Recently, the results of the business evaluation of the legal person organization of the insurance company in 2020 were released. The CPIC property insurance and CPIC life insurance under China Pacific Insurance (Group) Co.Ltd(601601) have received the highest class a evaluation. They have been on the list for the sixth consecutive year since the industry selection was launched in 2015.
As an important part of the supervision and evaluation system of insurance companies, the operation evaluation system mainly evaluates the operation effect of insurance companies from three aspects: speed, scale, benefit quality and social contribution. Only companies with both of the three and good performance can be rated as class A.
Why did the property and life insurance subsidiary win the class a evaluation for six consecutive years? This is the result of China Pacific Insurance (Group) Co.Ltd(601601) always implementing the concept of high-quality development, which is not only reflected in the development scale and speed, but also reflected in the quality and efficiency. China Pacific Insurance (Group) Co.Ltd(601601) gives overall consideration to the scale, quality, efficiency and serving the economy and society, the steady and balanced development of business, and effectively integrates the operation of the company into social development and people’s good life.
Looking ahead, China Pacific Insurance (Group) Co.Ltd(601601) will continue to uphold the concept of high-quality development, actively respond to the uncertainty of the external environment, deepen reform, firm transformation, make progress in stability, strive to build a new highland of high-quality development and achieve quality growth.
Break through the triple assessment of speed, scale, efficiency and quality and social contribution, and develop both quality and efficiency in the development of TPL and life insurance
On January 28, the China Insurance Industry Association disclosed the evaluation results of the operation of legal person institutions of insurance companies in 2020. A total of 158 insurance companies participated in the selection, including 78 Property insurance companies and 80 life insurance companies. According to the evaluation results, there are 15 class A, 54 class B, 7 class C and 2 class D property insurance companies, 24 class A, 46 class B, 10 class C and no class D life insurance companies.
The operation evaluation of insurance companies began in 2015. The original CIRC issued the operation evaluation index system of insurance companies (for Trial Implementation), which scientifically evaluated the operation status of insurance companies from three aspects: speed, scale, benefit quality and social contribution. The purpose is to guide insurance companies in the industry to improve their management level and accelerate the transformation of development mode.
The evaluation results are divided into four categories. Class a companies refer to companies with good business conditions in terms of speed, scale, benefit quality and social contribution; Class B companies refer to companies that operate normally in terms of speed, scale, efficiency, quality and social contribution; Class C companies refer to companies that have problems in speed, scale, benefit quality and social contribution; Class D companies refer to companies with serious problems in speed, scale, benefit quality and social contribution.
Among all the insurance companies participating in the evaluation, in 2020, only five property insurance companies and four life insurance companies scored a for six consecutive years. It is worth mentioning that both CPIC property insurance and CPIC life insurance under China Pacific Insurance (Group) Co.Ltd(601601) are selected, which is particularly rare, which is enough to prove that the company has outstanding operating ability and can be trusted.
Judging from the evaluation index, the speed and scale can reflect the development trend of insurance companies; Benefit quality reflects the operating results of insurance companies and is the internal development requirement; Social contribution reflects the social benefits of insurance operation, which is the requirement for insurance companies to play the insurance function and serve the overall situation of economic and social development. None of the three is indispensable. The operation and development of CPIC property insurance and CPIC life insurance is both quality and efficiency.
On the whole, the current market environment is complex. The insurance industry is in the “three-phase superposition” stage of the growth shift period, the centralized release period of multi-year accumulated risks and the painful period of the transformation of the insurance development model. At the same time, it is facing changes in the internal and external environment such as covid-19 epidemic, comprehensive reform of automobile insurance, slowdown of new car sales and in-depth transformation of life insurance, It also tests the strategic determination and operation ability of insurance companies.
In 2020, China Pacific Insurance (Group) Co.Ltd(601601) firmly grasp the main line of high-quality development. In terms of property insurance business, auto insurance overcomes the pressure of epidemic situation and comprehensive reform, and renewal has become the core driving force of growth; Non auto insurance focuses on supporting the resumption of work and production, and focuses on the development of emerging businesses; Agricultural insurance seized the policy opportunity and continued to develop at a high speed. In terms of life insurance business, actively respond to the impact of the epidemic, accelerate the promotion of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated operation, strengthen the traction of excellent performance of the marketing team, strengthen product innovation, and actively promote the integration of products with health management, elderly care services and wealth management.
In 2021, China Pacific Insurance (Group) Co.Ltd(601601) property insurance actively responded to the comprehensive reform of auto insurance, strengthened the operation of individual customers, seized the strategic development opportunities of non auto insurance and agricultural insurance, strengthened risk quality control, continuously optimized the comprehensive cost rate, practiced the ESG concept, and comprehensively improved its ability to serve the national strategy and the real economy. China Pacific Insurance (Group) Co.Ltd(601601) life insurance has been deeply engaged in the main business of insurance, providing customers with insurance products and services covering the whole life cycle and with clear layers. Positive results have been achieved in the addition of insurance for old customers, the coordination of health care industry and the benefit of people’s insurance business. The new bancassurance business has made great efforts to break the situation, and the “Changhang action” has begun to promote the high-quality development of the business.
Focus on big health, big data and big regions, and build a new highland for high-quality development of the industry
At present, the reform of the insurance industry has entered a critical period, and the extensive high growth stage has passed. The industry is jointly facing the new requirements of high-quality development, which is also the practice direction of China Pacific Insurance (Group) Co.Ltd(601601) – “achieving quality growth”.
In recent years, transformation has become the most significant label of China Pacific Insurance (Group) Co.Ltd(601601) , and the results of transformation are gradually landing and transformed into actual productivity. While realizing the current operating performance, it promotes long-term capacity-building and continues to play an important role in the healthy and stable development of the company.
In 2021, the “five-year transformation” of China Pacific Insurance (Group) Co.Ltd(601601) ended perfectly, the overall performance maintained steady growth, the market position remained stable, the comprehensive strength continued to improve, and the quality and efficiency of serving the economy and society further enhanced. Escorting the Expo and launching the “long voyage action”, the Internet hospital was listed, and the “Taibao home” landed in nine cities and ten parks. The service officer system came into being. Taibao blue public welfare fund, Taibao private equity fund and Life Insurance Hong Kong company were established one after another ·· {601601601} with remarkable achievements, but not limited to this.
2022 is the key year to further promote the 14th five year plan, and also the starting year of the new 30-year development of CPIC. Standing at the starting point of the new era, there are new thoughts and actions for the future development of China Pacific Insurance (Group) Co.Ltd(601601) .
During the 14th Five Year Plan period, China Pacific Insurance (Group) Co.Ltd(601601) will adhere to the goal of “leading the healthy and stable development of the industry” with “the best customer experience, the best business quality and the strongest risk control ability”, focus on the three key points of big health, big data and big region, and continue to promote high-quality development; Build three engines of talent, service and ESG to enhance the core competitiveness of long-term development; Implement the “Taibao service” strategy to achieve innovative breakthroughs in the company’s high-quality development while serving the national strategy, the real economy and the people’s better life.
Further focus, in recent years, China Pacific Insurance (Group) Co.Ltd(601601) has integrated various resources, actively consolidated the ecological link of medical and health care while deeply cultivating the main insurance industry, promoted the orderly implementation of the development blueprint of “great health”, built a service ecosystem of “insurance + health + pension”, covered the whole life cycle of customers, and improved the added value and differentiated competitive advantage of the main life insurance products.
Science and technology is becoming one of the main driving forces to promote the development of the insurance industry, China Pacific Insurance (Group) Co.Ltd(601601) strive to implement “big data”, achieve three breakthroughs in scientific and technological efficiency, data service and innovation mechanism, focus on the long-term capacity-building of five major science and technology, including governance and control, independent research and development, data service, platform collaboration and innovation transformation, and promote high-quality development with scientific and technological innovation.
The “big region” is mainly laid out from the aspects of integrating into the major national regional strategies, actively supporting the construction of free trade zones and free trade ports, and steadily promoting the implementation of internationalization strategies. While serving the national strategy, {601601601} through regional innovation and guidance, it creates a new growth pole of high-quality development.
At the China Pacific Insurance (Group) Co.Ltd(601601) 2022 annual work conference held recently, Kong Qingwei, chairman of China Pacific Insurance (Group) Co.Ltd(601601) said that starting from the new 30 years, CPIC will adhere to the enterprise values of “integrity in the world, a stable life, the pursuit of excellence and win-win innovation”, take the road of examination in the new era and strive to build a new highland for high-quality development of the industry, Accelerate the construction of a world-class financial and insurance service group with global competitiveness and make new and greater contributions to the second century journey of building a modern socialist power.
Fu fan, President of China Pacific Insurance (Group) Co.Ltd(601601) said that CPIC will give full play to the comprehensive advantages of the group, tap the growth potential, prevent and resolve risks, respond to the uncertainty of the external environment with the certainty of orderly promotion of various work and implementation of measures, deepen reform, firm transformation, make steady progress, create a new highland of high-quality development and achieve high-quality growth.
It can be seen that in the practice of China Pacific Insurance (Group) Co.Ltd(601601) , value creation is the core, which comprehensively runs through the debt end, investment end and operation end, promotes the operation from epitaxial growth to connotative growth, continues to create a new situation of sustainable development and consolidate high-quality development.
