The cumulative risk insured amount of long-term insurance is 656.2 billion yuan, with an average insured amount of 9640,000;
Among them, the cumulative risk insured amount of term life insurance is 644.9 billion yuan, and the average insured amount exceeds 1 million yuan
The average term life insurance claim amount is 7950,000 yuan, 28-40 years old, the average claim amount is 10050,000 yuan;
Term life insurance customers aged 28-40 have an average sum insured of 10250,000 yuan, the average insured amount of male customers aged 28-40 is 10570,000 yuan;
As the first insurance legal person enterprise in Guizhou, Huagui Life Insurance, which has been established for more than six years, has handed over the "answer sheet" quite bright spots and is unexpected. After in-depth analysis, it was found that these "surprises" were also "reasonable". From the very beginning, Huagui Life Insurance has found another way, determined its strategic goals, deeply cultivated market segments, made steady progress, and embarked on a development path with its own characteristics.
-insurance today-
Huagui Life's differentiated development model and "track".
China's insurance industry has continued to grow rapidly over the past few decades, becoming one of the largest insurance markets in the world, but it is also facing a series ......of challenges: changing consumer needs and preferences, bottlenecks in traditional insurance sales models, and rapid digital innovationThe insurance industry urgently needs to seek transformation and development through underlying changes. Under the trend of increasingly obvious head aggregation effect, it is even more difficult for small and medium-sized life insurance companies to survive in the cracks.
As an emerging and young life insurance company, Huagui Life Insurance Co., Ltd. chose a development model and "track" that is different from traditional insurance companies at the beginning of its establishment, combining industry development trends, regulatory policies, shareholder demands and its own resource endowment: it does not build an individual insurance team, does not blindly lay institutions, and moves forward lightlyChoose to cooperate with intermediaries, borrow ships to travel, take advantage of the strength to set sail, and take advantage of the development of the situation;Focus resources on products and services, and focus on doing a good job in C-end and B-end servicesFocus on market segments, and focus on two types of products: term life insurance and whole life insurance.
Industry insiders believe that the current insurance is far from meeting the segmented needs of customers, and in the face of fierce competition and the challenge of transformation, the company that lives well is not necessarily the most complete business, but may be the company that has gained advantages in the segment. Therefore, at the beginning of its establishment, Huagui Life Insurance anchored segmentation and differentiation in path selection. From the perspective of developed markets such as Europe and the United States, there are many types of term life insurance products, starting early, and the people's willingness to accept them is higher.
Recently, PwC and China Banking and Insurance News jointly released a research report on "The Road to High-quality Development of Small and Medium-sized Life Insurance Companies".
-insurance today-
Huagui Life's signature product - term life insurance
For traditional insurance companies, term life insurance is not an important business growth point. Previously, term life insurance has been tepid in China, and some people even think that fixed life products are somewhat "unlucky". However, Huagui Life Insurance has seized the tuyere of the Internet era, changed this inherent cognition, and researched and designed a series of "explosive" life products, making the "cake" of the domestic life market bigger and bigger, and allowing more people to enjoy risk protection.
Keeping up with market demand, relying on term life insurance, a type of insurance that traditional life insurance giants are reluctant to try, as a breakthrough, after the Internet channel opened up the market, a series of protection products with low rates and high protection leverage promoted by Huagui Life Insurance quickly became a high-profile "Internet celebrity product".
According to statistics, in the past 5 years, there have been nearly 30 iterations of Huagui fixed life products, with an average of about 6 new life products every year, and the product types cover a variety of subdivided scenarios such as single fixed life, husband and wife fixed life, reduced rated life, non-standard fixed life, premium incremental life, interactive life, etc. With the continuous iteration and upgrading of products, Huagui Life's user base continues to expand, and its protection capabilities and service levels are also improving.
In terms of products, we adhere to the design concept of "small but fine", "understandable" and "cost-effective", and provide customers with products with pure protection, high leverage and extreme risks, which are the outstanding characteristics of Huagui Dingshou products. Huagui will design different functions according to different groups of people and segment the needs of customers. For example, for target customers such as the general population, young people, couples, and families, Huagui has developed a series of term life insurance products: Huagui Damai Youth Edition, Husband and Wife Edition, Classic Edition, Mortgage Edition, All-round Edition, etc. Another example is the launch of the guardian e-home (husband and wife version), and the innovative Internet term life insurance for couples;Launched Barley Term Life Insurance, with a maximum insured amount of up to 100 million!It is known as the "national life".Huagui Damai "Doulaibao" made its debut, advancing term life insurance to the non-standard era.
After more than 5 years of deep cultivation in the fixed life market, by tapping the most urgent needs of young people, Huagui Life has developed the "smart life proposal" for new young people, and solved the four extreme risks of life - death, total disability, illness and disability through the combination of "fixed life + disability + medical treatment + accident". In-depth excavation of the needs of existing customers not only makes it possible to "do big things with a small amount of money", but also makes the brand more well-known among young people, and satisfies many customers to spend a small amount of money to prevent life risks. Launched disability protection insurance - "Huagui Additional Maltose Disability Income Loss Insurance", supplemented by disability insurance on the basis of fixed life, "two-pronged", which not only provides death and total disability protection for the family pillar, but also provides disability protection due to critical illness and accident, so as to fully protect individuals and families from the risk of income loss. The introduction of children's critical illness insurance - simplifying, only covering 128 critical illnesses, but only 385 yuan per year can provide children with an insurance amount of 1 million (30 years of insurance in the same period), which is a high-quality choice for young people who have just entered the family income is not too high.
Huagui Life actively explores the subdivision of term life insurance, continuously improves scenario-based life insurance products, and continues to upgrade and iterate its main term life insurance, so as to continuously enhance its influence in the life insurance market. With its focus on the field of Internet term life insurance, Huagui Life has won a very good reputation, and its market share of fixed life products has been maintained at a high level. Huagui Barley series term life insurance has occupied half of the market share in the field of Internet fixed life for many years.
What customers think, will be favored by customers. "Huagui has spent more than six years deeply cultivating the Dingshou market, and has initially formed the "National Dingshou" brand effect of "buying Dingshou and looking for Huagui". From 2017 to October 2023, the cumulative new policy premiums of Huagui Term Life Insurance have exceeded 1 billion yuan, and have cumulatively provided protection to more than 630,000 families across the country, with a cumulative risk insurance amount of 644.9 billion yuan and an average per capita insurance amount of more than one million yuan, of which the average insurance amount for 28-40 years old is 10250,000 yuan, the average insurance amount for men aged 28-40 is 10570,000 yuan;
Through the data, it can be seen that the cumulative insured amount of Huagui term life insurance accounts for more than 98% of the cumulative insured amount of its long-term insurance, that is to say, in Huagui's long-term insurance, term life insurance is the absolute "highlight";The average sum insured of Huagui Life Insurance also exceeds the average sum insured of its long-term insurance, and the protection function and significance of insurance have been fully demonstrated.
Up to now, the cumulative insurance claims of Huagui Barley series fixed life have exceeded 400 million yuan. Among them, the average claim amount for 28-40 year olds is 10050,000 yuan;From the perspective of the nature of insurance, this represents Huagui Life's commitment to hundreds of families, and the commitment has been fulfilled. With a premium of hundreds or thousands of yuan, the insured amount with hundreds of times leverage fully reflects the essence of "insurance surname insurance", as well as the value and significance of life insurance.
Some people in the industry believe that Huagui Life Insurance is actually "checking and filling in the gaps" for the industry, and in the competitive environment of product homogeneity and serious involution, Huagui Life Insurance avoids the cruel "Red Sea" market, which is not only a matter of competition, but also a wise choice. More importantly, through perseverance in the market, the basic market education has been completed during the period, so that more and more young people can realize the value of term life insurance, lay the foundation for the long-term development of the entire market, and make the development prospects of Huagui Life in the fixed life market still worth looking forward to.
-insurance today-
Insurance companies return to their origins and highlight their protection functions
After the capital increase, Huagui Life Insurance is worth looking forward to
The underlying logic of the rapid development and expansion of the insurance industry has lost the environment for continued operation, and insurance companies need to reinvent themselves in order to enter a new business cycle. Recently, a number of heads of regulators have spoken intensively on preventing and resolving financial risks and promoting high-quality development, among which it is an important aspect of work to promote the return of insurance companies to their origins, highlight the guarantee function, and guide asset management, non-bank and other institutions to adhere to their positioning and differentiated development.
In terms of sticking to its own positioning and differentiated development, Huagui Life continues to promote the iterative update of insurance products, continuously enrich insurance product categories, deepen and refine market segments, and provide customers with richer and better risk protection, which has initially embarked on a differentiated development path and provided useful inspiration for small and medium-sized life insurance companies.
The outgoing year of 2023 is an important year in the development of Huagui Life, with the successful capital increase and Moutai Group once again becoming the major shareholder, ushering in new development opportunities for this young insurance company deeply rooted in the southwest province of Guizhou. How Huagui Life can leverage shareholder resources to carry out business synergy and achieve new breakthroughs in promoting value transformation and high-quality development has filled the outside world with expectations.