“十五五”首席观察｜专访锁凌燕：老龄化加速，及早推动商业保险供给侧改革

Core Viewpoint - The insurance industry is positioned to play a crucial role in enhancing pension finance and addressing the challenges posed by an aging population during the "14th Five-Year Plan" period, with a focus on collaborative efforts across the "three pillars" of pension finance [1][5]. Group 1: Pension Finance and Insurance Industry - In 2026, the insurance industry will focus on pension finance as a core area, with policies and market forces driving the collaboration of the "three pillars" from design to implementation [1]. - The insurance sector is expected to fill gaps in basic social security through inclusive products and services, while addressing longevity risks and capital preservation pressures with annuity schemes and cross-cycle risk management [1][5]. - The development of pension finance is seen as a strategic pillar for enhancing the long-term stability of the pension system and improving residents' welfare [5]. Group 2: Investment Strategies and Challenges - The value of insurance funds as "patient capital" will become more prominent, requiring a shift from being "simple investors" to "professional experts" through enhanced long-term assessment mechanisms and deep industry research [2][8]. - The insurance industry must address challenges such as low interest rates and the balance of risks and returns in technology investments while ensuring long-term investment stability and solvency [8][10]. - A focus on professional depth and risk management is essential for the insurance sector to transition from passive "value guardians" to active "value creators" [10]. Group 3: Product Innovation and Consumer Needs - The insurance industry faces a mismatch between personalized consumer demands and standardized products, necessitating fundamental reforms in product design and service ecosystems [12]. - Advanced technologies like big data and AI can help the insurance sector provide more personalized services and products by analyzing customer needs and optimizing risk management [13][14]. - The integration of insurance products with health management and long-term care services is crucial for reducing overall pension costs and enhancing the resilience of the pension finance system [6][14]. Group 4: Regulatory and Ethical Considerations - The insurance industry must balance technological innovation with compliance and ethical standards, particularly as AI applications evolve from single-point solutions to comprehensive empowerment across the value chain [14][15]. - There is a need for regulatory frameworks that not only correct errors but also allow for experimentation and innovation within the insurance sector [15].