Property insurance bank insurance business
Analysis of the causes of underdevelopment
The property insurance industry started late in the bancassurance business, and a good cooperation mechanism with banks has not yet been established. Although some property insurance companies have signed cooperation agreements with many banks, most of them are framework agreements, which are only in the initial stage, lacking substantive content, and even failing to improve the statistical index system and find out the business background. To sum up, the main factors restricting the development of property insurance and bancassurance business are as follows:
1. Simple cooperation mode
From foreign experience, the cooperation between banks and insurance companies should be a long-term and benefit-sharing relationship. However, the agency agreements between most domestic banks and property insurance companies are mostly one-year, and this short-term agreement is very arbitrary, so it is difficult to ensure that property insurance companies will have a stable source of premium income in the future. In addition, because the technical content of property insurance products sold by banks is much higher than that of traditional insurance distribution methods, banks and insurance companies should establish a unified operation platform based on technological innovation, use modern information network technology and rely on the huge branch network of banks to provide customers with convenient and perfect pre-sales and after-sales services and actively innovate marketing methods. However, at present, most of the bank insurance carried out by property insurance in China still uses the traditional sales method, and the bank credit department uses the means of credit restriction to forcibly sell insurance to loan enterprises or individuals. For example, in mortgage insurance, banks and insurance companies cooperate well, but it is counterproductive for the partners to force the lenders to pay insurance fees for their own interests.
2. Product innovation lags behind
Because banks sell products as agents, property insurance companies have never been in direct contact with policyholders, which requires that property insurance products suitable for bank sales be simple in form, easy to operate, suitable for counter sales, and linked with the traditional business of banks, which can not only better attract bank customers, but also mobilize the enthusiasm of bank agents. However, judging from the products launched by various property insurance companies at present, the main problem is that there are too few types of insurance suitable for bank counter sales, which greatly limits the breadth and depth of bank-insurance cooperation. Therefore, banks and insurance companies are mainly based on mutual agency, and there are not many substantive "strategic alliances". Cooperative product innovation is insufficient, and traditional products still dominate. In particular, traditional property insurance products such as home insurance are not favored by the public, and mass products specially designed for bank marketing are even more lacking.
3. Low level of network technology and uneven electronic platforms.
Customers buy insurance at the bank counter mainly to facilitate the purchase procedures and after-sales service. However, due to the low degree of computer networking between banks and property insurance companies, the uneven level of electronic management, inconsistent models and software specifications, the outlets of the two sides cannot be completely networked, and the manual operation of agency business has greatly hindered the rapid development of business. In addition, capital exchange and risk prevention need the support of corresponding computer hardware and software equipment. At present, property insurance companies have not paid attention to the development and establishment of the after-sales service network system of bank agency insurance, and the technical strength and software and equipment in developing bancassurance business are still insufficient, and the technical and equipment levels among banks are also uneven, making it difficult to carry out in-depth bancassurance cooperation and innovation.
4. There are differences in handling fees for production and living.
The difference in agency fees makes property insurance less competitive than life insurance. Life insurance products generally have a long term, and their agency fees can be shared within a long insurance period. Therefore, the agency fees paid by life insurance companies to correspondent banks are generally high, while the term of property insurance products is generally short, so it is difficult to maintain the agency fees at a high level. The difference in agency fees leads bank agents to prefer to sell life insurance products.
Pioneering and innovating
Seek the development of property insurance and bank insurance business.
Faced with the above-mentioned constraints on the development of bancassurance business in the property insurance industry, property insurance companies can only accelerate the healthy development of bank insurance business in the property insurance industry by changing their concepts, pioneering and innovating, strengthening marketing, controlling risks and innovating products and services. Specific suggestions are as follows:
1. Change ideas, raise awareness and open up new ideas.
Property insurance companies can't just put banks in the position of agents. They need to further strengthen their contacts with agent banks at all levels, actively coordinate contacts, exchange information and study countermeasures. At present, the total assets of Chinese residents are increasing, and the rate of family buying houses is also on the rise, which makes their demand for risk transfer expand rapidly, thus providing a broad space for personal property insurance. The huge potential of the import and export freight insurance market has built a platform for the bancassurance business of the property insurance industry, established an agency relationship with the international business department of the bank, and vigorously expanded the import and export freight insurance. In addition, the rapid development of high technology, especially the gradual formation of six pillar industries, will expand the cooperation between property insurance companies and banks from simple agency underwriting to risk consultation and control, and the types of underwriting will also be broadened from enterprise property insurance to construction engineering insurance, installation engineering insurance and employer liability insurance. By cooperating with banks, property insurance companies can find shortcuts to participate in large and medium-sized insurance projects, thus making it possible to quickly enter the powerful customer network of banks and expand the breadth and depth of market development.
2. Integrate resources, take a long-term view and make overall consideration.
On the basis of changing ideas, property insurance companies must base themselves on the long-term, establish an all-round modern business philosophy, avoid short-term behaviors, make overall strategic plans for bank insurance business, including development goals, institutional settings, partners and cooperation methods, actively adopt the form of strategic alliances, and reach close cooperation with cooperative banks in order to quickly seize the market, establish a mature back-office operation system as soon as possible, and establish advantages in product development, marketing and computer systems. In the early stage of the development of bank insurance business, especially in the current situation of low awareness of national insurance and imperfect social insurance system, it is difficult to develop the business. Both sides must systematically consider, find a breakthrough, do a good job in all basic work, avoid giving up halfway because the short-term benefits are not obvious, and conscientiously do a good job in all services, including strengthening the training and publicity of bank agency outlets, and improving the enthusiasm of bank agency outlets.
3. Build a platform and cooperate comprehensively.
First of all, we should straighten out the relationship between various departments of property insurance companies. After the property insurance company signed a cooperation agreement with the head office of the bank, if the business department and the information technology department failed to keep up, the cooperation agreement was mostly a framework agreement, which lacked substantive content and became a dead letter in fact. Secondly, we should do a good job in the coordination of general property insurance companies in bank insurance business. Now that the head office has signed an agreement with the head office of the bank, branches at all levels are fragmented on this issue, resulting in a waste of resources. Third, property insurance companies should conduct in-depth research on banks and select banks that meet the conditions of in-depth substantive cooperation as key partners.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.