moments", "Time has temperature" and "Industry has feelings", looking back at the historical mirror, recording financial figures and looking forward to the journey of stars.

This article is jointly produced by Sina Finance and Baoqi.

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The growth rate of business data declined, and the channel breakthrough was not effective. After years of ultra-high-speed growth, in recent years, the insurance industry seems to have fallen into a new round of "stagflation period". Since last year, the stagflation effect has intensified.

This situation not only has the profound influence of domestic and international economic situation, but also has the influence of epidemic situation, but the deeper reason lies in its own positioning and a series of internal difficulties caused by it.

Whether it is the gap between the depth and density of insurance in developed markets or meeting the people's demand for insurance protection, the insurance industry has the responsibility to explore new development logic that is more suitable for this era in the process of reform.

What about the insurance industry?

The direction of the answer may have been clear as early as 20 17-high-quality transformation and development. From now on, the guarantee will be elaborated through a series of articles, and jointly published with Sina Finance in a series of special topics of the Financial Times.

The chill has arrived before the interim report.

In the past, large life insurance companies disclosed the premium income data for the first half of the year. The total premiums of five head companies, namely China Life Insurance, Ping An Life Insurance Company of China Life Insurance, PICC Life Insurance and Xinhua Life Insurance, reached 1.02 trillion yuan, with a year-on-year growth rate of only 0.77%, far lower than the original premium income growth rate of 5.2% in the industry.

Among them, China Ping An Life Insurance Company of China and PICC life insurance premium income decreased by 3.72% and 4.6 1% respectively. The premium income of Xinhua Life Insurance, China Life Insurance and Taibao Life Insurance increased by 3.85%, 3.4 1% and 2. 19% respectively.

Taikang Life Insurance, which is also a large life insurance company, performed well. In the first half of the year, the income from insurance business increased by 9.68% year-on-year to 984.438+06 billion yuan.

It stands to reason that large life insurance companies were more affected by the epidemic in the first half of last year, but the year-on-year growth rate of premium income still reached 5.29%. As the impact of the epidemic subsides, the premium growth of these companies should have a good performance in the first half of this year.

The gap between reality and "should" may mean that in addition to the impact of the epidemic, there are deeper factors that are plaguing the insurance industry. Under a series of policies to guide the high-quality development of insurance, the extensive development problem that relied on manpower scale and channels in the past has reached a point that cannot be ignored, and the transformation of life insurance industry is imminent.

As the head life insurance company in the industry, Duck Prophet of Chunjiang Plumbing first felt the "autumn" before winter, and has embarked on the road of transformation in recent years. The author tries to find out the characteristics of these companies' transformation paths and provide more reference for the transformation of the whole industry.

China Life Insurance: "Ding Xin Project" of "Revitalizing China Life Insurance".

Let's take a look at China Life. As the "first brother" of life insurance, its every move affects the eyes of the industry.

Since Wang Bin took charge of China Life Insurance in September, 20 18, a reform around the strategic goal of "revitalizing China Life Insurance" has been fully rolled out within the company, which is called "Ding Xin Project".

This is an all-round reform covering channels, mechanisms and systems, involving internal structure adjustment, personnel adjustment and incentive system reform. On this basis, China Life also launched the three-year action of "developing the country through science and technology".

"The strategy of' revitalizing China Life Insurance' is not imagined out of thin air, but a strategy based on the actual situation of the enterprise, combined with the business development status, personnel structure and the next development of the insurance industry, after in-depth investigation and repeated argumentation." On March 28th, 20 19, Wang Bin said at the company's annual performance conference.

In fact, the "Ding Xin Plan" is not a verbal reform. It's only been a year since it was put forward, and it blooms everywhere. By the end of 20 19, organizational structure optimization and personnel adjustment have been basically completed.

A "comprehensive and diversified" development system has also taken shape, integrating the sales resources of personal business in an all-round way, integrating the original insurance planner team, telephone sales team and exhibition and collection team. The traditional marketing department and the new exhibition and collection department are managed separately, and the two teams operate independently.

In terms of operation, the integration of front, middle and back offices was accelerated, an intensive intelligent operation system and a precise financial resource allocation system were gradually established, and an operational financial service center was launched.

In the 2020 annual report, Wang Bin bluntly stated that the first-stage goal of "revitalizing China Life" has been fully realized.

The promotion of science and technology is more significant. Under the digital transformation, nearly 50 cutting-edge technical topics have been deeply studied, and 28 intelligent application scenarios have blossomed. The hybrid cloud with powerful computing power and agility fully supports the company's operation and management to seamlessly switch from offline to online during the epidemic.

Ping An Life Insurance Company of China, China: Focus on three directions: channel, product and operation.

At the end of 20 19, China Ping An Life Insurance Company of China Insurance Company also launched the life insurance reform in an all-round way. Ma Mingzhe, chairman of China Ping An, has repeatedly stated in public that reform is imminent and there is no choice.

This is undoubtedly a major reform of Ping An Life Insurance Company of China Insurance Company, which is related to the future fate of China. It brings together three co-CEOs of the Group, as well as the expertise and high-quality resources of the Group across lines and businesses.

The reform project mainly focuses on three major directions: channel upgrade, product upgrade and business upgrade, making full use of digital empowerment to accelerate the project landing. In 2020, the top-level design of the project has been basically completed, and some projects have been promoted. For example, in August 2020, China Ping An Life Insurance Company of China Insurance Company upgraded the Basic Law, including the treatment upgrade, covering three categories of people: newcomers, outstanding executors and supervisors; Care about upgrading, enhance the agent's sense of belonging, and solve worries; Management upgrade, pay attention to team quality, realize sustainable management, and finally achieve the goal of sustained growth of manpower, continuous optimization of structure and continuous improvement of income.

As of the first quarter of 20021,the reform project of China Ping An Life Insurance Company of China insurance company has entered the stage of comprehensive promotion and implementation. In terms of channels, China Ping An Life Insurance Company of China promotes the implementation of basic management measures for agents at the institutional level, supports the development of team classification, and implements a more comprehensive and temperature-sensitive welfare protection plan for supervisors and excellent agents; The reform and reorganization of the bancassurance team has also been completed, and the exclusive technology, products and operation system of the bancassurance channel have been initially established.

In terms of products, China Ping An Life Insurance Company of China Insurance Company has increased the promotion of savings products, especially long-term savings products, in response to the increase in customer demand in the post-epidemic period.

It can be found that the transformation of China Ping An Life Insurance Company of China Company is not only its own transformation, but also the simultaneous promotion of the whole group's big financial, big medical and health, and smart city ecosystem construction, and finally forms a mutual promotion effect.

For example, in May this year, China Ping An released the brand "Year of Peace" and the first high-end product line "Year City", and laid out the health care industry through the combination of "finance+medical care+health care". As an important subsidiary of the Group, China Ping An Life Insurance Company of China Insurance Company naturally takes an active part in it, expanding service extension and seeking new growth points of insurance business.

Taikang Life Insurance: A Taikang Plan to Build a Longevity Era

Let's look at Taikang Life Insurance, which is a large-scale life insurance company that began to transform earlier in the industry. This round of reform can even be traced back to 2009, when the China Insurance Regulatory Commission approved the first pilot scheme of community investment for the aged in the insurance industry.

Subsequently, the construction of Taikang home care community was rolled out. At present, it has covered 22 key cities, 7 of which have been put into operation, including Beijing Yanyuan, Shanghai Shen Yuan, Guangzhou Yuan Yue, Wuhan chu garden, Suzhou Wuyuan, Chengdu Academy and Hangzhou Daqinggu.

In addition, Taikang Medical continues to make efforts to build Taikang Xianlin Drum Tower Hospital, Taikang Tongji (Wuhan) Hospital, Taikang Southwest Medical Center (to be built), Shenzhen Qianhai Taikang International Hospital (to be built) and Taikang Ningbo Hospital (to be built). Five major medical centers, Taikang Baibo Dental Chain, Taikang Medical Chengdu Clinic, etc.

After more than ten years of "laying the foundation stone", the Taikang plan in the longevity era was officially unveiled. This is also the staged development achievements of Taikang Life Insurance Group in the past ten years on the basis of integrating resources from all parties, and points out the future development direction.

The so-called Taikang plan is to build a new business model of "vigorous old-age care, high-end medical care, excellent financial management and extreme care" and build a big health industry ecosystem by building three closed loops of longevity, health and prosperity.

In addition to continuing to deepen the care for the elderly community and expand the integration of medical resources along the previous reform direction, Taikang also innovatively launched the position of "Health Wealth Planner (HWP)", which spans the three major fields of medical care, health and wealth management, transforming the sales of traditional insurance products into a health wealth management planner for high-net-worth customers, which is also a major measure for Taikang's internal human resources reform.

China Pacific Insurance: Release the long-term plan, and strive to improve the team.

Taibao Life Insurance has embarked on the pace of transformation. On June 5438+ 10 this year, the action plan of the long voyage plan was officially released, and the strategic goal of "one excellent, two stable and four new" was clearly put forward, that is, aiming at the best customer experience, pursuing stable value growth and stable market position, striving for new breakthroughs in channel diversification, taking new steps in health and wellness, making new progress in digital construction and organizing talent development to a new level.

Around the goal, CPIC Life has built four strategic cores: team upgrade, track layout, service value-added and digital empowerment.

Among them, team upgrading is an important focus of implementing the "Long Flying Action". Its strategy is to achieve business growth through structured increments, actively promote the construction of three key teams: core manpower (CE), top performance (CG) and new generation (CA), and improve team quality.

Specific measures include strictly controlling the "entry threshold" and changing the number of employees to recruitment; Through the systematic and strict training system, help newcomers to continuously improve their professional ability; Excellent manpower and excellent team will be drawn in the assessment.

In order to cooperate with the team upgrade, CPIC Life also began to implement the new basic law of agents this year, that is, the "Basic Law of Vitality". The main purpose is to activate excellent teams and stimulate the combat effectiveness of teams, not just individuals.

Of course, the transformation of CPIC Life is not a single channel transformation, but an upgrade of the whole group, with a strong "CPIC service" ecosystem behind it.

For example, the "Pacific Insurance Blueprint" aims to create exclusive health value-added services for customers; "Life Bank" mainly meets the health management needs of customers at different levels. In addition, China Taibao's first three-year planned investment of10 billion yuan has all entered the construction stage, which will serve life insurance customers.

Under the "insurance+pension+health" system established by the Group, the added value of CPIC life insurance business has been improved, and the differentiated competitive advantage has emerged.

Extension: three thoughts on the transformation of large insurance enterprises

It is not difficult to find that the reform of "treating the headache and treating the foot pain" has not adapted to the current situation and must be considered comprehensively. The digital transformation of the front, middle and back offices and the coordinated development of subsidiaries within the group must be brought into the transformation, and only the reform of "changing blood" is the way forward.

Secondly, what is the "turn" of transformation? On the surface, whether it is developing science and technology, digitizing, upgrading manpower, launching health wealth planners, building old-age communities, and developing large health industries in coordination, the most direct role is to improve the efficiency of the exhibition industry and extend the service chain, which also means that the real transformation is the development model of insurance companies. The original extensive development with manpower growth as the core can no longer meet the needs of the times, which is the driving force and the foothold of transformation.

Under the new development mode, "selling insurance" should only be a part of "selling services" of life insurance companies. The main "selling" is the ability of insurance companies to undertake all kinds of insurance protection, medical care, health care, old-age care and even more extended services during the customer's life cycle. This ability is not only based on the internal resources of the company, but also should attract more partners to integrate resources into the optimal model with an open mind, and truly take customers as the center, thus improving the added value of insurance products.

Finally, the reform of large life insurance companies can undoubtedly mobilize more resources, but it also means that they are facing the dilemma of turning losses into profits. Reform is a key measure for the future development of insurance companies, but it is a re-division of internal interests. If it is not handled properly, there will be a clear gap between the top-level design and the actual landing. I think the insurance companies that have been in transition for several years have poor premium performance in the first half of this year, and the transformation effect is lagging behind. Perhaps there are also reasons for this.