Bei Jing Shang Bao·2025-10-23 12:12Core Viewpoint - The implementation of the "reporting and operation integration" regulation for non-auto insurance is set to reshape the industry, pushing companies towards improved compliance, product innovation, and enhanced customer experience [1][3][7]. Industry Response - Multiple insurance companies, including China Life Insurance, Ping An Property & Casualty, and Sunshine Property & Casualty, have expressed their commitment to comply with the new regulatory requirements and are actively working on related initiatives [1][4]. - The new regulation requires insurance companies to enhance their internal management, optimize marketing expenses, and ensure transparency in their operations [4][5]. Strategic Directions - Insurers are expected to adopt differentiated strategies, focusing on niche markets and regional development to navigate the new regulatory landscape [3][7]. - Companies are encouraged to innovate their product offerings, moving from single insurance products to comprehensive solutions, particularly in health and liability insurance [3][6]. Market Dynamics - The "reporting and operation integration" regulation is anticipated to lead to a more transparent fee structure and improved underwriting profitability, reinforcing the "Matthew Effect" in the industry [7][8]. - The regulation marks a shift from scale competition to value competition, with larger insurers leveraging technology and ecosystem expansion to gain a competitive edge [7][8]. Long-term Implications - The new regulatory framework is expected to optimize the competitive landscape, potentially leading to a consolidation of market share among larger insurers while improving underwriting profitability [7][8]. - Insurers are advised to focus on developing differentiated products, enhancing risk management through technology, and optimizing claims services to align with the new market rules [8].