China Business Daily (Reporter Ma Wenbo) 3 On March 3, the China Banking and Insurance Regulatory Commission issued four administrative penalty decisions in a row. In one of the administrative penalty decisions, the China Banking and Insurance Regulatory Commission named two violations of China-US Liantai Metropolis Life Insurance Co., Ltd. (hereinafter referred to as Metropolis Life ), and the other three penalty decisions involved the fined units were also related to the agency of the Metropolis Life Insurance to sell outbound calls.
Improper insurance sales business
China Business Daily reporter noticed that among the four fines issued by the China Banking and Insurance Regulatory Commission, it can be seen that there are irregularities in the Metropolitan Life Insurance sales business. According to the fine, in terms of behaviors such as exaggerating insurance liability during telemarketing, many of Metropolitan Life’s self-built telemarketing centers have misleading behaviors such as unclear statements of insurance liability and exaggerating insurance liability, involving a total of 166 transactions, with a premium of 576,200 yuan. It involves telemarketing centers in Beijing, Guangzhou, Shenzhen, Shenyang, Shanghai and Chongqing.
The China Banking and Insurance Regulatory Commission has determined that many telemarketing centers of Metropolitan Life Insurance have carried out telephone sales to exaggerate insurance liability, which violates Article 116 of the Insurance Law of the People's Republic of China. China-US Liantai Metropolitan Life Insurance Corporation was fined 300,000 yuan, eight telephone sales centers involved in violation of regulations were fined a total of 610,000 yuan, and ten relevant persons in charge were warned and a total of 270,000 yuan was fined.
Screenshot of the administrative penalty decision
It is worth noting that the three outbound call agency banks of Metropolitan Life Insurance received fines, namely Industrial Bank Credit Card Center , Huaxia Bank Credit Card Center and Guangfa Bank Credit Card Center . From 2019 to the end of March 2020, all the above three parties involved had misleading sales behaviors such as exaggerating insurance liability in the insurance sales outbound call business of Metropolitan Life Insurance.
Among them, Industrial Bank Credit Card Center involves 8 business transactions, with a premium of 24,800 yuan; China Merchants Bank Credit Card Center involves 10 business transactions, with a premium of 34,100 yuan; Guangfa Bank Credit Card Center involves 13 business transactions, with a premium of 39,000 yuan. All three bank credit card centers were fined 100,000 yuan respectively, totaling 300,000 yuan.
Administrative Penalty Decision for Industrial Bank Credit Card Center
Administrative Penalty Decision for China Merchants Bank Credit Card Center
Administrative Penalty Decision for Guangfa Bank Credit Card Center
"I bought medical insurance called "Metropolitan Angel" at Metropolitan Life Insurance two years ago. Now I basically receive calls from their customer service every three or four months, usually introducing new activities, or launching more preferential insurance projects for old customers." Tangtang (pseudonym) from Beijing told a reporter from China Business Daily.
Tangtang was deeply touched by the misleading behavior of sales. "Once a customer service told me that he had just arrived and wanted to complete the task. Can you please trouble me to upgrade the insurance policy amount? I paid more than tens of yuan a month and asked me to pay for three consecutive months. He said he could add me on WeChat and transfer the money to me, which would be equivalent to giving it to me for free." Due to the sincere attitude of the customer service, Tangtang agreed to his request. After a series of operations, the above-mentioned customer service also transferred the premium money as promised. "I don't know much about their internal assessment tasks. Anyway, they always add insurance so confusedly." Tangtang said awkwardly, "I still don't know the changes in the insurance terms after upgrading the insurance policy."
insurance policies before and after Tangtang upgrade
frequently got punished to get off the altar
In fact, Metropolitan Life Insurance was really popular when it just started operating insurance business in China for a while, but its frequent fines in recent years have caused its reputation to decline.
official website information shows that Metropolitan Life Insurance is a joint venture between the subsidiary of the United States Metropolitan Group and Shanghai Lianhe Investment Co., Ltd. and .
It is understood that the US Metropolitan Group was founded in 1868 and became the world's largest life insurance company at that time in 1909. In 2000, its stock was listed on New York Stock Exchange . In 2004, the United States Metropolitan Group established its first joint venture life insurance company in China and entered the Chinese market to officially start business. At that time, many people chose Metropolitan Life for their background.
Metropolitan Life’s official website stated: “With the rich experience of the United States Metropolitan Group in the insurance industry and the deep understanding of the Chinese market by Shanghai Lianhe Investment Co., Ltd., Metropolitan Life is committed to providing Chinese consumers with trustworthy and professional insurance solutions.”
However, with the growth and regulation of the insurance market, Metropolitan Life seems to have stepped down from the altar.
According to the information disclosed by the China Banking and Insurance Regulatory Commission last year, the Ningbo Central Branch of Metropolitan Life Insurance was punished by supervision for its untrue information; the Shanghai branch was punished by supervision for its preparation of false information and disrupting the order of the insurance market by unfair competition.
In addition, Metropolitan Life also ranks high in many consumer complaint indicators. According to the insurance consumer complaints in the fourth quarter of 2021 released by the Consumer Rights Protection Bureau of the China Banking and Insurance Regulatory Commission, in the fourth quarter of last year, Metropolitan Life ranked among the top 10 life insurance companies in terms of the number of complaints for 00 million yuan in premiums and the number of complaints for and the number of complaints for 00 million yuan in disputes.
The number of complaints from life insurance companies for 100 million yuan in the fourth quarter (unit: piece/nbn)
The fourth quarter ordinary life insurance dispute (unit: piece)
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