非车险将推“报行合一”，保险业“反内卷”进行时

Core Viewpoint - The insurance industry is undergoing a shift towards "reporting and execution consistency" (报行合一) to combat excessive competition and improve operational efficiency, particularly in the non-auto insurance sector [1][2][3]. Regulatory Measures - The Financial Regulatory Bureau has issued guidelines requiring insurance companies to set reasonable and fair rates, aligning actual insurance terms and rates with those submitted for approval [2][3]. - The implementation of "reporting and execution consistency" has already shown a significant reduction in commission rates, with estimates indicating a 30% decrease in commission rates for bank insurance channels [4]. Industry Challenges - The insurance industry has faced long-standing issues of "involution," characterized by homogeneous product offerings and aggressive competition based on fees and returns [1][9]. - The high commission rates, sometimes exceeding 30% in bank insurance products, have destabilized the operational health of insurance companies [2][4]. Financial Impact - Following the implementation of "reporting and execution consistency," major insurance companies have reported a decline in commission expenses, with estimates showing a 20% reduction for Taiping Life and approximately 4.5% for Ping An Life and China Life [4][5]. - The comprehensive cost of new policies for listed insurance companies is expected to decrease due to the adjustments in commission rates and the implementation of "reporting and execution consistency" [7]. Product Innovation - The industry is also addressing product "involution" by reducing the maximum guaranteed interest rates for various insurance products, with traditional insurance rates lowered from 3.5% to 2.5% [6][7]. - The establishment of a dynamic adjustment mechanism for the maximum guaranteed interest rates is aimed at aligning them with market interest rates, thereby mitigating risks associated with high return promises [7][8]. Strategic Transformation - To effectively combat "involution," insurance companies are encouraged to shift from a scale-oriented approach to a value-oriented strategy, focusing on product innovation and differentiated services [9][10]. - Companies like Ping An and China Life are already restructuring their business models to emphasize health and retirement services, moving towards a "insurance + service" model to enhance customer engagement [10][11].