Core Viewpoint - In the era dominated by participating insurance, the "persona" of insurance companies will become a core competitive advantage that needs to be highly valued [2][5]. Group 1: Regulatory Changes and Market Impact - Starting from September 1, 2025, the preset interest rates for insurance products will be lowered, with the maximum for ordinary life insurance at 2.0%, participating insurance at 1.75%, and universal insurance at 1.0%, representing decreases of 50, 25, and 50 basis points respectively [2]. - This adjustment aligns with the trend of declining interest rates, helping insurance companies mitigate interest rate risk and accelerating industry transformation [2]. Group 2: Shift in Marketing Strategies - Insurance companies are increasingly focusing on marketing participating insurance products, including various types such as participating life insurance and participating critical illness insurance, shifting from merely promoting product returns to emphasizing their operational and investment capabilities [2][4]. - The sales competition for participating insurance is no longer about the highest preset interest rates but rather about future earning capabilities, placing the operational and investment performance of insurance companies under consumer scrutiny [4]. Group 3: Consumer Awareness and Demand Changes - Consumer awareness has increased, leading to a shift in focus from merely comparing product returns to evaluating the reliability of the insurance company, its operational stability, regulatory compliance, and service reputation [4]. - The heightened awareness of risk, especially following the takeover of certain insurance companies, has made consumers more cautious about their wealth planning and the companies they choose to trust [4]. Group 4: Importance of "Persona" in Insurance Companies - The "persona" of an insurance company is not merely self-promotion or branding but a comprehensive representation of its long-term operational capabilities, investment stability, risk management systems, and customer service philosophy [5]. - A trustworthy and stable "persona" serves as a critical competitive advantage for insurance companies in the participating insurance sector, essential for building long-term value contracts with customers [5].

经济观察报 评论员 刘鹏 （原标题：险企要珍视"人设"） 分红险的产品特性凸显了险企"人设"的必要性。分红险是指险企在每个会计年度结束后，将上一会计年 度该类分红保险的可分配盈余，按一定的比例、以现金红利或增值红利的方式，分配给客户的一种人寿 保险。目前，监管部门要求分红险红利分配比例统一为70%。通俗地说，分红险是在提供一个较低"保 底收益"的基础上，设置了"浮动分红"机制。这种设计能够帮助险企降低负债端的成本，对冲利率下行 的影响，进而缓解利差损风险，同时也对险企的经营能力提出了更高的要求。因为分红险的销售比拼的 不再是产品预定利率的高低，而是未来的收益能力，这使得险企的经营水平和投资水平直接处于消费者 的审视之下。如果险企无法提供持续稳健的收益预期，消费者何以托付家庭的财富规划？ 消费者认知觉醒和需求变化也决定了险企"人设"的重要性。个别险企被接管并进行风险处置，令消费者 对于保险的风险认知水平有了很大的提升。与此同时，消费者购买保险产品的关注点也从单纯比较产品 收益，转向更加综合地考量：险企的背景靠不靠谱？经营发展稳不稳健？是否达到监管指标要求？服务 口碑好不好？这些因素直接关系到消费者的安全感和获得 ...