Double-digit positive growth for three consecutive years, Taikang Happiness is about to run out of “acceleration”
In the era of longevity, how to make the “extended” life cycle shine? Happiness is a date, which is a solution created by Taikang Insurance after ten years of hard work, linking and locking the future with financial assets. Statistics show that the number of sales and value of new orders of “Happy Dates” have grown by double digits for three consecutive years, and the cumulative number of sales has exceeded 180,000, which is favored by middle-to-high-net-worth individuals and families.
Along with the process of Chinese-style modernization, Taikang Insurance embraces the lofty ideal of serving the people’s livelihood, and has always explored the path of deepening the insurance industry chain and enriching the supply of elderly care and health services. Behind the “acceleration” of the new orders of Happiness Covenant is the approach of the era of longevity, the upgrade of the concept of elderly care, and the great recognition of the financing and pension link model built by Happiness Covenant.
As Taikang’s business card “A Date with Happiness” enters a new decade, the “Confirmation Letter for Taikang Life Insurance Customers to Stay in the Elderly Care Community” will be upgraded on April 8 to meet the needs of different groups of people and customers in different cities for high-quality elderly care resources. need.
In the era of longevity, it must be carried out as soon as possiblefinancial plan
The age of longevity has arrived. According to data released by the National Bureau of Statistics, by the end of 2022, China’s population aged 60 and over will reach 280 million, accounting for 19.8% of the country’s total population. According to the forecast of the National Office on Aging, by 2033, China’s elderly population will exceed 400 million, accounting for 1/4 of the total population; by 2053, the proportion of the elderly population will exceed 1/3.
According to the empirical data of developed countries, if the income and expenditure of life are drawn as two lines, they look like a straw hat. The income curve presents an inverted “U” shape, reaching the peak of income at the age of 40-50, and showing a rapid and cliff-like decline in income after retirement. On the other hand, the changes in the expenditure curve are relatively flat. There is higher education expenditure in adolescence, and then the expenditure first decreases and then increases with age, and there are more pension and medical expenditures in old age.
With the advent of the era of longevity and the extension of the pension period for the elderly, the income and expenditure gap continues to widen. Due to post-retirement medical care and pension expenses increase with age, but income continues to decline, the gap between income and expenditure will expand dynamically after retirement. Through the financial layout and asset allocation during the struggle period of young and middle-aged people, we can consciously increase long-term and stable financial income, make up for the cliff of salary income in the retirement period, make up for the shortage of medical health and retirement living expenses, and effectively smooth the income curve of the retirement period.
Compared with financing methods such as stocks, funds, and bank wealth management, commercial insurance companies have great potential in exploring the optimal financing model. From the perspective of insurance products, the positioning of pension annuity insurance is a commercial insurance product that meets the needs of pension funds after retirement. It has obvious characteristics as a pension financing tool: it is highly targeted for accumulating funds after retirement; it provides long-term or even lifetime minimum guaranteed income for policy holders, and among dividend-sharing and universal products, policy holders can also share the insurance company’s Investment income; the pension annuity that guarantees life-long survival benefits can effectively bear the longevity risk of the insured.
As far as the insurance industry is concerned, the services of leading insurance companies have shifted from single insurance products in the past to comprehensive risk, health and wealth management services, triggering a series of chemical reactions in pension planning changes. While gaining insight into demographic changes and changes in fundamental social needs, and enriching the supply of products and services with sustainable financial innovations, Taikang Life Insurance and other Fortune 500 financial and insurance groups, represented by the world’s top 500 financial and insurance groups, have done what they have done to deal with the aging population and clear up the crux of old-age care for some groups. Exploration has been fruitful.
Happiness appointments, building a long-term link between financing and future pension resources
As the earliest financial and insurance company in China to establish the theory of longevity era and combine it with the company’s mission, Taikang has been committed to continuously exploring and thinking about the pension financing model, innovated the “insurance + medical care” business model, and launched the “happiness appointment” ” and other insurance products. With the help of the product innovation and model innovation of Happiness, we will strengthen the effect of compound interest and leverage from the time-space dimension, fully improve the income and expenditure curve of life, help customers narrow or eliminate the income and expenditure gap after retirement, and enjoy high-quality retirement Life.
Money cannot buy health and high-quality elderly care services, and it is difficult to connect funds and resources with each other. This contradiction is because the innovation and iteration of Happiness have built a link. Fragmentation of elderly care services and insufficient consumption motivation and strength of the elderly are two problems facing families and society today. Enriching pension funds from financial financing, enriching the supply of multi-level pension services, guiding and building a new value of pension and enjoying the elderly is an innovative move to actively respond to aging and financial services to people’s livelihood.
Happiness has built a long-term link between financing and elderly care services. “Happiness appointment” consists of an insurance policy and a “Confirmation Letter for Taikang Life Insurance Customers to Live in the Elderly Care Community” (hereinafter referred to as “Confirmation Letter”). The “Confirmation Letter” serves as a link to organically combine virtual insurance financial products with physical elderly care services, and rely on the unique advantages of insurance companies investing in elderly care communities to solve the two core issues of pension funds and pension resources.
On the service side, Taikang Insurance took the lead in developing a unique model of self-built elderly care communities as early as 2007, forming the “Taikang Home” high-end elderly care community brand. Now, the layout of 29 elderly care communities in 26 cities has been completed, and 12 of them have been put into operation. Focusing on the elderly care community, Taikang vigorously deploys hospitals, rehabilitation centers, memorial parks and other related industries, completes the layout of five major medical centers, and becomes a leading enterprise in China’s health care industry with an integrated industrial chain of “medicine, health care, health and wellness” .
On the payment side, integrated services covering multiple fields such as longevity, health and wealth are the needs of future elderly care. The industrial links built by Happiness have also extended the industrial chain of the life insurance industry, opening up a new track for the transformation and development of the life insurance industry. Extensive marketing in the life insurance industry has been replaced by refined comprehensive services. Taikang innovates its business model, integrates insurance payment and medical care services, creates three closed loops of longevity, health and wealth, and effectively combines virtual financial products with physical services to continuously extend the connotation of insurance and pensions.
The core foundation of retirement and health is wealth. China’s per capita GDP has exceeded 10,000 US dollars. At present, Chinese families are also facing an opportunity for major adjustments in their asset structure.
Entering old age is a process of value re-creation. Through the integration of the ever-growing business ecology through digitalization and digital intelligence, Taikang Insurance continues to improve the integration, linking and synergy capabilities of the entire industrial chain upstream and downstream. Through the accumulated core data, it is better To understand the whole life cycle of customers in a comprehensive way, provide multi-dimensional solutions, and also provide an original problem-solving sample “Taikang Solution for Longevity Era” for the changing Chinese elderly care market.