At present, there are still some problems in the cooperation between insurance companies and commercial banks, such as narrow scope, similar products and irregular supervision. Therefore, under the complementary effect and synergistic effect of the cooperation between banks and insurance companies, they should strengthen the strategic alliance between banks and insurance companies, expand product innovation and improve industry supervision in the future, so as to promote the development of the cooperation between banks and insurance companies to the financial holding company model.
keywords: insurance company; Commercial banks; Bank-insurance cooperation
I. History of cooperation
When it comes to the cooperation between insurance companies and commercial banks, I have to mention one? Bank insurance? Bank insurance refers to the cooperation between banks, postal services, IMF and other financial institutions and insurance companies to provide their products and services to their customers through the same sales channels. Although the cooperation of bank insurance has been widely concerned recently, it has a very long history, which can be traced back to the last century, and the real emergence of bank insurance business began in the 198s. Under the background of great changes in European finance, taxation and legislation, a new word, bancassurance, appeared in the financial field of western countries, and this business was born.
The mode of selling insurance products through bank outlets began in France. In 1973, two insurance institutions in France began to innovate in the way of insurance marketing and began to use their own online stores to sell insurance products. However, China's banking insurance business started relatively late, but the development speed is quite fast. Compared with foreign banking insurance in a strict sense, the development of domestic banking insurance is still in the primary stage. According to its business development, it can be divided into the following stages.
1. The embryonic stage (before 1996)
China's bank insurance rose in 1995, when some pension and term life insurance products were mainly sold through bank counters. Since 1996, the sales of bank insurance products have declined.
2. Initial stage (1996-21)
After 1996, due to the increasing number of subjects in China's insurance market and fierce competition, many insurance companies cooperated with banks and signed agreements, and began to try to jointly develop the bank insurance market, taking the first step in developing the bank insurance business in China. Several major state-owned insurance companies and joint-stock insurance companies have established cooperative relations with commercial banks. The cooperation content has expanded from simple business such as collecting insurance premiums, paying insurance premiums on behalf of them, and selling insurance products on the counter, to a wide range of fields such as financing business, fund remittance and network settlement, e-commerce, joint issuance of credit cards, policy pledge loans, and customer information sharing.
3. Development stage (since 22)
Since 22, the cooperation between banks and insurance companies in China has been strengthened, and a strategic alliance between banks and insurance companies has been gradually established. Through the strategic alliance, it is beneficial for the two sides to carry out in-depth and meticulous cooperation in agency business, product development, training, comprehensive information services, computer networking and other aspects, which provides experience and institutional guarantee for the maturity of bank insurance in the future.
second, the inevitability of cooperation
1. complementary effect
the construction of cooperation mode of bank insurance strategic alliance can also bring complementary effect. Complementary effect is the effect produced by the mutual supplement of resources between enterprises participating in the alliance. The parties participating in the alliance are complementary in resources and economic activities. The strategic alliance mechanism makes these scattered advantages combine to form comprehensive advantages, and enables the two partners to obtain complementary advantages of resources through mutual transmission of information, mutual sharing of technology and mutual cooperation of markets, share their respective advantages and overcome each other's weak links, so that the cooperative enterprise can obtain and dominate resources in a wider range under the conditions of a given scale. It has brought complementary technologies, capabilities and markets to the alliance, and also enabled these resources and economic activities to be newly combined, extended and enjoyed in the alliance, giving full play to the potential energy and complementary advantages of resources, thus realizing the increase of income of both partners and the enhancement of core competitiveness. From the perspective of complementary resources, insurance companies and banks have their own advantages and disadvantages in marketing channels, management ability, talent reserve, design and development, information resources and so on. Banks have branches all over the country, extensive customer resources and good reputation. Insurance companies can effectively use huge business resources such as banking outlets, customer groups, settlement methods, service methods and capital accounts. Relatively speaking, insurance companies have the ability to develop insurance products, actuarial, underwriting and claim settlement, which banks lack. Therefore, insurance companies and commercial banks have complementary resources.
2. Synergy
The construction of cooperation mode of bank insurance strategic alliance can also bring synergy. Synergy comes from economies of scale and scope. Because small enterprises are far from achieving economies of scale, compared with large enterprises, their production costs will be higher. Through alliance and cooperation, these small enterprises that have not reached economies of scale can produce synergy, improve the efficiency of enterprises, reduce costs and increase profits. Strategic alliance emphasizes the overall compatibility between the two partners, attaches importance to the common use of certain business resources, realizes the sharing of resources and advantages, overcomes the internal and external constraints of cooperative enterprises, expands the extension of enterprises, is conducive to the growth and expansion of enterprises, reduces repeated investment, reduces the cost of each business unit, avoids the risk of scale expansion, and effectively realizes the scope economy.
the alliance between insurance companies and banks will help to reduce similar links and structures, and further optimize the organizational design and marketing process of both partners, so that their respective resources can be more rationally allocated, transaction costs can be saved, costs can be lower and efficiency can be higher. In the strategic alliance of bank insurance, banks have branches all over the world, so insurance companies can use their branches, bank employees and customer resources as the best channels to sell insurance products, and the credit card center and customer consumption records of banks have also become the best marketing databases for insurance companies, thus making full use of the bank's surplus production capacity, realizing that the cost of selling a variety of financial products from bank channels is lower than that of opening up sales channels for each financial product, thus forming economies of scale and scope.
3. Analysis of cooperation channels
1. The main features of China's banking and insurance business model at present
(1) The trend of mixed integration
This comprehensive cooperation between Chinese banks and insurance companies based on customer service and business development is simple and loose. In addition, because China is implementing a management system of separate financial operations at present, it is forbidden for banks and insurance companies to enter each other's fields in the form of equity, but it has also been prohibited by law in recent years. The merger and acquisition activities between banks and insurance companies have created a precedent for the integration of banking and insurance in China by means of equity, thus promoting the development of bank insurance from a low stage to a high stage.
(2) product similarity
The bank insurance products developed by life insurance companies and property insurance companies are very similar, and the competition between life insurance companies and property insurance companies is fierce, and there is no trend of mutual integration and complementarity. Therefore, the sales of insurance products by banks often depend on the level of agency fees charged. In addition, the bank's sales method may also lead to the insured's purchase of insurance products that are not what they need, which may easily lead to consumers' failure? Trust crisis? . This crisis will not only endanger insurance companies, but also damage the reputation and interests of banks. As a result, there is a crack in bank insurance cooperation.
(3) Asymmetric cooperative relationship
Simple agent sales model, banks and insurance companies have not established a long-term mechanism of sharing interests, and the cooperative relationship is unstable. In the cooperative relationship between bank and insurance, banks are in a dominant position, which is reflected in the division of sales outlets and the increase of agency fees. At present, the bancassurance cooperative association is generally signed once every three years. Banks decide the distribution of agency resources according to the marketability of insurance companies' products. One agency can sell many insurance companies' products, and the agency fees of bancassurance products are also rising.
(4) The scope of cooperation is narrow
The cooperation between banks and insurance companies mainly covers five aspects: first, banks sell insurance products as agents; Second, insurance companies provide insurance services for banking products; Third, take the insurance policy as an effective pledge of bank loans; Fourth, banks provide fund settlement services for insurance companies; Fifth, insurance companies invest in bank financial bonds, and banks and insurance companies conduct financing activities such as lending, bond repurchase and treasury bond trading.
2. Selection of cooperation channels
(1) Vigorously develop the strategic alliance between banks and insurance companies
At present, the cooperation between banks and insurance companies should continue to vigorously develop the cooperation mode of the strategic alliance between banks and insurance companies, such as network sales, resource sharing, cooperative development of new products, financing cooperation, and establishment of a unified operating platform, so as to realize deep cooperation between banks and insurance companies, which is beneficial to both sides in agency business, product development, personnel training and integration.
(2) Strengthening the legislative norms of the financial industry
Since the end of the 199s, there have been few management documents on bank insurance business in China, and there are many of them. Notice? 、? Way? The emergence of other forms has not really fallen to the legislative level. This leads to the short-term effect of these regulations or measures, and can't cure the chaos in the development of China's bank insurance business. Therefore, it is urgent to strengthen the legislative norms of China's financial industry, which is conducive to promoting the better development of bank insurance business and will also affect the pace of sustainable development of China's financial industry in the future. China's financial management system has always adhered to separate operations, and the banking supervision department and the insurance supervision department have their own duties. In 2, China People's Bank, China Insurance Regulatory Commission and China Certificate? Change? The joint meeting system was established, the coordination of the three major regulatory departments was strengthened, and the first step was taken to the comprehensive financial supervision Committee. However, in the long run, we should set up a specialized agency responsible for comprehensive financial supervision, make overall planning and overall layout, uniformly formulate relevant laws and regulations of China's financial industry, centralize regulatory information, coordinate regulatory policies and standards, and monitor and evaluate the overall risks of the financial industry.
(3) Promoting the development of financial holding company model
At present, financial holding groups represented by Bank of China and China Ping An have successfully tested the water? Financial holding company? Mode. To promote the development of financial holding companies, we must first establish an orderly internal governance structure and improve the integrity of the system governance of financial holding companies; Secondly, we should improve the external supervision mechanism of financial holding companies and optimize the coordination mechanism of financial supervision.
(4) Carry out product innovation and expand the scope of cooperation
The relationship between cooperative products of banks and insurance institutions mainly shows substitution and complementarity. In the future, insurance companies and commercial banks should carry out investment bank insurance product innovation with safeguard function, and carry out product collaborative innovation in a wider range of areas, such as real estate finance, auto finance, telecom finance, aviation finance and other corporate business areas of banks, tailor-made portfolio financial service plans with safeguard function for different industry units, and expand the scope of cooperation between banks and insurance companies. Only by close cooperation can bancassurance better cope with market changes, seize development opportunities, enhance cooperation value and achieve win-win cooperation.
References:
[1] Li Longhai. Research on the Cooperation Mode of China's Banking and Insurance [D]. Guangzhou: Jinan University, 28.
? ? [2] Wu Yi. Research on the Cooperation Mode of Bank Insurance in China-Taking China Ping An Insurance (Group) Co., Ltd. as an example [D]. Shanghai: East China Normal University, 213.
? ? [3] He Lei. Research on the coordinated development of banking and insurance based on the system perspective [D]. Changsha: Central South University, 214.
[4] Lou Qiudi. Building a strategic alliance cooperation model of China's banking insurance: finding the right point of value creation [J]. Insurance research, 2