唐玉明：新航海时代——浅谈未来寿险的红利、暗礁与挑战

Core Viewpoint - The insurance industry is entering a new historical development stage, driven by various new engines such as policy and institutional dividends, demographic changes, technological advancements, and market ecology deepening, while facing significant challenges and traps [1][41]. Group 1: Historical Development and Current Trends - The insurance industry in China has undergone over 40 years of development, characterized by significant events that outline its trajectory [4][44]. - The industry is transitioning into a new development cycle, with the previous cycle marked by the pandemic lasting until 2025, and the current cycle presenting new opportunities [5][44]. - The capital market's resurgence is providing new opportunities for the life insurance sector, helping to resolve many existing contradictions [5][44]. Group 2: Four Major Dividends - Policy and Institutional Dividends: The "Healthy China" initiative and the deepening of the third pillar of pension policy are expected to stimulate demand for commercial health and pension insurance [17][57]. - Demographic and Demand Changes: The aging population is creating a pressing need for pension financial products, while the growing middle class is increasing demand for wealth transfer and tax planning solutions [19][58]. - Technological and Digital Dividends: The adoption of AI and big data is enhancing operational efficiency and customer experience, while new sales channels are emerging through digital platforms [19][59]. - Market and Ecological Deepening: The competition is shifting from single product offerings to comprehensive ecosystems that integrate insurance with health and pension services [21][61]. Group 3: Major Challenges - The industry faces fundamental challenges in profitability models, particularly with the risk of interest rate differentials re-emerging in a declining interest rate environment [31][34]. - There is a shortage of new talent who understand both insurance and healthcare, alongside resistance to organizational change as companies transition to more agile structures [32][34]. - Data security and privacy protection are critical challenges, especially as companies leverage customer data for pricing and services [33][34]. - The regulatory landscape is becoming increasingly complex, necessitating close communication with regulators to ensure compliance amid innovative business models [34][34]. Group 4: Strategic Responses - Strategic Level: Shift from "selling products" to "building ecosystems" by integrating health management and wealth management services into insurance offerings [35][36]. - Product and Service Level: Move towards modular and customizable insurance products that cater to specific customer needs, enhancing service value [37][38]. - Channel and Marketing Level: Transition from a "people-intensive" approach to "precision outreach" by leveraging digital tools and enhancing the quality of the sales force [38][39]. - Technology and Data Level: Develop centralized data and business platforms to streamline operations and enhance customer interactions through full digitalization [39][40].