Editor's note:The years do not live, and the seasons flow. In the blink of an eye, 2023 has come to an end. This year has left us with so many wonderful moments to remember. Looking back at the past year, China's economic and social development has been steady, and in the torrent of high-spirited progress in the new era, every drop of sweat reflects a dazzling light - this is the perseverance and hard work to soar towards the dream, and the growth and harvest of self-confidence towards poetry and distance. In the financial phalanx of guarding the people's better life, let us walk into the 365 days and nights of the "head goose" of life insurance, remember 2023 and look forward to 2024 in our experiences and feelings.
2023 is the first year for the full implementation of the spirit of the 20th National Congress of the Communist Party of China, and it is also a year for the economy to recover after the three-year transition of new crown epidemic prevention and control. We finally bid farewell to the "scan code travel" and embarked on the "Four Seasons Journey", once again embracing the fireworks we miss as usual, working hard with an upward posture, and walking together through the days and nights of order reconstruction.
In the past year, with Comrade Wu as the core, we have united and led the whole party and the people of all ethnic groups in the country to withstand external pressure, overcome internal difficulties, comprehensively deepen reform and opening up, increase macroeconomic regulation and control, and strive to expand domestic demand, optimize structure, boost confidence, prevent and resolve risks, China's economy has rebounded for the better, and high-quality development has been solidly promoted. Important progress has been made in the construction of a modern industrial system, new breakthroughs have been made in scientific and technological innovation, reform and opening up have been promoted in depth, the foundation for safe development has been consolidated and consolidated, people's livelihood has been effectively guaranteed, and solid steps have been taken to build a modern socialist country in an all-round way.
Strengthen confidence, stabilize growth, and promote development. In 2023, China's economy will always be anchored in the primary task of high-quality development, turning pressure into power, turning advantages into victories, and moving forward through the waves. This year, for the "head goose" of China's life insurance industry - Chinese Life Insurance Co., Ltd. *** hereinafter referred to as "Chinese Life Insurance Company"), it is also a year to achieve upward progress under the path of high-quality development.
In the past, more than 20 years have passed. This year, Chinese Life Insurance Company ushered in the 20th anniversary of its share reform and listing. In the past 20 years, generations of China Life people have adhered to the core concept of corporate culture of "becoming oneself and achieving oneself", breathed with the party and the country, walked with the times, and worked with customers, running out of the "acceleration" of China Life, and contributing light and heat to the company's move towards world-class. The times are constantly changing, and China Life is always new. Looking back on the past 20 years, Chinese Life Insurance Company has integrated innovation and change into the development bloodline, creating "reborn" growth again and again, so that the development front is always full of glory and dreams.
In the past year, Chinese Life Insurance Company adhered to the guidance of the socialist ideology with Chinese characteristics in the new era, resolutely implemented the decision-making and deployment of the company, adhered to the business strategy of "stable growth, value-oriented, excellent structure, strong team, promotion of reform, and risk prevention", adhered to the origin of insurance, seized the opportunity of industry recovery and development, made breakthroughs, pioneered and innovated, and made steady progress in overall operation, and continued to maintain a stable market leading position. The system actively practices the "people-centered" development thinking, cherishes the "great man of the country", fully participates in the construction of a multi-level social security system, helps the development of the real economy, practices the political and people's nature of state-controlled financial and insurance enterprises with practical actions, and demonstrates the value of insurance for the people in serving the overall situation of the country.
Gather a majestic party building force
Key words: the party flag refers to, the direction of action
In this year, Chinese Life Insurance Company has always unswervingly adhered to the leadership of the party, continued to strengthen party building, and transformed the company's political and organizational advantages into reform advantages, development advantages, service advantages and competitive advantages.
A branch is a fortress, and a party member is a banner. "Focus on the construction of the party's basic organization, basic team and basic system, continue to strengthen grassroots party building, and provide a strong organizational guarantee for the company's development. In the past year, Chinese Life Insurance Company continued to expand the coverage of grassroots party organizations, adhered to strict standards for the development of party members, ensured that grassroots party organizations should be built to the fullest, and focused on strengthening the standardization and standardization of grassroots party branches. By the end of 2023, there will be 5,610 party organizations at all levels in the whole system, including 399 party committees, 39 general party branches, and 5,172 party branches. There are more than 60,000 party members in the whole system, and 1 party member is a marketerThere are more than 80,000 people, the total number of party members continues to increase, and the organizational foundation is constantly consolidated.
The strength of grassroots party building work continues to improve. This year, Chinese Life Insurance Company continuously strengthened the allocation of full-time party affairs staff, and the whole system was equipped with 400 full-time party affairs staff. Attaching great importance to typical demonstration and guidance, 95 outstanding party branch secretaries were selected for the first time, 150 "top four" party branches, 95 party building demonstration sites for marketers, and 97 pioneer individuals for marketers. We will continue to strengthen the education and management of party members of marketers, issue guidance specifications for the education and management of party members of marketers, carry out the demonstration and creation activities of "forging ahead on a new journey and making contributions to a new era" for party members of marketers, and create a "one main and multi-point" education and training base for party members of marketers.
The study and implementation of the spirit of the 20th National Congress of the Communist Party of China will be the primary learning content, and centralized rotation training and special training will be organized. Accurately grasp the new requirements for financial work in promoting Chinese-style modernization, continue to strengthen the political and people's nature of financial work, continuously improve professionalism, and strengthen confidence in taking the road of financial development with Chinese characteristics. Continue to study and implement the thought of socialism with Chinese characteristics in the new era and the spirit of the important instructions and instructions of the general secretary on financial work, deeply understand the decisive significance of the "two establishments", continuously enhance the "four consciousnesses", strengthen the "four self-confidences", and achieve the "two maintenances", and always maintain a high degree of consistency with the core of Comrade Zheng in terms of ideology, politics and action.
The "head goose" exerted its strength, and the lead continued to be solid
Keywords: Steady, Growth, Optimized
Since 2023, with the full return to normal operation of China's economy and society, market demand has gradually recovered, and the overall economic operation has rebounded for the better, but the external situation is complex, and the foundation for the sustained recovery of the domestic economy is still not solid. The industry supervision has continued to improve the financial regulatory policy system, strengthen compliance management, and firmly promote the high-quality development of the industry in areas of social concern and far-reaching impact, such as promoting the standardized development of the insurance industry, serving people's livelihood and the real economy.
In this year, Chinese Life Insurance Company adhered to the theme of high-quality development, maintained stable business development, continuously improved the quality of development, continued to stabilize its market leading advantage, and further enhanced its comprehensive strength. In the first three quarters, the company's insurance business achieved rapid development, with premium income reaching 5,7879.9 billion yuan, a year-on-year increase of 45%, and the new premium reached 19665.6 billion yuan, a year-on-year increase of 148%, of which the first-year premium is 10598.2 billion yuan, a year-on-year increase of 160%。While the new policy premium is growing rapidly, the business structure has been continuously optimized. The first year premium for 10 years and above is 4463.9 billion yuan, a year-on-year increase of 154%, accounting for 4212%, an increase of 2 from the first half of 202313 percentage points. The value of new business continued to grow in the first three quarters, with a year-on-year increase of 140%。The renewal premium is 38214.3 billion yuan, basically stable. The short-term insurance premium is 6931.9 billion yuan, a year-on-year increase of 34%。
Adhere to the effective team to drive business development, focus on the "eight major projects", continue to implement the "sales channel strengthening project", strengthen the sales team to increase and educate, and steadily promote the transformation of the sales team to specialization and professionalism. As of September 30, 2023, the company's total sales force was 7200,000 people, of which 66 are individual insurance sales manpower00,000 people, the team size stabilized and the trend was further consolidated;The quality of the team continued to be optimized, the production capacity of the team was greatly improved, and the average monthly first-year premium paid per capita in the individual insurance sector increased by 28% year-on-year6%。
As of September 30, 2023, the total assets of Chinese Life Insurance Company reached 57,5936.7 billion yuan, investment assets of 551995 billion yuan, both more than 55 trillion yuan.
The reform of the marketing system has been promoted in depth
Key words: specialization, professionalism, integration
In recent years, the Chinese life insurance industry is in a period of important strategic opportunities, and the internal and external environment is undergoing profound adjustments. In 2022, the former China Banking and Insurance Regulatory Commission issued the "Opinions on Further Promoting the Improvement of the Individual Marketing System in the Life Insurance Industry (Draft for Comments)", which clearly put forward the reform directions such as optimizing the design of the individual ** person system and standardizing and innovating the management system of sales personnel. In September 2023, the State Administration of Financial Supervision and Administration issued the Measures for the Administration of Insurance Sales Practices to guide insurance institutions to further strengthen the management of sales practices. In October, the "Notice on Strengthening Management to Promote the Steady and Healthy Development of Life Insurance Business" was issued, and the introduction of a series of regulatory policies put forward higher requirements for the development of the industry.
How insurance companies can identify their own advantages and characteristics, take the road of high-quality development, how to meet the diversified needs of the people, provide richer and more convenient service supply, and protect the people's yearning for a better life have become topics of general concern in the industry, and "change" has become the key word of industry development.
During the year, Chinese Life Insurance Company actively responded to the requirements of regulators and industry associations, met the increasingly diversified insurance needs of the public, explored the establishment of new momentum, deepened the reform of various key areas, focused on improving professional level and competitiveness, and took the lead in becoming better and stronger. Accelerate the pace of marketing system reform, focus on the two major reform directions of "professional upgrading of existing teams" and "exploration of new marketing models" and the two major guarantee strategies of "building product + service ecology" and "precise empowerment of science and technology", create a personal insurance marketing system with Chinese life characteristics, accelerate the transformation and upgrading of the "three modernizations" team to specialization, professionalism and integration, promote the continuous improvement of the marketing system and mechanism, and promote the sales force structure to be more reasonable and business development more stable. Broaden the growth channel of cadres, improve the incentive mechanism of the talent team, and forge a team of high-quality professional cadres who are loyal, clean and responsible.
The new marketing is mainly carried out from the six aspects of "new positioning, new structure, new system, new marketing, new empowerment and new development", optimizing the fundamentals, seizing new opportunities in market segments, connecting with the needs of the new generation of customers, and driving new momentum for development with innovation. At the same time, we insist on seeking progress while maintaining stability, give full play to the role of the existing team as a business "ballast stone", and actively promote the professional transformation of the existing team through six major upgrading measures of "structural upgrading, cultivation upgrading, foundation upgrading, regional upgrading, sales upgrading and service upgrading".
Be the main force serving the real economy
Keywords: political, people's nature
In this year, Chinese Life Insurance Company adhered to long-term investment, value investment and steady investment, maintained and chose opportunities to continue to increase positions with medium- and long-term investment value and value targets that reflect the national strategy, continued to play a good role as the "head goose" of the industry, and did a good job as the mainstay of a stable and active capital market.
We will further improve the two-pillar strategic asset allocation system that combines traditional asset allocation and implementation of decision-making and deployment, plan and do a good job in five major articles of science and technology finance, green finance, inclusive finance, pension finance and digital finance from the investment execution side, and set corresponding quantitative indicators in the annual asset allocation plan to track and implement. Improve the service quality of small and micro enterprises, design exclusive health and accident insurance programs and group life insurance programs for small and micro enterprise employees in different industries and different production and operation characteristics, and build a professional service mechanism and a service platform according to the needs of small and micro enterprises and individual industrial and commercial households with different industries and different production and operation characteristics. Intensify the expansion of customers of green industry enterprises, continuously expand the scope of insurance protection, enrich insurance protection responsibilities, provide preferential rates, and provide a package of life insurance protection solutions such as accident, medical and life insurance for upstream and downstream enterprises in the green industry chain according to customer needs.
We will continue to strengthen the political and people's nature of financial work, give full play to the economic "shock absorber" and social "stabilizer" functions of the insurance industry, actively serve the national strategy and people's livelihood protection, and make the development of modern finance and insurance more equitable to benefit more groups. Build a business cooperation platform for inclusive insurance, strengthen docking and cooperation with ** departments at all levels, and build a business cooperation platform through various forms. Build a supply platform for inclusive insurance products, focus on the needs of specific groups of people, and increase the update and upgrading of a series of exclusive products such as "small", "rural revitalization", "silver age and health", "family planning family", "caring for women", "happy to learn", "construction workers" and "new business formats", so as to provide the general public with insurance products that comprehensively cover accidental death, disability, illness death, critical illness, specific diseases, medical expense compensation, hospitalization allowance and other liabilities.
Based on the main business of insurance, closely focusing on the needs of the people for pension finance and pension services throughout the life cycle, the construction of health care ecology will continue to be promoted as the company's long-term development strategy. Clarify the pension development model of "one main and multiple auxiliaries", that is, the elderly care in urban centers is the mainstay, supplemented by the existing suburban institutional pension, home pension and community pension, and a variety of models jointly promote the construction of the company's pension ecology. On the basis of accelerating the supply of elderly care services, adding 7 institutional elderly care projects and carrying out pilot activities of home care services for the first time in 5 cities, we will strengthen the planning and layout of elderly care projects according to changes in market and customer demand, and plan to form a supply capacity of elderly care services in about 30 cities across the country by the end of the 14th Five-Year Plan, and increase the promotion of home care for the elderly.
Started the construction of financial technology digital project
Keywords: intelligence, empowerment, efficiency
In recent years, with the in-depth application of technologies such as big data, blockchain, and artificial intelligence in all aspects of the insurance industry, the intelligent and digital development capabilities of insurance companies have continued to improve.
In this year, Chinese Life Insurance Company fully launched the construction of financial technology digital project, deepened scientific and technological innovation, consolidated the digital foundation, and effectively promoted the company's high-quality development with high-quality scientific and technological capacity supply.
Based on the new self-controlled distributed technology architecture, breakthroughs have been made in the fields of information technology application innovation, distributed caching, content cloud management, massive unstructured data, etc., and a number of achievements have been selected as typical cases of national information technology application innovation. China Life Distributed Hybrid Cloud won the Capital Financial Innovation Achievement Special Award.
Focusing on the real-time and consistency of data, we continue to improve the quality and efficiency of data services, and comprehensively empower various business areas such as sales, service, operation, and risk control driven by data elements. Relying on trillion-level data processing capabilities, the whole process automatically generates reports of new insurance contract standards, and builds the accounting and actuarial measurement system of new standards with more accurate algorithms, more refined models and more efficient processes, which fully guarantees the systematic, complete and accurate implementation of the new standards.
Based on big data analysis, a digital risk control system is built, and through multi-dimensional modeling analysis and cross-comparison, various risk behaviors can be accurately located, so as to realize the forward movement and dynamic monitoring of risk control gates, and quickly identify and accurately capture key business risk monitoring scenarios. Jointly build an anti-money laundering regulatory technology application laboratory with the Jiangxi Branch of the People's Bank of China, build a money laundering risk situational awareness system, and use scientific and technological means to empower covering and penetrating anti-money laundering supervision.
The reach capability of multi-touch services has been further strengthened
Key words: simplicity, quality, warmth
This money solves my urgent need, and the insurance claim payment makes my follow-up ** guaranteed!”
Mr. Mao from Zhejiang was unfortunately diagnosed with a malignant tumor of the colon, and his physical pain and heavy medical expenses continued to consume his and his family's body and mind. During the return visit, after learning of Mr. Mao's illness, the salesperson Xiao Liu immediately informed him that he could apply for critical illness insurance benefits and instructed him to collect the information required for the claim. After the information is complete, the claims adjuster will go to Mr. Mao's home as soon as possible to assist in promoting the "one-day compensation for critical illness" claim service. The case was closed within one day of submitting the claim, and Mr. Mao received a critical illness insurance payment of 250,000 yuan. Thanks to such a fast and heart-warming service, there was Mr. Mao's emotion at the beginning.
With "first-class experience" as the value pursuit of operation service work, we continue to upgrade operation services. This year, Chinese Life Insurance Company adhered to the "customer-centric" service concept, took customer voice as the driving force for operation and service work, accelerated the implementation of the intelligent and intensive integrated operation model, strengthened the protection of consumer rights and interests, focused on improving service supply and delivery capabilities, and was committed to providing high-quality operation services with "simplicity, quality and warmth".
Intelligent intensification has led to further improvement in efficiency, and the intelligent underwriting review rate has increased to 9498%。Achieve full coverage of the production field in the shared operation mode, and speed up the timeliness of preservation and approval1185%, and the average approval time for manual underwriting of new contracts is 28% higher than that before the promotion of shared operations63%。The multi-touch service reach capability was further strengthened, with the number of monthly active users of the Chinese Life Insurance app increasing by 15% year-on-year, the volume of air customer service increasing by 137% year-on-year, and the online agency service of sales staff exceeding 67470,000 person-times.
Breakthroughs have been made in health care services, meeting the needs of different customer groups, integrating resources, adding 7 institutional elderly care projects, piloting home-based elderly care services, and providing China Life Jiayuan with preferential services for specific customer groups. Upgraded the VIP customer service plan, expanded the customer base, renewed the rights and interests, and increased the number of service trips by 26% year-on-year. Accelerate the transformation of counters from policy service centers to customer experience centers, sales support centers, and consumer protection publicity and education bases, and 454 counters have completed image rejuvenation.
"Fast and warm" claims service is deeply rooted in the hearts of the people, and the average time limit of claims is 038 days, a year-on-year increase of 116%, and the number of claims increased by 12 percent year-on-year5% and the odds remain at 997% high. "Claim prepayment" is over 4800 million yuan, effectively alleviating the financial pressure of customers for medical treatment. Promote medical electronic invoice claim reporting notices and reminders, and pay more than 550,000 claims. The coverage of convenient claims is wider, with more than 7.2 million person-times of "direct payment of claims" and more than 109 claims of "one-day compensation for critical illness".400 million yuan, and the amount of "one-day compensation for critical illness" increased by 27% year-on-year5%。
The protection of consumer rights and interests has been integrated into all aspects of corporate governance and operation management, and the closed-loop management mechanism has been effectively operated. We strengthened the sales and service concept of integrity and compliance, improved the customer complaint management system, extensively collected customer voices, found and solved experience problems, deeply explored service opportunities, and pushed service data more than 86 million times. Continuously improve the sense of gain, happiness and security of insurance consumers, and the consumer protection supervision evaluation ranks among the forefront of the industry, and the praise of customers remains high.
esgThe management ability and level have been significantly improved
Keywords: green, public welfare, people-oriented
This year, Chinese Life Insurance Company actively promoted the construction of a green financial system with its own characteristics, unswervingly followed the path of ecological priority and green development, and helped achieve the "dual carbon" goal. Promote green insurance business, create a package of insurance products and service solutions for green industry customers, and improve the supply capacity of green insurance services. In the first half of the year alone, the company's green insurance coverage reached 3,8380.6 billion yuan. We continued to strengthen the responsible investment management system, incorporated ESG into the investment analysis and decision-making process, and promoted the green transformation of the investment business, with the stock of green investment exceeding 440 billion yuan as of June 30, 2023. We have carried out in-depth green operations, practiced energy conservation and emission reduction, basically realized paperless insurance for individual businesses, and maintained a high online service rate of more than 90% for security and claims.
It will add momentum, synergy and vitality to rural revitalization. This year, the company continued to improve the long-term assistance mechanism, and focused on improving the quality and efficiency of financial and insurance services. As of the end of November 2023, 980 cadres stationed in villages have been stationed to undertake the work of 1,171 assistance points, and 33.66 million yuan of assistance funds have been invested to help farmers increase production and income. In view of the diversified insurance protection needs of the rural population, vigorously develop related insurance business, for 26.8 billion rural people are provided with risk protection286 trillion yuan, 14.6 billion yuan was paid to 4.03 million people, weaving a dense multi-level insurance security network, and effectively consolidating the achievements of poverty alleviation.
Adhering to the social responsibility concept of "people-oriented, caring for life, creating value, and serving the society", we take the initiative to devote ourselves to social welfare undertakings and strive to give back to the society. In the first half of 2023, 20.4 million yuan will be donated through the Chinese Life Charity ** for family planning special families and women with "two cancers" in distress to help the development of a harmonious society. Advocating the spirit of volunteer service, it has more than 7,000 registered young volunteers and encourages employees to participate in public welfare practicesDeeply cultivate education and public welfare undertakings, continue to carry out the "100 Schools Sports Assistance Program", donate sports equipment to schools, select volunteers from sports colleges and universities to teach, organize basketball training and leagues, and realize youth sports assistanceWe will continue to hold the "Art Back to the Mountain" public welfare activity to promote the practice of aesthetic education and provide high-quality aesthetic education resources and guidance for rural children.
The ability to respond to risks has been comprehensively improved
Key words: compliance, steady and far-reaching
This year, Chinese Life Insurance Company focused on the three tasks of serving the real economy, preventing and controlling financial risks, and deepening financial reform, and continuously enhanced its ability to develop a new development pattern of financial services. We have always adhered to the business philosophy of stability, integrity and compliance, adhered to the general tone of seeking progress while maintaining stability, adhered to the development direction of "insurance surname insurance", paid attention to forward-looking planning and systematic thinking, effectively prevented and resolved major risks, and unswervingly promoted high-quality development.
Strictly comply with the laws and regulations of the place of listing and industry regulatory requirements, and continue to strengthen internal control and risk management. A normalized risk preference management system has been constructed with the risk preference statement as the carrier and the risk tolerance and quota indicators as the starting point, and the risk appetite has been organically combined with all lines of operation and management, and the risk management ability has been significantly improved. Since the formal implementation of the C-ROSS II Regulatory Rules in 2022, the Company has actively implemented the new regulations, and its solvency risk management capability assessment score has been among the top in the industry. As of the second quarter of 2023, the company's comprehensive risk rating has maintained an A rating for 21 consecutive quarters.
Actively carry out various risk investigation and risk management work, discover hidden risks in a timely manner, and comprehensively improve risk response capabilitiesActively strengthen the detailed implementation of the C-ROSS II rules, and continue to optimize the comprehensive risk management systemContinuously improve the investment risk management and control system, and gradually build a full-chain investment risk analysis frameworkStrengthen the sales risk management and control system, actively carry out sales risk early warning and investigation, sales personnel integrity culture construction, sales personnel credit rating, etc.;Fully implement the anti-money laundering regulatory requirements, actively fulfill various anti-money laundering obligations, iteratively upgrade anti-money laundering capabilities, and continuously improve the effectiveness of the company's money laundering risk control.
It attaches great importance to and actively implements the National Data Security Law, strictly protects important data and personal information, and protects the legitimate rights and interests of customers. On the basis of successfully passing the highest level of national data management capability maturity certification in 2022, we will continue to optimize the company's data governance structure and data management system, deepen and improve the long-term mechanism of data management, and continue to strengthen data security management and control to ensure that the company's data is manageable and controllable.
The green pine does not fall, and the blue sea is more than clear. Wheat grows towards the sky all its life, and ushers in golden glory through the cold winter. Upward, is to cultivate Haoran righteousness;Upward, is the courage to reform the old and the new;Upward, it is a joint breakthrough in tackling tough problems. Upward is a strict requirement of self, and it is also a good expectation for the country, you and me. We have accumulated a lot of energy, like an arrow on the string, just waiting for the arrival of the new year, and once again bloom the joy of the purple and red.
2024, a new beginning, a magnificent picture is slowly unfolding.
Seek change from the "new" and shape new momentum for development.
Seek progress from "new" and forge new advantages for development.
Move towards the "new" and create a new picture of development.
The "head goose" of life insurance is ready to go!In the new year, Chinese Life Insurance Company will fully implement the spirit of the ** Economic Work Conference and the ** Financial Work Conference, closely focus on the goal of accelerating the construction of a strong financial country, consciously enhance the political consciousness and responsibility of serving the main force of the real economy and maintaining the ballast stone of financial stability, strive to do a good job in the "five major articles", strive to make due contributions to the construction of a strong country and the great cause of national rejuvenation, and protect the people's better life with better and stronger development quality.