China-US Liantai Metropolitan Life Insurance, which once had a reputation, has been fined continuously this year.
Recently, the Chongqing branch of China-US Liantai Metropolis Life Insurance Co., Ltd. (hereinafter referred to as: China-US Liantai Metropolis Life Insurance) received another large fine. In March this year, China-US Liantai Metropolitan Life Insurance Corporation also received a large fine. Both tickets were misled by telemarketing.
Under the impact of online sales, China-US Liantai Metropolitan Life Insurance's telemarketing gradually lost its advantage, but the proportion of telemarket complaints remained high.
In addition to the issue of telemarketing, many branches of China-US Liantai Metropolitan Life Insurance have also appeared on tickets from local regulatory bureaus for concealing important situations related to insurance contracts and inadequate control of telemarketing behaviors.
swallowed another million-level fine, and
large fines are frequently seen in the year
August 19, the Chongqing Regulatory Bureau of the China Banking and Insurance Regulatory Commission issued a large fine to the Chongqing Branch of China-US Liantai Metropolitan Life Insurance.
Chongqing Banking and Insurance Regulatory Bureau Administrative Penalty Information Disclosure Table (Yuan Banking and Insurance Regulatory Commission Penalty Decision No. [2022] 34) shows that the Chongqing Branch of China-US Liantai Metropolitan Life Insurance has four illegal and irregular behaviors. telemarketing business deceives the insured, the telemarketing business conceals important situations related to the insurance contract, hinders the insured from truthful notification, and the financial data is untrue.
According to Articles 161, 170 and 171 of the Insurance Law of the People's Republic of China, the Chongqing Branch of China-US Liantai Metropolitan Life Insurance was fined a total of 820,000 yuan, Li Xiyue was warned three times and fined 240,000 yuan, and Liu Jing was warned and fined 10,000 yuan, totaling 1.07 million yuan.
It is reported that China United Tai Met Life Insurance Corporation also suffered a large fine this year due to misleading telemarketing.
China Banking and Insurance Regulatory Commission Administrative Penalty Decision (Bank and Insurance Regulatory Commission Punishment No. [2022] No. 4) shows that there are also problems with China United Tai Metropolitan Life's telemarketing business.
The China Banking and Insurance Regulatory Commission pointed out its two violations: First, the two business premises of China-US Liantai Metropolitan Life Insurance Corporation have not been approved by regulatory authorities. For this violation, China-US Liantai Metropolitan Life Insurance was fined 30,000 yuan, and the head of the General Affairs Department was warned and fined 10,000 yuan.
Secondly, China United Tai Metropolitan Life Telephone Sales Center exaggerates insurance liability and other behaviors during sales. In response to this, the China Banking and Insurance Regulatory Commission fined China-US Liantai Metropolitan Life Insurance Corporation 300,000 yuan, fined 8 telephone sales centers involving violations of regulations 610,000 yuan, and warned 10 relevant persons in charge and fined a total of 270,000 yuan.
It is worth noting that the figure of China-US Liantai Metropolitan Life Insurance Branch is also commonly used on the tickets of local regulatory agencies.
5 On May 5, China-US Liantai Metropolitan Life Sichuan Branch was given a hesitation period for delivering insurance policies to the policyholder in a timely manner and returning to the policy for more than hesitation period; the control of telemarketing behavior was not in place, and the Sichuan Regulatory Bureau warned and fined RMB 30,000; the directly responsible supervisors were warned and fined RMB 20,000 and RMB 10,000 respectively
April 27, China-US Liantai Metropolitan Life Liaoning Branch was given a fine of RMB 550,000 for deceiving the insured, concealing important situations related to the insurance contract from the policyholder, and untrue financial data records. The two general managers of the branches were given warnings and fined RMB 80,000 respectively, and the two direct marketing channels were given warnings and fined RMB 60,000 and RMB 40,000 respectively.
htmlOn January 27, China-US Liantai Metropolitan Life Insurance Dalian Branch was responsible for the existence of fictitious business development business, resulting in untrue business data. The Dalian Regulatory Bureau of the China Banking and Insurance Regulatory Commission asked the main person in charge to order the correction and impose a fine of 100,000 yuan. Shi Nan, who is directly responsible for management, warned and imposed a fine of 10,000 yuan.armor became a weakness, and telemarketing became a reputation pain point
China-US Liantai Metropolis Life Insurance was merged by two life insurance companies, China-US Metropolis and Liantai Metropolis. The merger plan was approved by the China Insurance Regulatory Commission in March 2011 and approved by the industrial and commercial administrative department on April 12, 2011 and officially renamed.
In the past two years, although the premium income of China-US United States and Taiwan has maintained growth, the growth rate has slowed down significantly.
The premium income from 2017 to 2021 was RMB 10.034 billion, RMB 11.602 billion, RMB 14.375 billion, RMB 15.106 billion and RMB 15.598 billion, with premium growth rates of 15.63%, 23.90%, 5.09% and 3.26% respectively.
(Picture shows: Insurance companies are producing based on public data)
net profit, profitability is unstable, with profits from 2017 to 2021 respectively reaching 792 million yuan, 1.595 billion yuan, 1.854 billion yuan, 1.086 billion yuan and 1.132 billion yuan respectively.
(Picture shows: Insurance companies are producing based on public data)
achieved premium income of 8.193 billion yuan in the first half of this year, an increase of 8.52% year-on-year. The net profit was realized at 597 million yuan. solvency is sufficient, the comprehensive solvency adequacy ratio in the second quarter of 2022 was 493%, the core solvency adequacy ratio was 265.27%. The latest comprehensive risk rating of the latest issue is AA.
China United Metropolitan Life Insurance was once recognized by the industry as a life insurance company with high quality employees and high net worth customers. This year, China-US Liantai Metropolitan Life Insurance has been fined continuously, and China-US Liantai Metropolitan Life Insurance, which is known for its reputation, seems to be "fading".
In particular, in recent years, misleading telemarketing has been a long-standing problem for China-US Liantai Metropolitan Life Insurance. For a long time, telemarketing and company direct sales have once been its main sales channels.
Previous financial report data shows that from 2014 to 2015, the scale of telephone marketing and company direct sales premiums were 4.048 billion yuan and 4.452 billion yuan respectively, accounting for 60% and 59% of the insurance business revenue that year.
With the development of online sales channels, the proportion of telephone bank sales has slightly shrunk in recent years.
China United Metropolitan Life Insurance's direct marketing and digital marketing channel insurance business revenue in 2016 and 2017 was RMB 4.817 billion and RMB 5.276 billion, respectively, accounting for 56.18% and 52.55% of the company's total insurance business revenue, respectively. In 2020 and 2021, the insurance business revenue of consultant marketing channels was 7.215 billion yuan and 7.839 billion yuan, respectively, accounting for 47.76% and 50.26% of the company's total insurance business revenue. Today, consultant marketing has become the largest channel of China-US Liantai Metropolitan Life Insurance.
At the same time, the problems with telemarketing business that China-US Liantai has to face are far more than fines.
In 2021, the China-US United States and Thailand Metropolitan Corporation accepted a total of 8,567 complaints of various types. Complaints from the Telephone Sales Department of the Multi-Sales Channel accounted for 80.32% of the total complaints, the number of complaints received by the Telephone Sales Channel in 2020 accounted for 86.99% of the total customer complaints, and the number of complaints received by the Telephone Sales Channel in 2019 accounted for 85.6% of the total customer complaints.
China National Unit Metropolitan Life Insurance explained that it was due to the incomplete notification matters during the sales process, which led to inconsistent customer perception of insurance liability, which caused complaints when cancellation of insurance or claim settlement.
In fact, the response of China-US Liantai Metropolitan Life Insurance is also a problem that has always been criticized for the telemarketing business. It is difficult for telemarketing to extend the front line, and consumers cannot make insurance decisions in a short period of time. Faced with some complex insurance products, marketers' expressions are prone to deviations from consumers' understanding. Once the front is lengthened, it is easy to cause "harassment" to consumers and trigger resistance and resentment from consumers.
's increasingly strict regulatory requirements and business growth goals undoubtedly increase compliance pressure on sales behaviors in various sales channels.
This article is from insurance company high-level accounts
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