Core Insights - China Post has been approved to operate insurance agency business, indicating its accelerated entry into the insurance agency market [1][2] - The insurance intermediary market is experiencing a significant transformation, with many institutions exiting the market due to evolving consumer demands for professionalism and personalized services [4][5] Group 1: China Post's Entry into Insurance Agency - China Post has received approval from the financial regulatory authority to operate insurance agency services, covering various types of insurance including vehicle, property, life, annuity, health, and accident insurance [2] - The approval allows China Post to leverage its extensive physical network beyond banking, enabling it to tap into under-served markets [3] - China Post's network coverage in rural areas is notable, with a 100% coverage rate for township outlets and established village postal services as of 2024 [3] Group 2: Market Dynamics and Trends - The insurance intermediary market has seen over a hundred institutions deregister since 2019, with more than 20 exiting in the current year alone [4] - The market's contraction is attributed to a combination of regulatory pressures, market evolution, and changing consumer expectations, leading to a demand for specialized and personalized risk solutions [4][5] - The industry is undergoing structural differentiation, with a shift from a focus on scale to value, emphasizing service over mere sales [5][6] Group 3: Future Directions for Intermediaries - The insurance intermediary market still holds significant growth potential, necessitating a return to the core mission of representing client interests [6][7] - Future intermediaries must transition from being sales channels to becoming client advisors, focusing on long-term value creation rather than one-time commissions [7] - Emphasis on professional expertise and technological integration is crucial, with intermediaries needing to develop deep knowledge in specific areas and utilize technology for enhanced service delivery [7]