2021 is an extraordinary year. The development environment of the financial and insurance industry has undergone profound changes, economic growth has slowed significantly, interest rates have dropped significantly, and asset quality pressure has increased significantly.
The underlying logic of the financial and insurance industry has changed, and differentiation and elimination are becoming the new normal.
The Central Economic Work Conference unabashedly pointed out the triple pressure of demand contraction, supply shock, and weakening expectations in 2022.
The pressure of the complex situation is quickly transmitted to major financial institutions, and the word "stability" has become the top-to-bottom choice in 2022.
As a China Life Group that spans three major sectors: insurance, investment, and banking, its new party secretary Bai Tao also set the tone at the 2022 work conference of "stabilizing growth, stabilizing status, controlling costs, and controlling risks", and focused on improving
The five abilities have been improved.
Judging from the publicly available operating data of China Life Group in 2021, the consolidated revenue exceeds 1 trillion yuan, the consolidated total assets exceed 5.7 trillion yuan, and the consolidated third-party assets under management exceed 2 trillion yuan. "Stable", for this serious company
For the state-owned financial and insurance "giant" that has experienced the pain of industry transformation and other "storms", it has extremely special and important meanings.
For the liability side of the insurance industry, despite facing many troublesome problems such as a shortage of agents and a poor overall reputation of the industry, the prospects of the insurance market are still broad and worth looking forward to.
From a macro-level comparison of economic size and corresponding insurance depth, China is still the world's largest incremental insurance market.
From the perspective of the policy environment, the accelerating new development pattern and common prosperity will inevitably promote the formation of more new industries, new business formats and new scenarios, thereby providing more possible space for insurance product innovation.
From the demand side, although the COVID-19 epidemic has accelerated changes in the logic and model of insurance sales in the past two years, it has also accelerated the popularization of risk awareness. The public's demands for risk management, wealth management and health management have become more specific and intense. Insurance is expected to become
A "must-have" for businesses and individuals in their production and life.
In fact, the insurance industry does still have a lot to offer.
In addition to targeting the needs of ordinary consumers and developing suitable insurance products to compete in the market, leading companies like China Life are also participating in the modernization of social governance systems, the construction of multi-level social security systems, the three pillars of pension insurance, and rural revitalization.
At the strategic level, the comparative advantages and professional advantages of insurance protection are brought into play, which not only shoulders the mission and responsibility of the insurance industry, but also effectively broadens the sources of liabilities of the insurance industry.
Taking China Life as an example, the risk protection provided to the economy and society in 2021 will reach 537 trillion yuan, of which the risk protection provided through liability insurance will reach 49.74 trillion yuan.
Compared with critical illness insurance, health insurance, accident insurance and even car insurance, home property insurance, etc. that ordinary consumers are more familiar with, behind these trillion-level figures, there are more "invisible" insurance protections.
For example, the state attaches great importance to solving the problem of arrears of wages for migrant workers, especially during the end of the year and the beginning of the year. Since the implementation of the "Regulations on Guaranteeing the Payment of Wages to Migrant Workers" in May 2020, China Life has proactively responded to the system's implementation needs by establishing a system to solve the problem of arrears for farmers in the engineering construction field.
We will develop a wage risk assessment model for migrant workers and carry out wage payment insurance for migrant workers.
The latest case occurred on the last day of 2021. The contractor of the Nanhongjialou Old City Renovation Commercial Garden Community Project in Linfen City, Shanxi Province was unable to pay 77 migrant workers for two months in the short term due to too much advance payment for the project*
**Salary exceeding 1.27 million yuan.
Relying on the China Life Construction Project Wage Guarantee Insurance, China Life launched a claim contingency plan and paid 1.277 million yuan in compensation to the account designated by the local Linfen Labor Inspection Brigade within 24 hours, ensuring that migrant workers could celebrate the New Year with peace of mind.
At the 2022 work conference, China Life stated that it had provided 161.3 billion yuan in wage payment guarantees for 3.23 million migrant workers.
Insurance is also closely related to commonly used medical insurance, and the insurance industry also plays an active role in assisting the modernization of medical insurance governance.
China Life provides health insurance entrusted management and management services such as basic medical insurance expense investigation, review and payment, trauma investigation, and fund supervision to urban and rural residents, urban employees, civil affairs assistance and other groups in areas with mature conditions.
At the same time, entrusted by the local medical insurance department, in the process of undertaking policy health insurance such as critical illness insurance, relying on intelligent review information systems and professionals, we promptly discover suspected illegal compensation cases and do our best to recover compensation, protect the safety of the fund, and give full play to the fund.
Maximum utility.
Over the years, it has covered nearly 100 billion yuan in medical expenses, and more than 1 billion yuan of suspected illegal expenses have been discovered and reported to local medical insurance for processing.
Insurance claims are one of the indicators that measure consumer satisfaction, so claims data reflect the quality of insurance development in the eyes of consumers to a certain extent.
Data shows that in 2021, China Life Insurance Company's compensation amount reached 54.6 billion yuan, and the acceptance rate was 99.65%. Both indicators ranked first in the industry. China Life Property & Casualty Insurance Company's compensation amount reached 58.1 billion yuan, and the acceptance rate was 99.65%.
The rate is 99.93%.
Adding the two together is equivalent to an average of nearly 309 million yuan in claims paid by China Life Group to its customers every day in 2021.