China Banking and Insurance Regulatory Commission: Accelerating the Digital Transformation of Life Insurance Products and Deepening the Application of Blockchain and Other Technologies

Recently, the Financial and Insurance Regulatory Authority of China announced "approval recommendations to strengthen life insurance products." The statement highlights the need for rapid digital transformation. Efforts to increase investment in information technology, reduce product costs, develop new products, expand in-depth services through the use of technology, again achieve higher research costs, insurance easier and timely solutions to meet a wide range of insurance needs. consumer. Support the stable operation of Internet insurance, promote valuable data, deep data, intelligence, blockchain and other technologies, and improve business products. successful business. Development. Improve the essential role of research and technology, enhance online pre-service capabilities, and achieve organic integration with offline services.

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To understand the changing nature of the insurance industry, promote the expansion and improvement of life insurance and better work on human health, clean up and improve business and social relations, it has been approved by the Insurance Regulatory Corporation of China. It will now make life insurance products more affordable and benefit people with more insurance. To protect the request, we provide the following information:

1. The main principles of the Potential Capacity of Life Insurance

(1) Focus on people. Develop insurance products and services that meet the needs of the people and comply with the Business Development Law, strengthening health insurance services without human life and continuing to provide multiple levels of protection and security.

(2) Continuous improvement of quality. Make the energy change of development according to the needs of industry, return to the old method of insurance, follow the new model of improving health insurance performance, promote the development of technology and tight integration of insurance services, and continuously improve the quality of life insurance products. provided.

(3) Continuation of the modification of the depth. Improve the growth environment of enterprises, promote reform of the life insurance system, accelerate growth, strengthen the important role of enterprises in the protection, development and improvement of product and process design, and strengthen the strength and vitality of the industry. of product innovation.

2. Expanding the product line of various life insurance products

(4) Improve insurance performance. We regularly fulfill our role in the community, provide appropriate and cost-effective security assurance and extend our support to undeveloped areas. Products with low insurance, easy registration, low cost and clear liability for the elderly, farmers, low-income and elderly people, people Agriculture, low-income and low-income households benefit from the combination of poverty reduction benefits well linked to rural development. and cooperate with the relevant local authorities. People with Disabilities.

(5) to provide the development of old age insurance policies. The innovation creates a wide range of retirement insurance products that are easy to purchase, modify payments, and provide a stable business environment by requiring return to a safe place. retirement benefits. Regularly improve Annuities Enrich the long-term management of your retirement plan by providing you with substantial income for your retirement insurance. In order to adapt to the changing needs of financial insurance, he explores insurance products and services that can support long-term insurance, annuities and health insurance, meeting the needs of retirees, retirees and other financial resources. . Encourage participation in the development of older people in various ways and explore ways to link the role of long-term care, risk prevention and education. promise pensions for services such as elderly care and community-based elderly. Prevent depression.

(6) Respond to human health protection needs. The design of health insurance plans is important to urban and rural residents and does a good job of adhering to simple health insurance practices. Develop the resources of the health insurance sector to seek to develop a comprehensive list of health insurance products in the sector and to evaluate and process products accordingly. coverage levels for major diseases. and advancement of health insurance. Participate in long-term insurance programs, develop the health insurance market, promote the integration of health and medical care and meet the need for real treatment. Encourage the integration of health insurance products and health services, gradually develop and improve health services, technology, information, etc., and improve the level of insurance health protection.

(7) Improve levels of protection for adults and children. It further raises the age limit for insurance and responds quickly to the insurance needs of people aged 70 and over. In order to provide adequate protection for seniors with pre- and post-chronic illness, we will reduce coverage as needed. We research product determinations, improve health insurance and claims fulfillment, and actively develop health and accident insurance products that meet the needs and affordability of seniors. Improve research on geriatric disorders and promote the development of insurance for specific diseases. Focusing on the needs of children's life, education and health care, we will frequently develop different types of pension insurance, disability insurance and insurance coverage, especially for children, and strengthen preventive care for children with heart disease and stroke.

(8) improve the protection of certain groups; Play the service role of the insurance industry, strengthen integration with the security system in the community, all take into account the characteristics of the new industry and new types of personnel and different types of work can be easily adapted , accelerating the development of the insurance industry, and providing a wide range of collision insurance and a wide range of medical devices. Promote the integration of public sport and athletic education, improve accident insurance, and seek to develop collision insurance for student sports, campus collision insurance, and collision insurance for students in athletics and snow sports. Facilitate the development of an integrated military consortium to meet the needs of special military security. Research and develop insurance products that respond to worker risk protection in specific environments and areas. Encourage the development of local self-insurance products, help local development, meet the different protection needs of the free trade zone and the free port, and provide collision protection, medical and medical insurance for people in other areas.

3. Improve the capacity of life insurance products.

(9) optimize the improvement of the control mechanism. Establish insurance company liability policies, identify their own business locations, and actively improve the availability, accuracy and performance of their products. Establish and improve the mechanism of product development, clarify the role of the lead role of the role and related fields, specify the purpose of the work and specific tasks, design, repair and promote a wealth of resources. Establish and improve product management procedures, hierarchical research and distribution management, improve product quality and achieve integration of equipment and needs and develop good business.

(10) Promote digital transformation. Efforts to increase investment in information technology, reduce product costs, develop new products, expand in-depth services through the use of technology, again achieve higher research costs, insurance easier and timely solutions to meet a wide range of insurance needs. consumer. Support the stable operation of Internet insurance, promote valuable data, deep data, intelligence, blockchain and other technologies, and improve business products. successful business. Development. Improve the essential role of research and technology, enhance online pre-service capabilities, and achieve organic integration with offline services.

(11) Improve industrial research. It supports improvement of industry standard data structure, promotes secure sharing of business data, further improves data quality and improves bottom-up data. Continue to model, simplify and streamline product terminology. It promotes regional diseases and epidemiological research, as well as references from specialized populations such as the elderly, children, new entrants and entrepreneurs. publishes new risks rationally distributed for different populations and promotes genuine products. objects. Improve business experience in data collection for loss of income disability insurance, patient care and health insurance, and industry standard research process design.

(12) Modification of the control mechanism. Improve the capacity building of surveillance, improve the functioning of the surveillance of organizations and improve the actuarial system of products. Establish smart device inspections and registration agencies, play the role of a third-party agency in the supervision of services and improve the level of instruction and supervision; works well. Strengthen site management and set up a joint monitoring team to prevent "false innovation" and "chaotic innovation", protect the rights and interests of consumer goods, and against the violation of various laws and strictly prohibit them . Conclusions to avoid risks.