From March 1, the scope of the pilot has been expanded to the whole country——

  Exclusive commercial pension insurance to meet multi-level needs

  Our reporter Yu Yong

  Recently, the China Banking and Insurance Regulatory Commission issued the "Notice on Expanding the Pilot Scope of Exclusive Commercial Endowment Insurance".

The "Notice" stipulates that from March 1, 2022, the pilot area of ​​exclusive commercial endowment insurance will be expanded nationwide, and endowment insurance companies will be allowed to participate in the pilot program on the basis of the original 6 pilot insurance companies.

  In May 2021, the China Banking and Insurance Regulatory Commission issued the "Notice on Launching the Pilot Program of Exclusive Commercial Endowment Insurance", specifying that starting from June 1, 2021, the pilot program will be launched in Zhejiang Province (including Ningbo City) and Chongqing City.

  During the interview, the reporter learned that the two regions where the pilot program has been carried out are representative of the whole country to a certain extent, mainly showing the dual characteristics of heavy pension burden and insufficient pension security.

  Zhejiang Province has a developed private economy, and a large number of well-known express delivery companies such as Shentong, Yuantong, Zhongtong and Yunda have emerged.

In 2020, there are more than 1,400 express delivery companies and more than 300,000 express delivery employees in Zhejiang Province.

According to preliminary research, the demand for insurance protection of flexible employment groups has been increasing in recent years.

The social basic pension insurance in Chongqing has the characteristics of "three 50%". First, the basic pension covers 50% of the city's population. Second, the employee pension covers 50% of the basic pension security group. Third, the aging is serious, and retired employees And the proportion of the number of active employees is 50%.

  Cui Anming, deputy director of the Zhejiang Banking and Insurance Regulatory Bureau, said that as a regulatory agency, on the one hand, each pilot company is required to actively use the product features of the exclusive insurance type "inclusive benefit and profit", reduce the initial cost to the greatest extent, and strive to benefit more people. At present, many companies The preferential policy of zero initial fee is still implemented.

On the other hand, guide the pilot insurance companies to focus on the promotion of new industries, new forms of business and flexible employment based on the characteristics of the active digital economy and private economy in Zhejiang, and encourage the pilot companies to actively cooperate with online car-hailing platforms, express industry associations, and taxi management. Communicated with departments to explore feasible paths in terms of payment support provided by enterprises and institutions for employees to purchase exclusive commercial endowment insurance.

  According to Xu Jie, deputy director of the Chongqing Banking and Insurance Regulatory Bureau, Chongqing has put the pilot direction on pension security for flexible employment groups.

The Chongqing Banking and Insurance Regulatory Bureau has explored a linkage model of "support from competent authorities, joint efforts of the industry, and independent choice of enterprises", and strengthened communication with Chongqing Post Administration, the Municipal Federation of Trade Unions, the Municipal Road Transportation Center and other departments. Credit enhancement” method to improve the effectiveness and penetration rate of exclusive commercial endowment insurance product promotion.

  Compared with traditional commercial endowment insurance and other endowment financial products, the pilot product of exclusive commercial endowment insurance is flexible, safe, long-term, highly selective and beneficial to the people.

The flexibility is reflected in the low minimum premium payment requirements, and some companies can invest as little as 100 yuan during the pilot period; the payment period is flexible, and the monthly payment and annual payment can be selected. invalid.

The security is reflected in the "guaranteed + floating" account income model, and the account has a minimum guaranteed interest rate.

The long-term performance is that the product is designed to help consumers make pension reserves for the future. The surrender requirements are more stringent, and there will be losses in the early surrender, so as to guide consumers to accumulate pensions for a long time, and it is clear that the long-term holding until the age of 60 will enter the receiving period.

The strong optionality is that the product provides two kinds of accounts: stable (conservative) and aggressive (active) for policyholders to freely choose or combine configuration, and can also realize the conversion of stable and aggressive accounts within the validity period.

The strong benefit to the people is reflected in the fact that the exclusive commercial endowment insurance has fully considered the reduction of additional costs at the beginning of the product design, and the sales expenses are much lower than other commercial endowment insurances on sale. people.

  According to data from the China Banking and Insurance Regulatory Commission, as of the end of January 2022, the six pilot companies have underwritten nearly 50,000 insurance policies, with a cumulative premium of 400 million yuan. million people.

  During the pilot process, the Zhejiang Banking and Insurance Regulatory Bureau guided insurance companies to establish an internal management mechanism compatible with the long-term development of the exclusive endowment insurance business, including a long-term sales incentive assessment mechanism and a risk management and control mechanism.

The Chongqing Banking and Insurance Regulatory Bureau requires insurance companies to publicize objectivity and neutrality to protect the right of choice for enterprises and individuals. At the same time, insurance companies are required to provide risk warnings such as "risk of surrender and uncertainty of account income" to protect the consumption of the pilot population. The rights of the owners are not harmed.

  During the interview, the reporter learned that the features of exclusive commercial endowment insurance, which is easy to insure, flexible in payment, and stable in income, have been gradually understood and accepted by consumers.

Each insurance company has initially formed a business model that suits its own characteristics, and has accumulated certain experience in serving new industries, employees in new formats and flexible employment.

"Finding problems, solving problems, testing and optimizing the model in practice, and laying a solid foundation for later development is the value of the pilot work," Xu Jie said.

  The relevant person in charge of the China Banking and Insurance Regulatory Commission said that expanding the scope of the pilot program will enable more consumers to access exclusive commercial pension insurance products with strong pension functions, and further guide and cultivate the concept of pension financial consumption; it is conducive to promoting the pilot insurance companies to further explore commercial pension insurance products. Develop experience, promote and standardize the development of the third pillar endowment insurance, and better meet the people's multi-level endowment security needs.

  The "Notice" emphasizes that all pilot companies should formulate business plans reasonably, continue to innovate products, and explore to meet the diverse needs of employees in new industries, new formats and flexible employment. .

After the scope of the pilot program is expanded, the relevant regulatory requirements shall be governed by the "Notice on Launching the Pilot Program of Exclusive Commercial Endowment Insurance".

  Wang Xiaokang, deputy general manager and chief actuary of Dajia Pension Insurance Co., Ltd., said that in the context of the aging trend, pension has become a topic of concern to the public, and the expansion of the pilot program of exclusive commercial pension insurance will inevitably promote more citizens to understand business Endowment insurance, which enriches the pension payment scheme by means of the third pillar.

In addition, the expansion of the scope of this pilot is a rare opportunity for pension insurance companies.

Everyone Pension is actively researching and judging policies, polishing product plans, and striving to launch products with market influence.