China’s insurance industry has bid farewell to the fast lane of high growth. Under multiple pressures such as the comprehensive reform of automobile insurance and the reform of agent team, insurance enterprises have entered a new stage of transformation and upgrading. All upgrading and iterative business strategies are inseparable from the diversified needs of the market.
After all, who can manage the hospitality group, who can be proud of the battlefield. From China Pacific Insurance (Group) Co.Ltd(601601) ‘s annual report to analyze the story behind the obvious growth of its customer base, we may be able to recognize the internal logic of the transformation and upgrading of the insurance industry.
On March 27, China Pacific Insurance (Group) Co.Ltd(601601) officially released its annual performance report for 2021. Under the background of the continuous epidemic and the overall slowdown of market growth, this report shows that the total number of customers of China Pacific Insurance (Group) Co.Ltd(601601) has increased by nearly 20 million in one year, with a double-digit increase.
This difficult achievement comes from China Pacific Insurance (Group) Co.Ltd(601601) customer-centered strategy and the attitude of managing the main business with ingenuity.
As Kong Qingwei, chairman of China Pacific Insurance (Group) Co.Ltd(601601) board of directors, said in his annual report, “the reform of the insurance industry has entered a critical period, and the value chain is facing a difficult reconstruction process. In the face of various uncertainties in the development environment, we have always grasped the main line of high-quality development, focused on key areas and key links, unswervingly deepened the transformation, stabilized the performance base, opened a new track, and formed a new business situation with both stability and progress.”
In every part of Kong Qingwei’s speech, it is inseparable from the elaboration of customer management. So, China Pacific Insurance (Group) Co.Ltd(601601) how to consistently “customer-centric”? Take out the cocoon and make an in-depth analysis together.
stick to the original intention and add nearly 20 million customers
According to the annual report of CPIC, the operating revenue of CPIC in 2021 was 440643 billion yuan, a year-on-year increase of 4.4%, and the operating profit was 35.346 billion yuan, a year-on-year increase of 13.5%.
In the annual report, there is a group of data changes that attract people’s attention, that is, the rapid growth of the scale of CPIC customers. By the end of 2021, the overall number of customers of CPIC had climbed to 168.39 million, an increase of 13.1% over the end of the previous year. In other words, in 2021, the net increase of customers of CPIC reached 19.45 million.
From the perspective of refined customer operation results, CPIC has gained a lot. By the end of 2021, the number of individual customers holding insurance policies of different subsidiaries of CPIC had reached 10.32 million, more than four times that of five years ago; The average number of insurance policies for individual customers of CPIC group also reached 2.28, an increase of 7% over the end of the previous year; The number of individual customers holding two or more insurance policies reached 32.57 million, an increase of 2.9% over the end of the previous year; At the same time, the stickiness of existing customers of CPIC life insurance increased, and the coverage rate of old customers was 8.7%, an increase of 2.7 percentage points year-on-year.
From the current situation of the insurance industry, it is not easy for customers to grow so rapidly. At present, the insurance industry is in a period of transformation and transformation. The growth of premium income and the expansion of customer scale of the whole industry have encountered bottlenecks at a certain stage.
To calmly cope with the great changes in this market, we need to take precautions. Taibao’s transformation 1.0, which was launched many years ago, has long focused on the steady growth of the number of customers and accumulated strength for value growth.
Since the transformation 2.0 stage in 2018, CPIC has once again explored the way of refined customer operation: it began to pay more attention to the situation that customers hold multiple insurance policies and the insurance coverage of different subsidiaries. Through the in-depth excavation of the customer protection gap, it has realized the precise marketing of customers’ perfect protection scheme and improved the retention rate of high-quality customers.
In its infancy, CPIC also promoted the brand construction of “CPIC service” by establishing a service officer system. 800 service officers from institutions at different levels took the initiative to approach customers, making the customer service experience of CPIC more concrete and warm.
It can be said that behind the double rise of “quantity and quality” of CPIC’s customers’ operation, thanks to its long-term adherence to the original development intention of “customer-centered”, it is commendable that the strategy of seeking progress in stability has continued to this day.
ingenious operation, intensive cultivation, main business of property and life insurance
For such a large insurance group as CPIC, in terms of customer operation, the strategic layout is far from enough, which needs to be supplemented by all-round tactical cooperation. Intensive cultivation of the main business of life insurance and property insurance and return to the source of security are the important tactics of CPIC.
In terms of life insurance, CPIC life insurance has won the trust of more customers by deepening the integration of products and services, innovating the supply mode and participating in the construction of social security system.
Specifically, in terms of product and service system, CPIC life insurance has newly created and released the “product + service” Golden Triangle system, forming a product service ecosystem based on health, wealth and pension; Build a value bancassurance “core” model, create a new bancassurance partnership, optimize resource integration and upgrade customer service.
In addition, CPIC life insurance is actively engaged in the construction of multi-level social security system. According to the annual report, since the launch of the projects of the political insurance business, CPIC life insurance has served nearly 30 million customers and paid more than 29 billion yuan in claims; Among the local Huimin insurance projects, the number of participants of Shanghai “huhuibao” underwritten by CPIC life insurance owners exceeded 7 million, the largest number in the first year of Huimin insurance; Nationwide, CPIC life insurance has participated in 35 Huimin insurance projects, covering more than 21 million insured persons, accounting for nearly one fifth of the number of Huimin insurance insured persons in China.
In terms of property insurance, facing the challenges of comprehensive reform of auto insurance and frequent natural disasters such as rainstorms, CPIC property insurance also further improves the direct contact and refined operation ability of customers by deepening the closed-loop management system of customer groups, so as to continuously improve the key indicators such as the renewal rate of auto insurance.
In the field of auto insurance business, in 2021, the insurance coverage rate of CPIC family car commercial insurance reached 93.5%, and the average limit of third-party liability insurance reached 1.711 million yuan; Focusing on personal life scenarios, the company actively expanded the “1 + n” vehicle non linkage mode, and promoted a significant increase in the proportion of individual vehicle insurance customers purchasing non vehicle insurance.
In the field of non auto insurance business, CPIC property insurance increased investment in health insurance, liability insurance and agricultural insurance. According to the annual report, the business income of health insurance in 2021 was 12.198 billion yuan, a year-on-year increase of 37.3%; Business income of liability insurance increased by 4.86 billion yuan year-on-year; Agricultural insurance business income was 10.363 billion yuan, a year-on-year increase of 19.8%.
Through each group of core data and each landing measure, it is not difficult to see that Taibao has taken professional products and services as the anchor point of customer operation, which reflects the gene of deeply cultivating the main business and actively seeking change driven by customer demand.
customer oriented, creating an ecological closed loop
Customer service must not become a slogan. Especially after the industry enters the deep-water area of reform, how to break the inherent cognition of consumers that “insurance is only an insurance policy” and make the customer experience more rewarding is worth pondering by every business entity.
According to the health care report card of CPIC annual report, the group chose to promote the construction of health care industry ecosystem and accelerate the physical layout of elderly care community, so as to accelerate the upgrading of customer service.
In the field of ecosystem construction of health care industry, the health care sector of Taibao university has made many practical achievements. According to the annual report, the “Taibao blueprint” health management service has covered nearly 18 million customers; Guangci Taibao Internet hospital was established, released the first self-developed internet medical and health service brand “Taiyi housekeeper”, and built an offline full-time medical team of 400 people.
In addition, The Pacific Securities Co.Ltd(601099) health insurance has also made up for the gap in customer group protection, established a research and development platform for innovative health insurance products such as sick bodies, focused on disease-free and adolescent health services, and formed a differentiated competitive advantage based on health management services.
At the level of elderly care services, the “Taibao home” of elderly care community has successively implemented 10 projects across the country, with a total of more than 12000 beds. Among them, Chengdu and Dali communities have officially opened, providing strong support for boosting the main insurance industry.
In fact, as a traditional financial institution, insurance companies have the mission of serving the national strategy and supporting the real economy. Therefore, CPIC actively undertakes the role of resource integration and linking the upstream and downstream industries, so as to realize the in-depth connection of different industrial value chains and stimulate market vitality.
CPIC has escorted national high-level exhibitions for many times, such as serving the Expo for four consecutive years, providing a package of insurance guarantee service scheme for two consecutive service trade fairs, customizing a package of comprehensive insurance scheme for the 10th flower expo, and becoming an official partner of Hangzhou 2022 Asian Games. All these reflect the high level of service quality of CPIC.
Taibao’s customer management idea is not simply to serve for service, but to create value for customers through collaborative symbiosis and endow customers with more profound connotation. Facts have also proved that from the perspective of customers, it can also react on the high-quality development of insurance enterprises.
technology hard core, leveraging better service experience
When it comes to the operation of Taibao’s customers, there is another ability, I have to say, that is technology. In this era of interconnected everything and digital economy, it seems that anyone can take the concept of science and technology as a “talk capital”, but CPIC emphasizes the polishing of the hard power of science and technology and truly empowers it into the customer service experience of the main insurance industry.
Taking cloud computing as an example, in 2021, Taibao cloud entered the stage of mass production, providing a higher level of cloud computing support capacity for scientific and technological innovation activities, and bringing better customer experience in the fields of accurate customer acquisition, underwriting pricing, intelligent claim settlement and so on.
Under the challenge of the epidemic situation, for the “contactless” needs of customer business handling, CPIC’s property and life insurance and other subsidiaries have built “cloud counters” and “Cloud Gate stores”, moved their business outlets to the “cloud”, broke the geographical boundaries of physical counters, and realized a variety of businesses online without leaving home.
According to the data of the annual report, through the mature application of scientific and technological means such as cloud computing and big data, the on-line rate of individual customers of CPIC reached 90.3% in 2021, an increase of 29.5 percentage points year-on-year; CPIC life insurance built a smart two core ecological platform, and the insurance timeliness increased by 12% year-on-year The Pacific Securities Co.Ltd(601099) health insurance achieved full coverage of online platform operation services, and the timeliness of claim settlement services increased by 15.2% year-on-year.
In addition, in recent years, through the application of intelligent Siasun Robot&Automation Co.Ltd(300024) technology, CPIC has entrusted the time-consuming and repetitive work in daily operation to ” Siasun Robot&Automation Co.Ltd(300024) ” to realize the new mode of intelligent operation.
It is understood that while strengthening the hard core technology capability, CPIC also continues to optimize the governance structure of “management, research and use” of science and technology, and strengthen the professional construction of the core R & D force of insurance cutting-edge technology. With the official establishment of Taibao technology company as the symbol, it will further give play to the advantages of system and mechanism and talent agglomeration effect, and improve the ability of rapid response and agile iteration to customer needs.
It seems that technology has become an irreplaceable role in the customer management system of CPIC.
conclusion:
Based on the persistent accumulation of customer service, CPIC property insurance and CPIC life insurance under China Pacific Insurance (Group) Co.Ltd(601601) rank first in the evaluation results of insurance service quality index disclosed in the first half of 2021.
Through the customer management sample of China Pacific Insurance (Group) Co.Ltd(601601) such a large insurance group, it is not difficult to summarize that in the process of exploring the high-quality transformation of insurance enterprises, only by truly adhering to the concept of “customer-centered” and improving customer service is the foundation of operation and the way of development. This is a marathon long-distance race. Only with ingenuity and steady progress can we gain more customer recognition. Kong Qingwei also mentioned in his speech in the annual report that starting from the new 30 years, China Pacific Insurance (Group) Co.Ltd(601601) firmly takes customer demand orientation as the starting point and foothold of continuous reform, and actively creates a new highland for high-quality development in the future.
