Implementing the national strategy, China Life has transformed and innovated its inclusive financial practice in the past ten years
On the tenth anniversary of the inclusion of inclusive finance into the national development strategy, the State Council recently issued the “Implementation Opinions on Promoting the High-Quality Development of Inclusive Finance” to build a high-level inclusive financial system in the next five years and further promote the high-quality development of inclusive finance. A specific implementation path was planned.
As the “leader” in the financial and insurance industry, China Life has implemented the “people-centered” development philosophy with practical actions over the past ten years, leveraged its comprehensive financial advantages, accelerated the development of inclusive financial business, met the people’s diversified insurance needs, and helped the common people rich. in,Insurance segment of the groupWe will make every effort to build diversified inclusive insurance supply, develop exclusive inclusive products, continue to strengthen technological empowerment, and promote outlets, personnel, resources and services to be more in line with the key points of inclusive finance such as small and micro enterprises, farmers, urban low-income groups, and the elderly. service group;Investment sectorContinuously improve inclusive investment capabilities, give full play to the advantages of all types of investments, and guide more financial resources to be allocated to small and micro enterprises, rural revitalization, elderly care and health and other fields;Banking sectorChina Guangfa Bank, a member unit of the group, continues to improve the new model of high-efficiency, low-cost inclusive financial services and improve the accuracy, availability and convenience of credit extension.
Crossing the river by feeling the stones first to find a way to protect specific groups
Nowadays, looking at the streets, alleys and traffic arteries of the city, “blue riders” and “yellow riders” are constantly shuttling back and forth, delivering hot meals to customers, and “urban ferrymen” driving cars and trucks continue to merge into the urban traffic flow , carrying passengers or goods around the city. These riders, drivers, etc. who rely on the Internet platform to work, as employees in the new employment form, have become the service targets of inclusive finance. Zhou Yi, assistant general manager of China Life Insurance Chongqing Branch, said that at the beginning of this year, the branch won the first place in the bid for the Chongqing Municipal Human Resources and Social Security Bureau’s new employment form occupational injury protection entrusted project for employees, and fully participated in the pilot projects in 8 districts and counties under the jurisdiction of Chongqing. , about 104 reports of occupational injuries have been accepted.
Employees in the new employment form cannot be included in the traditional work-related injury insurance system due to the nature of their work. However, the work of this specific group is mainly on the road, and accidents are prone to occur frequently, so the need for occupational injury protection is very urgent. In order to explore and solve the social security problems of this specific group, the national level starts with the most important occupational injury protection. Starting from July 2022, the first batch of occupational injury protection for employed persons in new employment forms will be launched in 7 provinces and cities including Beijing, Shanghai, and Chongqing. Pilot. As of the end of July 2023, the number of people participating in occupational injury insurance in the seven pilot provinces reached 6.15 million. China Life undertook projects in five of the pilot provinces, and is generally in a leading position in the industry.
Taking the Chongqing pilot as an example, the online platforms participating in the pilot pay a certain amount of occupational injury insurance fees “per order”. Freight drivers, takeaway riders, etc. report the accident and apply for compensation, covering medical treatment, disability, death and other agreed protection responsibilities, with partial protection. The liability amounts to one million yuan. “Now is the pilot stage, and everyone is crossing the river by feeling the stones.” Zhou Yi said that he believed that after accumulating experience and data through the pilot, and with the guidance and support of the supervision and human resources and social security departments, China Life will better support and improve the new employment form for employees. construction of the social security system.
In addition, China Life has strengthened its cooperation with the Office of Aging, Women’s Federation, Disabled Persons’ Federation, Family Planning Association, etc. to develop inclusive insurance products that cater to specific groups such as the elderly, disabled people, and family planning families, benefiting nearly 54 million people across the country. The group’s life insurance company provided risk protection of 18 trillion yuan for 190 million rural people in the first half of 2023. By the end of the first half of 2023, the property and casualty insurance company had provided a total of nearly 4.6 trillion yuan of risk protection for 153 million rural households through agricultural insurance.
Amplify the successful experience of pilot projects to support the steady advancement of national strategies
In another pilot project of inclusive long-term care insurance for people with disabilities, China Life is also actively playing a “pathfinder” role. The establishment of a long-term care insurance system is a strategic move in the field of medical security to deeply implement the national strategy of actively responding to the aging population. It is also an important institutional arrangement to complement the social security system. The National Medical Insurance Administration has promoted the pilot program to cover 49 cities, and some cities are exploring their own pilot projects. However, long-term care insurance fund raising, disability assessment and corresponding treatment standards are not the same in each city, making it “entitled” for applicants who live in other places. Obstacles to enjoying “long-term care insurance benefits”. To enjoy the benefits of long-term care insurance, you generally need to go through steps such as application, on-site disability assessment, expert group evaluation, and reporting to government departments for review. Take China Life’s handling of long-term care insurance in three districts in Chongqing as an example. As of the end of August 2023, participating There are more than 950,000 employees in urban areas, and 15,600 disabled people have benefited. This requires a large workload for door-to-door appraisals. In practice, applicants who live in other places often have to wait in line for a long time. At the same time, door-to-door appraisals across cities will also take longer. Insurance fund operating costs.
In this regard, China Life has taken advantage of its network layout and other advantages to actively explore the “off-site collection + local assessment” model. “China Life has branches in all districts and counties across the country. In theory, if you call us from all over the world, there will always be one of our branches that can handle it.” Zhou Yi introduced that under the guidance of the Chongqing Medical Insurance Bureau and regulatory authorities, China Life Chongqing Branch The company and the Chengdu branch will entrust each other with door-to-door assessments from July 2022, shortening the waiting time for applicants living in other places, and also exploring experience for the formal mutual recognition of long-term care insurance assessment conclusions between Chengdu and Chongqing. Starting from October this year, the Chongqing Medical Insurance Bureau and the Chengdu Medical Insurance Bureau have officially tried to implement mutual recognition of long-term care insurance assessment conclusions between the two places.
As of the end of the first half of 2023, China Life has undertaken more than 200 critical illness insurance projects, covering nearly 350 million people; it has undertaken more than 60 long-term care insurance projects, covering more than 33 million people. In addition, the company is also actively piloting the liability conversion business between life insurance and long-term care insurance to support some insured persons to receive insurance benefits in advance when they enter nursing care due to specific diseases or accidental disability.
Put services before sales to enhance the sense of access to inclusive finance
With the characteristics of “high protection, low premiums, and low insurance thresholds”, urban customized commercial supplementary medical insurance, commonly known as “Huimin Bao”, is in the ascendant. As of the end of the first half of 2023, China Life Group’s life insurance companies have insured more than 32 million people, and property and casualty insurance companies have provided services to more than 60 million people.
Taking Chongqing as an example, “Yu Kuai Insurance” will have more than 6.2 million insured persons in 2023, ranking among the top among similar domestic insurance companies, among which China Life Insurance will underwrite more than 730,000 people. “Yu Kuaibao” is popular among Chongqing citizens. The important reason is that service is put before sales from the beginning of product design. With the support of Chongqing Medical Insurance Bureau, “Yu Kuaibao” has now achieved simultaneous settlement with basic medical insurance. Citizens do not need to advance money and run errands. People have a higher sense of gain and the product has a better reputation.
At present, many places across the country are exploring the realization of “one settlement” for basic medical insurance, critical illness insurance, medical assistance and commercial insurance, so that “the masses have to run less errands and information has to run more.” China Life follows policy guidelines and carries out differentiated one-stop claims settlement in various regions in accordance with laws and regulations. In the first three quarters of 2023, China Life Insurance Company paid more than 5.26 million direct claims, with the claim amount exceeding 3.6 billion yuan. For example, after cooperating with Haijia Hospital in Bishan District, Chongqing, China Life can provide local Xueping insurance customers with a “one-stop direct payment of claims for commercial insurance” service, realizing immediate “one-stop payment of medical insurance, commercial insurance, self-payment, etc.” “Single settlement”, the discharge settlement form shows the direct payment deduction amount of Xueping Insurance commercial insurance claims, which greatly improves the sense of gain from insurance claims.
In hospitals that are temporarily unable to enable instant settlement of commercial insurance, China Life is actively promoting “window front-facing” and exploring “one-stop claims settlement service for commercial insurance”. For example, with the support of Chongqing Bishan Maternal and Child Health Hospital, China Life has opened a claims service window in the hospital to provide patients with one-stop claims services such as commercial insurance claim inquiries, case reporting, and document submission after medical insurance settlement. “After collecting the information and entering it into the system, the account may arrive in as soon as one hour.” said the window staff.
Comprehensive financial support for micro-financed farmers and inclusive benefits is wider and more accessible
Small and micro enterprises are the capillaries for the smooth operation of the national economy. They are also an important “main force” in promoting employment and entrepreneurship, and are also the key service targets of inclusive finance.
In the main field of insurance, China Life actively accelerates the supply-side reform of credit guarantee insurance, corporate property insurance and liability insurance for small and micro enterprises, and gives full play to the functions of insurance risk protection and risk reduction management. For example, China Life Insurance Company innovated the “Member Welfare Insurance” group short-term insurance product, providing risk protection for more than 30,000 small and micro enterprises; China Life Property & Casualty Insurance Company actively carried out loan guarantee insurance for small and micro enterprises, helping small and micro enterprises to obtain production smoothly. Operating loans provide credit enhancement support, and in the first half of 2023, small and micro enterprises will be supported to obtain financing amounting to approximately 3.6 billion yuan.
At the same time, China Life actively supports securitization investments based on inclusive financial products such as consumer loans. Recently, China Life Investment Company, a subsidiary of the group, established the “China Life Investment-Tuoshang Asset Support Plan” and completed the first phase of raising and issuance of 2 billion yuan, benefiting more than 100,000 small and micro business owners and individual industrial and commercial households, highlighting the role of inclusive investment. Coverage and availability. China Guangfa Bank has innovatively promoted “Tax Yintong 2.0”, “Technology E-Loan”, “Mortgage E-Loan” and “Guarantee E-Loan” online, achieving full coverage of inclusive financial credit, mortgage and guarantee credit products and actively using them offline “Mortgage”, “Ke Credit”, “Zhengcai Dai”, etc. continue to tilt financial resources.
China Guangfa Bank has also taken the initiative to innovate and continue to open up new financing channels for agricultural-related enterprises, launching a series of “rural revitalization loans” consisting of seven sub-products, including “Ruguao Loans” and “Compensation Loans”. Recently, China Guangfa Bank Chongqing Branch innovatively implemented the first rural contracted land management rights mortgage loan project in the system, which further improved the quality and efficiency of financial services by solving the problem of lack of effective collateral for rural industries. As of the end of the first half of 2023, the balance of Guangfa Bank’s inclusive small and micro enterprise loans exceeded 170 billion yuan, and the balance of inclusive agriculture-related loans exceeded 21.9 billion yuan.
Along with the development of the national strategy of inclusive finance for ten years, China Life’s inclusive finance and insurance products and services are constantly innovating, extending and expanding to more areas of people. China Life will always adhere to its bounden duty of serving the real economy, adhere to the “people-centered” development philosophy, and continue to promote the high-quality development of inclusive finance and insurance in accordance with the implementation opinions on high-quality development of inclusive finance, so as to solidly promote common prosperity and realize Chinese-style modernization. Provide support.
