Elephant News reporter Sun Xizeng
Twenty years, what has changed?Twenty years, what hasn't changed?
In 2003, China's per capita GDP exceeded $1,000 for the first time. At this new starting point of economic take-off, Chinese Life Insurance Co., Ltd. *** hereinafter referred to as "Chinese Life Insurance Company") successfully listed overseas, setting a record for the world's largest IPO that year.
In the past 20 years, Chinese Life Insurance Company has moved towards building a world-class life insurance company, with premium income rising from less than 150 billion yuan in 2003 to 600 billion yuan in 2022, and the embedded value increasing from 90 billion yuan to 123 trillion yuan, total assets increased from 328.7 billion yuan to 525 trillion yuan, the scale of investment assets expanded from 279.2 billion yuan to 506 trillion yuan, and all indicators have achieved a major leap. In addition, the number of customers served by the company has increased from 2500 million to more than 500 million people, the number of long-term insurance policies in force increased from 48 million to 32.6 billion and the number of claims paid annually increased from 7890,000 to 19.17 million, and the annual claim amount increased from 2.8 billion yuan to 51.5 billion yuan, all of which have achieved a huge increase.
In the past 20 years, Chinese Life Insurance Company has always kept in mind the mission and responsibility of "the great man of the country", adhered to the origin of insurance, carefully guarded the people's better life, not only shouldered the historical mission of leading the development and growth of China's life insurance industry, but also became the anchor of confidence for the life insurance industry to achieve stability and long-term development. These values and missions have never changed, and in the past 20 years, Chinese Life Insurance Company has been full of true help for the prosperity and development of the motherland's financial and insurance industry.
Party building leads the development of China Life's characteristic finance
As a state-controlled financial and insurance enterprise, Chinese Life Insurance Company is inseparable from the strong leadership of the party at every step from its start-up to development and growth, and then to transformation and upgrading, and every step of progress is engraved with a red mark. As a central financial and insurance enterprise under the leadership of the Party, Chinese Life Insurance Company continues to strengthen Party building, ensure that all work is solidly promoted under the leadership of the Party, and unswervingly follow the road of financial development with Chinese characteristics.
By the end of 2022, Chinese Life Insurance Company had a total of 5,658 party organizations at all levels, including 399 party committees, 50 general party branches, 5,209 party branches, more than 60,000 party members in the whole system, and nearly 20,000 party members as marketers.
Escort people's livelihood and well-being with the power of insurance
The essence of insurance is to discover risks, operate risks, and manage risks, and without the fundamental attribute of risk protection, insurance will lose its foundation and origin. Chinese Life Insurance Company adheres to the supremacy of the people and unswervingly takes ensuring the smooth operation of the economy and protecting the people's better life as the value and soul of reform and development.
Returning to the origin of protection is a strategic choice for the insurance industry to adapt to the new stage of development and serve the construction of a new development pattern. Entering a new stage of development, China's economic and social development is facing an unprecedentedly complex environment, which puts forward higher requirements for the insurance industry. Only by putting the insurance work into the overall situation of the party and the country can we unswervingly implement the major decisions and deployments and provide all-round support for the construction of a new development pattern.
Adhering to the customer-centric product development concept, Chinese Life Insurance Company adheres to the origin of insurance, actively serves the construction of "Healthy China", vigorously promotes the innovative research and development of health insurance products such as disease, medical treatment and nursing, and actively participates in the construction of a multi-level social security system. In 2012, the serious illness insurance system for urban and rural residents was officially launched, and Chinese Life Insurance Company, as one of the earliest commercial insurance companies to participate in the implementation of the serious illness insurance system, has paid more than 100 million people and more than 180 billion yuan in compensation since it undertook serious illness insurance.
The service actively responds to the national strategy of population aging, launches accident insurance, disease insurance and other age-appropriate insurance products for the elderly, and when the personal pension business is opened, the first order is landed at the first time, and 36 provincial branches of personal pension products are quickly issued, covering all the leading areas of the personal pension system.
We will continue to improve the series of rural revitalization products, provide a wider range of insurance protection for relevant groups, and actively play the role of insurance in protecting people's livelihood.
Create a digital service scenario that "benefits the people".
Digitalization is the "engine" for creating intelligent services that "benefit the people" in all scenarios, and polishing the details of digitalization and customer service through the concept of "people-centered" is the "core" of the high-quality development of digital finance. Well aware of the value and significance of digital transformation, Chinese Life Insurance Company has planted the seeds of technology-driven services early on.
We will continue to strengthen the digital upgrade of customer experience, accelerate the innovation of online service content and methods with customers as the center, and rapidly improve online service capabilities and business digital processing capabilities. Based on the digital platform, Chinese Life Insurance Company has launched a new contactless service for the whole process of underwriting, and created a new "air customer service", so that customers can connect with customer service personnel anytime and anywhere, and handle business without leaving home. Build a claims direct payment network covering more than 20,000 medical institutions across the country to create a fast and warm claims service experienceInnovate and establish a panoramic view of smart family insurance protection, provide more intimate protection solutions for more than 100 million families, and launch a "one-stop" professional butler insurance service from online policy custody, intelligent protection analysis, intelligent customer recommendation to insurance configuration suggestions around the needs of family protection.
Claims service is the embodiment of the core value of insurance services, and it is one of the key links that customers pay the most attention to. In the past 20 years, Chinese Life Insurance Company has continuously improved its claims business, improved the speed of claims settlement with technological innovation, optimized customer experience with process innovation, and escorted the people's better life with "fast and warm" claims services. From 2003 to 2022, the total number of cumulative claims exceeded 16.5 billion cases, with a total claim amount of 485.5 billion yuan, ranking in the forefront of the industry.
According to the data, by the end of 2022, Chinese Life Insurance Company has accumulated access to more than 1,000 ecological applications, carried out more than 400,000 services and activities with various cooperative institutions, and widely extended services to online and offline, inside and outside enterprises, providing customers with a full range of insurance digital servicesThe average approval time for underwriting has increased by more than 25%, and the per capita production capacity of personal security business has increased by 28%.The claims automation rate exceeded 70%, and at the same time, it continued to deepen the field of intelligence, achieved a new breakthrough in the unmanned work mode of the whole process of claims, and provided 72.9 million online additional services throughout the yearIn 2022, the total number of customer services exceeded 3.5 billion, and the number of registered users of the life insurance app was nearly 1300 million people.
In the past 20 years, Chinese Life Insurance Company has been on the road of scientific and technological construction, bravely moving forward, innovating and changing, successfully creating a "new paradigm" of digital transformation of large financial and insurance enterprises, and giving full play to the role of large state-owned financial and insurance enterprises as the main force in practicing science and technology to empower and serve the overall situation of the country.
Firmly shoulder the responsibility of serving the overall development of the country
Over the past 20 years since its listing, Chinese Life Insurance Company has always been at the forefront of industry development, with the "great of the country" in mind, and striving to serve the overall development of the country. We have continuously improved investment methods and management systems, actively promoted the high-quality development of investment management, and increased the scale of investment assets from 279.2 billion yuan at the end of 2003 to 50,649 yuan at the end of 2022800 million yuan, an increase of nearly 20 times, the income level has risen steadily, the investment varieties have become more and more diversified, and the investment management efficiency and professional ability have been significantly improved.
As the leader and promoter of China's life insurance industry, Chinese Life Insurance Company is not only "big" in terms of premiums, total assets, outlets, manpower, brand value and other figures, but also as a large financial and insurance central enterprise, with the overall situation of the country in mind, while taking advantage of the strong growth of national strength to strengthen itself, it also takes responsibility, feeds back to the society, continues to play the functions of economic compensation, financial integration, wealth management and social management, and strongly supports and escorts people's better life. In terms of supporting regional coordinated development and serving the real economy, Chinese Life Insurance Company actively lays out investment projects that are in line with the national economic development trend and policy orientation based on regional characteristics. According to the "2022 ESG and Social Responsibility Report" released by Chinese Life Insurance Company, as of December 31, 2022, the company's investment in the real economy has exceeded 36 trillion yuan, serving the regional development strategy investment scale of more than 23 trillion yuan. In promoting the coordinated development of Beijing-Tianjin-Hebei, the integrated development of the Yangtze River Delta, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and responding to the "Belt and Road" initiative, there is in-depth support from the asset side of Chinese life insurance companies.
In the field of green finance, at the beginning of the 14th Five-Year Plan, Chinese Life Insurance Company has integrated the concept of "green" into its major strategic decisions, actively deployed and vigorously implemented it, gradually explored new paths for green development, and promoted the integration of financial and insurance business and green development. Under the guidance of the general tone of seeking progress while maintaining stability and the new development concept, the company actively explores, focuses on the product, investment and operation of green insurance, injects financial vitality into "lucid waters and lush mountains", and continues to build a top-level design and implementation path for green development, so as to shoulder the responsibility of serving the overall situation of national green development and grasp the emerging opportunities derived from green development.
After 20 years of development, Chinese Life Insurance Company has a clearer understanding of the future path. 20 years is a long time, witnessing the development history of China's insurance industry, and the concept, product and model are becoming clearer and clearer. 20 years is a very short time, 20 years can only be regarded as a small beginning, a complete economic cycle is not finished, and countless cycles are still waiting to be crossed in the future.
Carrying forward the past and forging ahead into the future, Chinese Life Insurance Company will closely follow the development of the industry, improve the accuracy of services, broaden the diversity of protection, and make greater contributions to serving the overall development of the country and the protection of people's livelihood. Strengthen and optimize, based on the main responsibility and main business, make every effort to improve the supply capacity of high-quality insurance products and services, promote higher-level asset and liability management, improve services and efficiency, and continue to promote high-quality development;Reform and innovation, explore new models of team and business development, and focus on accelerating the seizure of new tracks, cultivating new kinetic energy, and creating new models in the reform of the marketing system, digital construction, and the construction of a healthy pension ecosystemSteady development, continue to improve the comprehensive risk management system, do a solid job in risk prevention and control in key areas, keep the bottom line of no systemic financial risks, and build a long-lasting foundation for the company.
Twenty years of concentricity, a new journey of cohesion. Chinese Life Insurance Company will continue to strengthen its confidence, seek new development in the new journey, achieve new leaps at a new starting point, forge ahead with vigor and courage, continue to promote high-quality development, contribute insurance strength to Chinese-style modernization, and stride forward towards the goal of building a world-class life insurance company.
Editor: Peng Yan.
*: Elephant News).