Industry dynamics
■ Guoren Property Insurance’s 1.845 billion yuan capital increase was approved, and the results of digital transformation are to be tested
Recently, Guoren Property Insurance issued an announcement stating that it has obtained the approval of the China Banking and Insurance Regulatory Commission on changing its registered capital, and approved the increase of Guoren Insurance’s registered capital from 3 billion yuan to 4.007 billion yuan.
Regarding the purpose of capital increase, Guoren Property Insurance once stated that it will be used to improve the company's own capacity building, serve new business and traditional business transformation. Among them, it is expected to invest about 1 billion yuan in a total of about 1 billion yuan to improve technical capabilities, including the construction of science and technology teams, basic system construction, business middle platform construction, data platform construction, etc. In addition, it is expected that the additional investment of about 500 million yuan will be invested as capital in establishing core competitiveness of the business, and the remaining 400 million yuan will be used as capital.
■ ZhongAn became the first batch of digital transformation partners to open up technological power to the industry
On May 13, the National Development and Reform Commission launched the Digital Transformation Partner Action Initiative to build a joint promotion mechanism of "government guidance - platform empowerment - leading leadership - agency support - diversified services", in order to form a digital ecological community with "digital leadership, fighting the epidemic, joint innovation, universal and win-win" to support high-quality economic development. Zhongan Online Property Insurance Co., Ltd. (Zhongan Online: 6060.HK) (hereinafter referred to as "Zhongan") and other 145 units have become the first batch of digital transformation partners.
As an industry digital transformation partner, ZhongAn Insurance will launch the 2020 "Insurance" plan. In order to support the digital transformation of financial insurance industry and small and medium-sized enterprises, it will introduce three major measures: First, provide the "Digital Transformation of Insurance Technology" course for intermediary companies; provide the "New Career Simulation Camp in the Insurance Field" course for students in higher vocational colleges and universities; and provide the "Online Blockchain + Supply Chain Transformation" course for factoring companies. Second, it provides 2,000 big data open innovation platform accounts for small and medium-sized enterprises and universities in various industries across the country for free, providing machine learning platforms and visual analysis platforms; Third, ZhongAn BaaS (Blockchain as a service) fully opens blockchain capabilities for small and medium-sized enterprises.
■Ant Group Research Institute: It is expected that the number of online mutual aid will reach 450 million in 2025
htmlOn May 8, Ant Group Research Institute released the first "Internet Mutual Aid Industry White Paper" in the country, pointing out that the actual number of participants in China's online mutual aid platform in 2019 was 150 million, and it is expected to reach 450 million in 2025, covering about 32% of China's population. Among them, 79.5% of online mutual aid users have annual income below 100,000 yuan, 68% of respondents have no commercial insurance, and 72% of participants are distributed in third-tier and below cities. (Source: Ant Group Research Institute)■In March, the number of new registrations for health insurance-related enterprises increased by 318% month-on-month
my country's health insurance -related enterprises totaled 74,000, of which 68,000 were in the industry. In March this year, the number of registrations of health insurance-related companies nationwide increased significantly, an increase of 318% month-on-month from the previous month. According to the analysis, in addition to financial investment companies, ByteDance, Xiaomi Technology, Lenovo , Charoenix Group, etc. have also entered the market one after another. (Source: Shanghai Securities News )
Regulatory Policy
■ Critical Illness Insurance may usher in a price reduction wave, and the incidence table will be revised after 7 years
On May 7, the Actuary Association issued the "China Life Insurance Industry Experience Incidence Table (2020) (Draft for Comments)" and solicited opinions from the entire industry. According to reports, this revision involves 9 tables, including the Greater Bay Area, representative critical illnesses for the elderly, and the updated 2007 version of the critical illness table. The first "Critical Illness Experience Rate Table" in the insurance industry was compiled in 2013, which is also the first revision of the Critical Illness Experience Rate Table after 7 years.
Guotai Junan Non-bank team commented that the revised and set-up of critical illness bills has lowered the disease incidence rate of the main customers of critical illness products aged 20-45, allowing insurance companies to lower product prices while ensuring profit margins, which partially hedged the downward pressure on price caused by the current fierce competition for critical illness insurance, making listed insurance companies profitability exceed market expectations. At the same time, the introduction of the incidence of critical illness will accelerate the launch of new critical illness products as required by the association, and also make current critical illness insurance products more sales selling points.It is expected that the growth rate of new orders of listed insurance companies will exceed expectations. (Source: Hexun.com)
■Shanghai: Steadily promote the inclusion of "Internet + Medical" in medical insurance settlement
Shanghai issued the "Key Points of Deepening the Reform of "Decentralization, Decontrol and Service" in 2020", steadily promote the inclusion of "Internet + Medical" in medical insurance settlement, reasonably determine the "Internet + Medical" price and medical insurance payment policy, promote cost reduction, efficiency and fair access to medical services, and improve the medical experience of patients. (Source: Shanghai Municipal People's Government )
■ China Banking and Insurance Regulatory Commission promotes ten measures to promote employment of insurance intermediaries
Recently, the intermediary department of the China Banking and Insurance Regulatory Commission issued the "Notice on Promoting Employment of Employment of Intermediary Personnel such as Insurance Sales and the Operation of Insurance Intermediary Institutions during the Epidemic", and issued ten relevant measures. It is mentioned that professional insurance agencies, insurance brokerage companies, , and insurance appraisal institutions that have fully handled registered capital custody can temporarily reduce the funds investing in large-scale agreement deposits and fixed deposits from no less than 10% of the registered capital to 5% for the company's daily operations. (Source: Shanghai Securities News)
■ The National Development and Reform Commission has clarified the scope of "new infrastructure" for the first time
The National Development and Reform Commission will study and issue guidance documents to promote the development of new infrastructure, and clarify the scope of "new infrastructure" for the first time; one is information infrastructure such as 5G, blockchain, and smart computing centers, two is integrated infrastructure such as smart energy infrastructure, and three is innovation infrastructure such as major scientific and technological infrastructure. (Source: CCTV.com)
Overseas Dynamics
■ Covered by SAGE completed a seed round of $6 million
Covered by SAGE is a property insurance and accident insurance (P&C) insurance brokerage company based on modern technology. The company recently announced that it has successfully completed a seed round of $6 million, and this round of financing is led by NFX.
Covered by SAGE is a modern, technically supported P&C insurance brokerage firm that transforms agents into super agents. Covered by SAGE leverages cutting-edge technology and first-class expertise throughout the insurance brokerage value chain empowers top brokers to write more business, strengthen relationships with clients, and become a perfect risk consultant. The company provides a plug-and-play proxy platform that significantly reduces the financial, operational and technical burden associated with building, managing and maintaining insurance businesses. At the same time, it provides agents with a complete product market, helping them win more businesses, greatly changing their dependence on retail, and significantly shortening the perennial "apprenticeship" - redefining the role of retail agents in today's industry.
■CyberCube launches its first network analysis product for the broker market
network risk analysis professional company CyberCube has launched "Broking Manager" – a new application designed specifically for insurance brokers.
Broking Manager helps traditional brokers and online brokers to understand their clients quickly and effectively. The product is designed to help brokers understand, quantify and explain to clients the source and financial impact of cyber exposure. Broking Manager enables brokers to generate online property damage reports for millions of companies in real time, while providing rich information to help brokers identify cyber risks for their clients. It does this by leveraging advanced models that leverage data from a wide range of sources such as firewall and peripheral scan data, historical events and losses, and company data. Brokers can also use the product to identify potential loss categories and recent cyber incidents for customers, as well as education on cyber risk benchmarks for peers. (Source: Coverager)
■ Prudential Pulse provides commercial customers with a new portal for access to welfare platform
Prudential’s mobile application Puse has joined with its partner HReasily to provide access to the new human resources and welfare management platform for Prudential SME customers in Asia. The partnership with HReasily underlines Prudential’s commitment to building a complete digital ecosystem for SMEs to protect their revenue and investment security, helping them conduct their business and improve employee benefits.
HReasily's service is the first of many services that Prudential will provide to its small business customers through Pulse. Starting from June 2020, Prudential SME customers will be able to access HReasily's cloud-based payroll, leave, claim, time and attendance capabilities, and HR management solutions through PruWorks. (Source: Coverager)
■HomeBuilders SIF chooses cloud hosting “Workers’CompXPress” solution to improve the experience of agents and policyholders
is the world’s largest insurance companies, brokers and MGAs that provide cloud-based core system solutions and data analytics Insurity announced that HomeBuilders SelfInsurers Fund (SIF) has adopted its cloud hosting solution Workers’ CompXPress. HomeBuilders SIF is a workers’ compensation self-insurance fund that serves workers in the residential construction industry in Louisiana. The new solution integrates insurance policy management and billing systems to manage the entire cycle from application to renewal or cancellation of insurance, and also includes agent and policyholder network sites to improve operational efficiency and provide a better customer experience. Workers’CompXPress provides enhanced workflow with improved data capture and processing systems, customizable data visualization dashboards, and extensive reporting powered by advanced analytics. With this cloud hosting solution, HomeBuilders SIF will improve the security and scalability of its systems, facilitating and supporting future digital initiatives.
