让“报”有坚实依据 “行”有明确准绳

Core Viewpoint - The recent issuance of the "Guidelines for Cost Allocation of Life Insurance Products" and the "Notice on Strengthening Regulation of Non-Motor Insurance Business" signifies a comprehensive deepening of the "reporting and execution" (报行合一) policy across all insurance sectors in China, transitioning from regulatory norms to operational practices [1][2]. Group 1: Policy Implementation - The "reporting and execution" policy requires insurance companies to strictly adhere to approved insurance terms and rates, ensuring consistency between reported content and actual operations [2]. - The introduction of the "Guidelines" aims to clarify the scientific and reasonable allocation of costs in life insurance product pricing, marking a significant management revolution that compels companies to establish transparent and traceable cost accounting systems [2][3]. - The successful implementation of "reporting and execution" in the motor insurance sector has led to a decrease in the comprehensive expense ratio to 23.8% by the end of 2024, a 4.1% year-on-year decline, indicating improved market order and reduced vicious competition [3]. Group 2: Market Impact - The average commission rate in the bank insurance channel has decreased by 30%, reflecting the positive effects of the new policies in the life insurance sector [3]. - The upcoming implementation of the "Notice" on November 1 is expected to further regulate the complex and competitive non-motor insurance market, guiding the industry towards quality-oriented development [3][4]. - The comprehensive deepening of "reporting and execution" is anticipated to reshape the market ecosystem, enhancing competition based on product quality, service, risk control, and brand value [4]. Group 3: Long-term Outlook - While the transition may cause short-term challenges for smaller companies reliant on high-cost models, this is viewed as a necessary process for the industry's evolution [4]. - The long-term benefits of "reporting and execution" include empowering companies to shift from sales-driven to product and service-driven models, improving core capabilities in risk pricing, cost control, and technology application [4]. - The initiative is expected to protect consumer rights by ensuring more transparent pricing and rigid service commitments, allowing consumers to obtain better insurance coverage at reasonable prices [4].