The social security system is a safety net for people's lives and a stabilizer for social operations. Weaving a comprehensive social security network and enhancing the balance and accessibility of security can effectively improve social resilience and better escort the new journey.

The life insurance industry has long been an important force participating in the construction of a multi-level social security system. The greater the task of social security, the greater the responsibility of the life insurance industry.

In particular, state-owned insurance companies should play the role of "head goose" and play the main role in ensuring and improving people's livelihood.

　　As the mainstay of the life insurance industry, China Life always insists on benefiting the people. With the help of the company's five major advantages in product service, marketing system, ecological platform, capital utilization, and risk prevention and control, it helps to make up for the shortcomings of people's livelihood security, improves people's well-being, and focuses on serving new groups , Grasp new models and enhance new capabilities.

Serve new groups

　　In recent years, urbanization, population aging, and diversification of employment methods have accelerated development. my country's social structure and population structure have undergone major changes. New groups have become key groups to further improve the level of social security and achieve universal coverage and fairness in the social security system. , is also the focus of the life insurance business.

One is to pay attention to the new generation.

Data show that the total population of the post-80s, 90s and 00s in my country is close to 40% of the total population of my country.

The new generation has become the backbone of my country's production and consumption.

Providing stable expectations for the new generation is related to the stability of the entire society.

According to market research, among the people who have purchased commercial insurance, the post-80s and post-90s account for more than 75%.

Among the groups willing to buy commercial insurance, the new generation also accounted for more than 70%.

The new generation has a stronger awareness of insurance, and at the same time has a more mature purchasing philosophy, which is mainly reflected in the emphasis on family protection, earlier purchase of critical illness insurance and annuity insurance for the first time, and higher acceptance of insurtech, but they are more interested in the products and services of life insurance companies. "Picky".

The second is to pay attention to new citizens and practitioners in new formats.

There are about 300 million new citizens in our country, especially those working in new businesses such as food delivery, express delivery, and online car-hailing, most of whom come from new citizens.

Commercial life insurance needs to give full play to the flexibility of protection and provide products and services that are highly available, cost-controllable, and solve occupational pain points for such groups.

The third is to pay attention to the newly lifted out of poverty.

It is necessary to build a security network to prevent returning to poverty, further reduce the medical out-of-pocket ratio, and allow people who have been lifted out of poverty to enjoy great security with a small amount of money.

The fourth is to pay attention to new insurable groups.

According to data released by the National Bureau of Statistics, in 2021, the proportion of my country's population aged 65 and over will exceed 14% for the first time.

At the same time, there are 245 million hypertensive patients and more than 130 million diabetic patients nationwide.

Patients with chronic diseases, advanced age, disabilities, semi-disability, and mental illness have a higher demand for medical insurance and accident insurance. However, due to their greater risk exposure, they are outside the protection of commercial insurance all the year round.

In recent years, the life insurance industry has gradually broken the underwriting restricted area in the past, and product and service innovations around this group have continued, but the scale is still limited.

　　Faced with the problem of insufficient and insufficient protection for new groups, China Life insists on insurance as insurance and actively provides protection for new groups.

In 2021, China Life will provide the society with risk protection of 381 trillion yuan insured, and draw 3.4 trillion yuan of liability reserves.

Continue to launch exclusive insurance products for rural revitalization and new citizens, which have been launched in 28 provinces, autonomous regions and municipalities; vigorously develop exclusive commercial elderly care business, with new business forms and flexible employment accounting for more than 70% of the population in some pilot areas; in response to the problem of expensive medicines for cancer patients, Launched exclusive specialty drug insurance products.

As of the first half of 2022, China Life Puhui Insurance has insured 340 million person-times with an insured amount of 47.6 trillion yuan, of which 38 million people are elderly, disabled and sick.

At present, young people under the age of 35 have become the main force of new customers of China Life Long-term Insurance.

Grasp the new model

　　The people's yearning for a better life has triggered a higher level of demand for insurance products and services. The role of life insurance is shifting from pure economic compensation to "economic compensation + risk reduction", and three types of insurance protection models have initially formed.

One is the full coverage model of one insurance policy.

Emphasis is placed on incorporating multiple risks into one insurance policy as much as possible to cover the full life cycle protection needs of customers.

The advantage of this model is that consumers can enjoy comprehensive protection with only one purchase, and the policy management is simple.

However, "big and comprehensive" also brings the problem of "high price and low insurance", that is, the price is relatively high, each type of protection is limited, and the protection for specific risks of customers is insufficient.

The second is through the "principal insurance + additional insurance" satisfaction mode.

This model emphasizes the main insurance of savings function products, and flexibly adds insurance products such as critical illness insurance, medical insurance, accident insurance and other insurance products according to customer needs, so as to be more targeted and provide a higher level of insurance protection.

However, this model is also limited to post-event economic compensation for risks, and cannot reduce the probability of customers incurring risks.

The third is the "product + service" risk management model.

This model realizes the risk management of the whole life cycle of customers through the combination of insurance products and superimposed value-added services such as health management, disease prevention, and elderly care.

With the continuous increase of income, the people's concept of health and old-age care is undergoing profound changes. A healthier body, a more decent old age life, and a better quality of life have become new expectations.

According to statistics, in 2020, the operating income of my country's big health industry will exceed 7 trillion yuan, and it is expected to reach 9 trillion yuan in 2024.

Another set of data shows that at present, insurance funds invest more than 200 billion yuan in private equity investment funds in the pension industry, medical care, and health industries.

　　For a long time, China Life has taken the initiative, insisted on being customer-centered, and actively built a new model of "product + service + technology" to meet the increasingly diversified protection needs of the people.

China Life has continuously enriched the supply of products and services, and the products of the Fu and Kang characters have been iteratively updated for many times.

Through the integration of online, offline and internal and external medical and health management resources, China Life's big health platform has more than 100 service items, and the cumulative number of registered users ranks among the top in the industry.

China Life has further promoted the supply-side reform of health and pension, supported the "China Life Jiayuan" professional pension brand, and successively initiated the establishment of a large health fund with a scale of 50 billion yuan and a large pension fund with a scale of 20 billion yuan.

Enhance new capabilities

　　New groups have brought new needs, and new models have driven new fields. The life insurance industry must accelerate capacity upgrading, further realize the precise connection between supply and demand, and better play the functions of benefiting people's livelihood and warming people's hearts.

First, it is necessary to continuously improve the ability of ecological integration.

Life insurance companies have unique advantages in integrating the risk management value chain.

On the asset side, the advantages of long-term and large-scale funds can effectively meet the long-term and large-scale investment needs of the medical care industry; on the liability side, life insurance companies have a large number of high-quality customers, which can further promote the supply of services such as medical treatment, rehabilitation, nursing, and elderly care Effectively align with needs.

However, the health care ecology involves many fields such as medicine, health management, and professional nursing care. It has low return on investment, long payback period, and high professionalism. To create an "insurance +" ecosystem requires long-term strategic patience, a large number of professional talent reserves and unremitting efforts. Accumulated experience, can not be eager for success.

The second is to continuously improve the ability of risk identification and precise pricing.

Special groups have a high demand for insurance, but have a large risk exposure. At present, the industry is relatively lacking in professional technical tools for risk control of such groups, and the level of product design is still in its infancy.

Therefore, life insurance companies must strengthen risk management and control, strengthen cooperation with hospitals, medical insurance bureaus, and third-party health management, conduct in-depth analysis and improve portrait information such as the age and disease distribution of special groups, actively participate in the reform of "three medical institutions", and promote the standardization of medical services , continue to improve accurate pricing and risk management capabilities, balance profitability and compensation levels, and ensure multi-level and sustainable protection for special groups.

The third is to continue to improve the ability to deliver products and services.

No matter how excellent products and services are, they must be delivered to customers through appropriate channels.

At present, the trend of online and offline integration is more obvious.

According to third-party statistical data, about 73.2% of the actual insurance users have purchased insurance through the Internet Insurance Mall, about 62.4% of the users have purchased insurance through the official self-operated channels of the insurance company, and about 47.3% of the users have purchased insurance through the Internet Insurance Mall. Insurance agent takes out insurance.

In the face of major changes in consumer groups and consumption habits, life insurance companies need to accelerate the reform of the marketing system, intensify digital construction, consolidate the foundation of comprehensive operations, and continuously improve the ability to accurately deliver products and services.

　　Over the years, China Life has persisted in reform and innovation, and has continuously improved its risk management capabilities.

Created an industry-leading talent team in sales, actuarial calculation, product, health management, and risk control, and continuously enhanced innovation capabilities; accelerated the reform of the marketing system, made the "integrated and diversified" layout more mature, and continuously improved the professionalization and professionalization of the sales force ; Vigorously promote the construction of digital China Life, the level of digitalization, intelligence, and online sales and services has been greatly improved, and the online rate of business has reached 96.5%, and the "direct payment of claims" service has been opened in more than 200 cities The "one-stop" connection between hospitals has achieved "zero timeliness" for compensation upon discharge.

　　In the future, China Life will continue to put the people at the center, always keep the "big country" in mind, actively respond to the aging population, fully serve the construction of a healthy China, concentrate all efforts, and effectively contribute to the construction of a multi-level social security system.

(Member of the Party Committee and Vice President of China Life Insurance (Group) Company, Secretary of the Party Committee and President of China Life Insurance Co., Ltd. Zhao Peng)

　　(Xinhuanet)