Rectify the chaos of Internet insurance, reshape the new ecology of industry development
peaceful
Regulators have taken another major move to rectify the chaos of Internet insurance.
Recently, the China Banking and Insurance Regulatory Commission issued a notice, deciding to carry out special rectification work across the country, focusing on rectifying prominent problems such as misleading sales, forced tying, false high fees, illegal operations, and user information leakage.
The author believes that the regulatory authorities "prescribe the right medicine" to rectify the chaos of Internet insurance will help better protect the rights of consumers, deter illegal behaviors, optimize the market development environment, and reshape the new ecology of industry development.
Internet insurance started in 1997, and premium income has been increasing year by year since 2011. With the rapid development of the Internet economy, it has entered a phase of blowout growth since 2012. In November 2013, ZhongAn Online, the first domestic Internet insurance company Property Insurance Co., Ltd. was established, and Internet insurance entered the stage of channel innovation and product innovation, and insurance premium income grew rapidly.
However, with the rapid expansion of Internet insurance, the risks of Internet insurance business have gradually emerged. Some Internet platforms are suspected of illegally engaging in insurance business. Some insurance institutions have problems such as prominent Internet insurance product pricing risks, insufficient offline service capabilities, and many complaints and disputes. , Urgently need to standardize and rectify.
According to data from the China Banking and Insurance Regulatory Commission, in 2019, the China Banking Regulatory Commission received 19,900 complaints about Internet insurance consumption, a year-on-year increase of 88.59%.
In the first quarter of 2021, the insurance consumption complaint statistics report showed that Internet insurance companies ranked the top 10 in terms of complaints, and Internet insurance companies ranked first in terms of complaints about 100 million yuan in premiums. Internet insurance companies are among the top 10 property insurance companies.
In the face of market chaos and the ever-increasing number of complaints, supervision has played a "combined punch."
In October 2016, the “Implementation Plan for the Special Rectification of Internet Insurance Risks” was released. The focus of the rectification of the plan includes insurance institutions relying on the Internet to conduct cross-border businesses and illegally operate Internet insurance businesses; in June 2020, the China Banking and Insurance Regulatory Commission issued the “About The Notice on Regulating the Retrospective Management of Internet Insurance Sales, to standardize and strengthen the retrospective management of Internet insurance sales, to protect consumers’ basic rights such as the right to know, the right to choose and the right to fair transactions; February 2021, the “Internet Insurance Business Supervision” The Measures have been formally implemented, further regulating the nature of Internet insurance, institutional business qualifications, and sales behaviors, and it is clear that self-operated online platforms also need to be licensed.
This special rectification of Internet insurance chaos is also a continuation of the above-mentioned policy.
It can be said that these regulatory measures have played a positive role in guiding and regulating the healthy development of Internet insurance.
With the changes in potential insurance users in my country, the Internet insurance industry is facing huge room for growth, and the development of the industry is also facing fiercer competition.
In this context, higher requirements have been placed on all parties in the market.
From the perspective of supervision, supervision efforts should keep up with the development of Internet insurance in a timely manner, further improve the Internet insurance supervision mechanism, improve the rule of law system for Internet insurance, and provide a strong legal basis for supervision.
At the same time, in the process of rectifying chaos in the industry, we must also pay attention to methods and methods, and properly handle the relationship between supervision and innovation.
From the point of view of insurance institutions, it is necessary to provide customers with personalized services through differentiated products, and to build the core competitiveness of enterprises in market competition.
At the same time, it is also necessary to transform the results of special governance into development motivation, and strive for a more standardized and higher-quality development of the entire industry.
From the consumer's point of view, we must rationally choose products that are suitable for ourselves, do not blindly believe in high-yield propaganda, carefully study insurance contracts, do a good job of prevention, and beware of being deceived.
The author believes that the purpose of rectifying the chaos in the Internet insurance industry is to resolve existing risks, control incremental risks, and further optimize the ecological environment of market development through special rectification, promote the healthy and sustainable development of the industry, and establish and improve long-term supervision of Internet insurance. mechanism.
(Securities Daily)