Core Viewpoint - The term "new citizens" has become a hot topic in the financial sector, with regulatory bodies emphasizing the need for banks and insurance companies to innovate products and services tailored to the diverse needs of this group [1][2]. Group 1: Definition and Scope of New Citizens - New citizens refer to individuals who have moved to urban areas for reasons such as employment, education, or family, without local household registration or with less than three years of local registration, totaling approximately 300 million people [2]. - The financial needs of new citizens span key areas including entrepreneurship, employment, housing, education, healthcare, and retirement [2]. Group 2: Regulatory Initiatives - The China Banking and Insurance Regulatory Commission (CBIRC) and the People's Bank of China issued a notification to enhance financial services for new citizens, urging banks and insurance institutions to innovate products and improve service quality [2][3]. - Insurance is highlighted as a crucial component in addressing the needs of new citizens, with a focus on developing products that cover various aspects of their lives [2]. Group 3: Product Innovations by Insurance Companies - Insurance companies are actively developing tailored products for new citizens, such as employer liability insurance and accident insurance, to enhance employment security [4]. - Notable products include "Dianjiabao" by Ping An Property & Casualty, which provides coverage for business property losses and personal accident protection for employees and family members [4]. - Zhong An Insurance has introduced "Flexible Work Insurance" targeting gig economy workers, offering accident coverage and medical expense reimbursement [4]. Group 4: Challenges in Risk Control and Pricing - The diverse individual characteristics of new citizens pose higher demands on insurance companies regarding risk control and pricing capabilities [6]. - There is a noted lack of data on risks associated with new citizens, complicating pricing and risk management, which may lead to underwriting losses [6]. - Many new citizens have low insurance awareness and are reluctant to spend on commercial insurance, necessitating enhanced outreach and education efforts [6]. Group 5: Collaborative Efforts and Local Innovations - Local regulatory bodies are collaborating with insurance companies to create tailored products for new citizens, such as "Inclusive Medical Insurance" in Fujian and "New Citizen Loan" in Henan [7]. - These initiatives aim to provide low-threshold, high-compensation insurance products that meet the specific financial needs of new citizens [7].