The end of the year is approaching, and the fierce battle is more intense.
For migrant workers who return home, their wallets may be bulging or flat, but banks are still the ultimate destination for most wallets.
As far as the insurance industry is concerned, the competition in the bancassurance channel will become more intense at this point in time.
Based on the disorderly competition of fees, this old problem of bancassurance channels has been repeatedly regulated before this.
On January 17, 2024, the General Office of the State Administration of Financial Supervision and Administration issued the "Notice on Matters Concerning the Regulation of the Bank's ** Channel Business of Life Insurance Companies", and then, on January 26, the China Insurance Association launched the "Initiative on Promoting the Healthy Development of Bank's ** Insurance Business".
Judging from public reports and industry practices, the problem of "small accounts" (kickbacks) has been significantly curbed, and the cost of bancassurance channels is gradually returning to normal levels.
Looking at mature foreign markets, the European 'bancassurance integration' cooperation model fully demonstrates that bancassurance business can achieve value creation based on win-win results. In major European markets, the premium contribution of bancassurance channels has stabilized at about 40%, and the bancassurance channels account for as much as 60% to 80% in some countries, and still maintain a high growth rate. In addition, the bancassurance new business value margin can be maintained at a high level of 20% to 40%. ”
Recently, McKinsey released the article "Embracing Change: Looking Forward to China's Life Insurance Industry in 2024", which gives such data, which also confirms the future value and space of the bancassurance channel in the long cycle.
In other words,Because of its value, the channel battle for bancassurance will still be one of the main battlefields of the industry.
But human nature is often uncontrollable.
Judging from the data of peer exchanges, in January 2024, some companies have sprung up in the bancassurance channel, following the popular logic of "there must be demons when things go wrong", and problems such as "small accounts" may not necessarily be clean.
It is also based on this logic that more pragmatic control measures have been introduced in various places.
Among the many control measures, the most noteworthy is the requirements of a local industry associationEach of the top 20 insurers in the bancassurance business in the territory is required to report a company that it finds to have violated the requirement of the integration of reporting and banking.
Of course, there is a practical basis for this mode of operation.
In the insurance market in recent years, any company that comes up has a high probability of being reported by the industry, so there is an unwritten rule in the industry that the business is average and should be low-key; Business is good, but it should be low-key! All that is prevented is to be reported.
The "whistleblowing system" has a long history in China, and it can be traced back to the Yaoshun era. Yao Shun is the wood of goodness and slander, the government has gains and losses, and the people have books in the wood. That is, people bury pillars on traffic arteries as signs to identify roads; In addition to this function, the common people could also inscribe opinions on the pillars, hence the name "slander wood". The meaning of slander here refers to discussing right and wrong, accusing fault, which is far from the modern meaning of slandering people with false words. With the development of history, the different forms of reporting have also tended to be fixed.
Of course, in the history of whistleblowing, the armor protection system is the most well-known. It is recorded in "Zhou Li, Local Officials and Suiren": Five families are neighbors, five neighbors are li, and four li are Zheng. Five families are in the house, the Wu is the long, the Shiwu is the li, and there is a division in the inside. The Shang Dynasty reform carried forward the system of Guan Zhong. He applied the military system to the people, and compiled the officials and people of the whole country, and the way of implementation was recorded in the "Shangjun Calligraphy and Painting Policy": "The rule between the lines, even five, distinguish by the chapter, and bind the order", with the system of continuous sitting, and finally achieve the goal of "no escape between the lines, no entry for migration".
In short, at that time, the basic unit of mutual supervision was the "wu", which allowed people to monitor and expose each other through joint sitting, so as to ensure that the peasants would not leave their nationality, run away indiscriminately, or secretly flee to other countries.
Returning to the insurance industry, in view of the lack of research on the global bancassurance market, it is not yet possible to judge how other markets monitor the cost of bancassurance channels, but as far as China's insurance industry is concerned, some historical problems left over from the period of savage growth certainly need to be countered by thunderous means.
Public reporting and monitoring or reasonable suspicion, at certain characteristic points and in specific areas, or with unintended effects.
In any case, in the context of high attention from all over the world, we can definitely expect a clean bancassurance market.
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