Although the data governance of the policy registration platform has achieved some results, there are still some problems. On May 19, the reporter of Beijing business daily exclusively learned that recently, the cbcirc issued the notice on the data submission and governance of China’s insurance policy registration and management information platform in 2021 (hereinafter referred to as the notice). A number of insurance companies were notified due to “frequent late reporting of data, missing reporting of data, wrong reporting of data, untimely feedback on special data governance and untimely rectification of special data governance”.
Insiders said that the data submission system is a long-term work, and insurance companies need to do a solid foundation work as a normalization work. In addition, strengthening the communication and exchange with the platform operation unit can not be ignored, so as to ensure and improve the efficiency and accuracy of submission.
many insurance companies have problems such as misstatement and omission
Policy Registration Platform is an important basic platform for financial data in the insurance industry. It is of great significance to ensure the authenticity of industry data, promote industry development, improve the ability to serve consumers, and prevent and resolve financial risks.
To standardize data submission and improve data submission quality. On May 19, the reporter of Beijing business daily exclusively learned that recently, the China Banking and Insurance Regulatory Commission issued a “Circular” to insurance companies. According to the circular, in 2021, 176 insurance companies submitted data to the Policy Registration Platform, with a total of more than 100 billion registered policies. The circular also pointed out that although the data governance of the policy registration platform has achieved some results, there are still some problems.
Specifically, some companies have delayed reporting, missed reporting and false reporting. For example, the incremental data of Bank of communications Life Insurance Co., Ltd. in 2021 has been delayed for 18 days. Guoren Property Insurance Co., Ltd., Meiya Property Insurance Co., Ltd., Hongkang Life Insurance Co., Ltd. and Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) Cathay Pacific Life Insurance Co., Ltd. delayed reporting for 16 days, 15 days, 14 days and 13 days respectively.
Judging from the misstatement and omission in the circular, Tongfang Global Life Insurance Co., Ltd. failed to report 7 million pieces of personal insurance information. Taikang Life Insurance Co., Ltd. misrepresented 49 million beneficiary information.
In addition, some insurance companies did not provide timely feedback and rectification in the special data governance. For example, the special rectification of the premium schedule of Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) Cathay Pacific Life Insurance Co., Ltd. was delayed for nearly 10 months, and the special rectification of the insured and the key fields of the policy and insurance type were delayed for nearly 4 months. The special rectification of the premium schedule of Tongfang Global Life Insurance Co., Ltd. was delayed by 7 months, and the special rectification of key fields of policies and types of insurance was delayed by 4 months. The special rectification of employer’s liability insurance of Zhongcheng Automobile Insurance Co., Ltd. was delayed by 6 months, and the special rectification of three elements was delayed by 5 months.
In recent years, several insurance companies have been informed about the data governance of the insurance policy registration and management information platform. The sword finger data submission is not timely, complete and accurate, the data rectification is not active and the efficiency is low. According to Li Wenzhong, deputy director of the insurance Department of Capital University of economics and trade, the annual notification of the regulatory authorities is mainly to use social supervision to put some pressure on insurance companies that do not submit data as required, so as to promote insurance companies to improve the authenticity and timeliness of data submission.
exposed problems such as insufficient attention of insurance companies
“Data submission mainly involves two departments: one is the Department responsible for the daily statistics of insurance companies, possibly the business management department; the other is the information management or it department, which specifically implements the export of data details and reports in accordance with the specified format.” Senior actuary Xu Yuchen said.
Then, why are there some late, missing and wrong reports in the process of data submission? The relevant person in charge of Meiya property insurance told the Beijing Business Daily that in 2021, due to the company’s system operation and maintenance and the development of new functions, the docking with the regulatory submission system timed out, resulting in delayed reporting.
“In 2021, the data volume of national insurance business increased explosively. In order to meet the strong demand of the company’s current basic capacity to match its rapid development and further improve the efficiency of data submission, the information system is also being upgraded synchronously and rapidly. During this period, the incremental data submission was not completed in time according to the regulatory requirements.” The relevant person in charge of Guoren insurance told the Beijing business daily.
For the wrong information of beneficiaries, the relevant person in charge of Taikang Life told the Beijing Business Daily that when Taikang Life submitted the policy registration in 2017, it submitted according to the original data. The historical data of beneficiaries of 49 million expired short-term simple gift accident insurance policies were inconsistent with the data verification rules of China Bancassurance.
For the reasons for the slow rectification, Xu Yuchen analyzed that although the data submission work is relatively basic and basic, it is difficult, mainly reflected in two points: one is the large number of departments involved, and the other is the large amount of data involved.
What are the problems of insurance companies exposed by the problems in the basic and basic work of data submission? Li Wenzhong analyzed that, first of all, some insurance companies may pay more attention to their own business development, pay no attention to the data submission that is not directly related to their own business development, and the personnel arrangement and work requirements are not in place, resulting in frequent late reporting, omission and misstatement. Secondly, the problem of data submission may be caused by the inadequate communication between the insurance company and the platform operation unit and the deviation of understanding.
For the reason why the feedback information and rectification work in the special data governance of insurance companies are not timely, Li Wenzhong also said that some rectification work is not difficult. For example, the special rectification of key fields of insurance policies and types of insurance depends on whether the company attaches importance to relevant problems. However, some rectification work may be due to the lack of detailed work in the early stage, resulting in the confusion of the data itself, and then subdivided again. The workload is large, and it is difficult to complete it within the required time. For example, the rectification of insurance policy details is possible.
For the industry, it is important and necessary to standardize the data submission. Li Wenzhong said that the formulation and improvement of many regulatory policies by regulatory authorities rely on real and timely data; The social supervision of the insurance industry by the media and the public is often based on the analysis of some disclosed data. Therefore, if the data submission is not timely, untrue and standardized, it may affect the formulation and implementation of regulatory policies, hinder the effective play of social supervision, and be unfavorable to the healthy and sustainable development of the insurance industry.
set a deadline for rectification, eliminate problems and improve the submission system
For the data submission problems of many insurance companies pointed out in the circular, the cbcirc pointed out that insurance companies should clarify a senior manager of the company as the person in charge, formulate special plans, take effective measures and complete the rectification task before June 10.
What is the current rectification process of each company? The reporter of Beijing business daily contacted a number of insurance companies in the notice on the rectification. The relevant person in charge of Zhongcheng insurance told the reporter of Beijing Business Daily that after early efforts, most of the company’s insurance policies have met the requirements of the platform. At present, it is actively promoting the resolution of individual historical insurance policies.
The relevant person in charge of Taikang Life told the Beijing Business Daily that the rectification of the beneficiary’s misstatement had been completed and reported on December 17, 2021 in accordance with the requirements of China bancassurance.
The relevant person in charge of Meiya property insurance told the Beijing Business Daily that up to now, the relevant rectification has been basically completed and all the rectification work will be completed by June 10. The relevant person in charge of Guoren insurance told the reporter of Beijing Business Daily that the iterative optimization and upgrading of the existing reporting system has been started, and the data processing efficiency of the company has been greatly improved through the construction of data center, and the problem of delayed data reporting has been effectively solved.
The circular also requires all companies to earnestly strengthen data submission, improve communication mechanism, improve data management system, strengthen organization and personnel guarantee, regularly and orderly carry out data self inspection, solve problems found in a timely manner, and eliminate the recurrence of similar problems. So, how can insurance companies prevent the above problems from happening again in the next step?
The relevant person in charge of Meiya property insurance told the Beijing Business Daily that he would continue to strengthen communication and cooperation with the policy registration and management information platform, and make every effort to ensure the smooth completion of the submission work.
“Zhongcheng insurance will maintain active communication with the platform, further clarify the overall rules and requirements, and ensure that the rectification work is completed in strict accordance with the regulatory requirements.” The relevant person in charge of Zhongcheng insurance told the Beijing business daily.
In order to improve the quality of submission, the relevant person in charge of Taikang Life told the Beijing Business Daily that on the one hand, the company strengthened learning and improved its understanding of the policy registration data standard of China bancassurance credit corporation; On the other hand, a full-time policy registration data governance team has been established to strengthen the management of data governance.
In order to further prevent late reporting and missing reporting due to other reasons, Guoren insurance has formulated a special plan. The measures taken include further rationalizing the reporting process, improving the communication mechanism, and setting up a post AB corner in addition to setting up special posts for key posts such as data reporting and system operation and maintenance to ensure timely replacement.
“Some insurance companies have better bottom construction, so the data submission work will be more efficient and completed better.” Xu Yuchen believes that the key to solving the problem of supervision is to let the insurance company establish and improve the underlying data statistics system, so that the corresponding data can be counted quickly and efficiently, exported and reported.
For the measures that insurance enterprises can take, Li Wenzhong believes that first, insurance companies need to set up special posts or personnel to be responsible for relevant work and put forward clear work requirements. Secondly, insurance companies can strengthen communication and exchange with platform operation units to ensure and improve the efficiency and accuracy of submission.
“The data submission system has been implemented for many years because it is a long-term work. If the underlying basic work is not done well, insurance companies may have more or less problems every year. If the basic work is done well and regarded as a normal work, there will not be many mistakes.” Xu Yuchen said.
