The digitization of insurance supervision has taken an important step.
The 21st Century Business Herald reporter learned that the general office of the China Banking and Insurance Regulatory Commission recently issued a notice on the implementation of the intelligent inspection system for life insurance products.
According to the requirements of the CBRC, the trial operation stage of the system is from May 1 to 22. Each life insurance company shall try to report information according to the system requirements to find and solve the problems in the use of the system in time. During the trial operation, the original product submission method shall be used in parallel.
On May 23, the system was officially launched, and each life insurance company reported product information according to the relevant requirements of the system, instead of using the original submission method.
put forward higher requirements for product design
It is understood that under the original submission method, each life insurance company can sell the products that need to be filed after submitting them to the corresponding regulatory system.
Then, the regulatory authorities need to log in to the background manually to check the recorded products. If there are problems, they will require the life insurance company to make corresponding adjustments.
Due to the limited manpower and long time-consuming manual inspection, this means that when the regulatory authorities find that there are problems with the recorded products, they may have been sold for some time and lag.
Manual inspection depends more on the experience and ability of inspectors, while intelligent inspection is more efficient and accurate, which is actually of positive significance and higher requirements for regulators and life insurance companies.
The cbcirc requires that personal insurance companies should attach great importance to the system startup, seriously participate in the system training and publicity, and take the system startup as an opportunity to further improve the company's product management system, improve the product filing workflow, compact the responsibilities of relevant product managers, and effectively do a good job in product management.
At the same time, personal insurance companies should ensure the system information security, strengthen the system use management, and regularly modify the login password to prevent information disclosure. When the system user changes, the handover work shall be done well. If it is found that the system cannot be accessed, it shall be reported to the CBRC in time.
In addition, the China Insurance Industry Association shall continue to do a good job in the formulation and release of industry standard terms Bank Of China Limited(601988) Insurance Information Technology Management Co., Ltd. shall optimize and upgrade the system in time according to regulatory policy adjustment, standard terms release, etc.
improve the digital and intelligent level of supervision
At present, digital development is in the ascendant. The 14th five year plan for the development of digital economy issued by the State Council makes an overall deployment for the development of China's digital economy, requires the government to better play its role in the development of digital economy, and puts forward the objectives of improving the digital economy governance system, significantly enhancing the government's digital supervision ability, and greatly improving the level of industry and market supervision.
The 2022 regulatory work meeting of the CBRC pointed out that we should strengthen the scientific and technological support for legal supervision and improve the digital and intelligent level of supervision.
The digital transformation of banking and insurance industry is in full swing. The guidance on the digital transformation of the banking and insurance industry issued by the CBRC clearly points out that the digital transformation of the banking and insurance industry will achieve remarkable results by 2025. Digital financial products and services have been widely popularized. Financial innovation based on data assets and digital technology has been carried out in an orderly manner. The development ability of personalized, differentiated and customized products and services has been significantly enhanced, and the quality and efficiency of financial services have been significantly improved. The digital operation and management system has been basically completed, data governance has been improved, scientific and technological capacity has been greatly improved, and the level of network security, data security and risk management has been comprehensively improved.
According to the 14th five year plan for the development of insurance science and Technology issued by China Insurance Industry Association, during the 14th Five Year Plan period, in terms of science and technology investment, the development plan proposes to promote the industry to achieve the goal of more than 1% of information technology investment and more than 5% of information technology personnel; In terms of service capability, it is proposed to promote the industry to achieve the goals of business online rate of more than 90%, online product proportion of more than 50%, online customer proportion of more than 60%, underwriting automation rate of more than 70%, underwriting automation rate of more than 80% and claims automation rate of more than 40%; In terms of innovative applications, it is proposed to promote the cumulative number of patent applications in the industry to exceed 20000.
