In 2019, the marketing of various insurance companies' "opening the door" products was in full swing. From the 2018 "open door" product change trend, it can be seen that whether it is the bancassurance channel or the individual channel, the sales products are all transitioning to the medium and long-term annuity products, and more emphasis is placed on the insurance guarantee function.
"Financial Times" reporters found out that this year, various insurance companies "open the door" products still distinguish between the bancassurance channel and personal channels, but the common point is that the product cycle is mostly extended to the medium and long-term, and the protection function of the guaranteed products is further upgraded. , pricinginterest rateIncreased and more attractive to potential consumers.
Bank of China insurance channel: universal insurance is still popular
With the “open door” product marketing entering the 10th day, the trend of various insurance companies in this marketing war has gradually become clear. For the bank port, the difference from previous years is that due to the impact of the capital market environment, the bankFinancial managementProduct yields fell from 5% at the beginning of 2018 to around 4.5%. At the same time, the new regulations on asset management require bank financing to break the rigid redemption, and the wealth management products promised to protect customers are gradually reduced. This adds a little concern to investors who have been slightly frustrated in the stock market investment and turned to capital preservation products.
Compared with the previous years, the bancassurance channel contributed a lot to the marketing of “open door” products. Since the life insurance reform in 2017, the products began to turn to the protection type.Insurance ProductsMainly, the share of wealth management insurance products such as universal insurance and investment-linked insurance has gradually declined, and the contribution of various insurance companies to the insurance policy has also declined. Looking back at the 2018 bancassurance channel in the “open door” marketing stage, due to the transformation of insurance companies, the product form has been converted to medium and long-term, and a large number of expired short-term insurance has no corresponding supply of short-term and long-term insurance products, and product continuation has become a big problem. A state-owned bank staff told reporters that this year's bank-end sales of "opening the door" product has been extended, mostly concentrated in three-year, five-year products, especially five-year products, one year, two years The products are no longer the mainstream of sales.
Although the sales products of different business outlets are different, due to factors such as lower yields and weaker payment of wealth management products, universal insurance products are once again welcomed. Take Ampang Leying Insurance (Universal) as an example. Men and women between the ages of 0 and 16 buy this product, and the price is 3 years after the investment.interest rateAt 4.55%, compared with the 418 3-year bond interest rate of 4%, the universal insurance has a slight lead in yield. In terms of selling short-term financial products, the bancassurance channel still maintains its inherent advantages, while the sales of long-term guaranteed products need to rely on personal channels.
Personal channel: manpower and insurance
From a personal perspective, there are revolutionary advantages in both human and insurance this year. On the one hand, the quality of insurance agents determines the strength of channel marketing capabilities, and outstanding marketers are one of the key factors in the successful sales of “opening the door” products. In 2018, due to the decline in sales of annuity products, many insurance agents have lower incomes, industry salesmenPerformancePoor, and income is the main factor that determines the retention of agents. In addition, the major insurance companies take the lead in transformation, and the talent strategy has changed from a heavy “quantity” to a “quality”. According to the "Basic Ecological Survey of 2018 China Insurance Agents", more than 1/2 of the insurance salesmen earned less than 6,000 yuan a month. Under such circumstances, the cost of sales talents is huge. However, the new tax payment method implemented on January 1 this year will increase the income level of insurance marketers. After the reform, there are two changes in the calculation of the exhibition industry's income deducted by the salesperson's income - the cost of the exhibition industry is reduced from 40% to 25% of the income; the income from the laborer's income from the commission income is deducted by the cumulative withholding method. For the advance payment of taxes, the personal income tax withholding rate table applies. This means that after the tax reform, the insurance agent's taxation method is the same as the salary and salary. The labor compensation is subject to the comprehensive income tax system, and the personal income tax exemption amount is adjusted to 60,000 yuan/year, so that the original salesperson group with low income can enjoy 3 % or 10% low tax rate. Significant increase in income after tax reform will have an important impact on the retention of talent in the insurance industry.
On the other hand, due to the collective transformation of life insurance companies, the products are upgraded to the main products of the guarantee products. Therefore, the market environment provides a good living soil for the protection products such as health insurance. According to the data of the China Insurance Regulatory Commission, from January to November 2018, under the overall background of the original insurance premium income of personal insurance companies decreased by 0.5%, the health insurance business has achieved rapid development. The original insurance premium income reached 505.88 billion yuan, accumulating the year-on-year growth rate. The 16.8% in January rose to 23.2% in November. Some insiders believe that although the product structure adjustment is still going on, the short-term "open door" marketing products are still dominated by financial products, but with the sharp increase in health insurance products, the future may become a new kinetic energy for the "open door" product sales. . Tianfeng Securities Research Institute predicts that with the continuous release of residents' health insurance demand in 2019, health insurance will develop rapidly and premiums and value contributions will be further enhanced.
As some insurance companies are busy sprinting at the end of the year, the preparations for this year's “open door” stage are not enough, coupled with the transformation of insurance companies and the increase in sales of guaranteed products, the market is not positive enough for the “open door” product sales. However, in the long run, the regulatory authorities emphasize that insurance should be based on guarantees, focus on the development of long-term insurance-type insurance, and promote the continuous improvement of the value rate. After the transitional transition phase is completed, the sales of “opening the door” products will return to the peak.
(Article source: China Economic Net)