In order to implement the spirit of the National Financial Work Conference and "1+4" requirements of CIRC, Insurance Association of China (hereinafter referred to as IAC) held the "Inaugural Meeting of IAC Expert Alliance for Personal Insurance Products and The First Working Conference" in Beijing on July 26. More than 150 leaders and department heads from the China Insurance Regulatory Commission (hereinafter referred to as CIRC), IAC and nearly 80 personal insurance companies and reinsurance companies attended the meeting. Sponsored by IAC and prepared by China Pacific Insurance (Group) Co., Ltd (CPIC), the meeting considered and adopted Articles of IAC Expert Alliance for Personal Insurance Products and Planning of Construction of IAC Expert Alliance for Personal Insurance Products, and elected the Presidium of IAC Expert Alliance for Personal Insurance Products (hereinafter referred to as the Presidium). CPIC President Xu Jinghui was elected Chairman of the Presidium, a total of 14 people including the incoming Secretary of IAC Shang Jingguo and Vice President of China Life Li Mingguang and Chief Actuary of Ping An of China Sun Hanjie were elected Executive Chairman; besides, another 62 heads of personal insurance companies and reinsurance companies were elected Vice Chairman of the Alliance.
IAC President Zhu Jinyuan attended the meeting and delivered a speech. He pointed out that with the main sponsors’ strong advocacy and active participation, under CIRC's affirmation and support, the Alliance was established in line with the development needs of the industry. In recent years, IAC’s development and implementation of China’s Classification of the Degree of Disability in the field of personal insurance products, construction and release of the personal insurance product database, calculation of accident insurance occurrence rate and other related work laid a solid foundation for the establishment of the Alliance. President Zhu stressed that for the insurance industry, the establishment of the Alliance was not only a key job to focus on people's livelihood protection, promote product transformation and upgrading and enhance the industry’s service capacity, but also an important initiative to implement the spirit of the National Financial Work Conference and CIRC’s "1+4" major decisions and arrangements under the new situation. The Alliance should aim at the scientific development of products, follow the basic laws of the industry, meet consumers’ basic needs for insurance products, earnestly safeguard the legitimate rights and interests of the industry, establish a good image of the industry which exerts all its energy to serve the people and has the courage to assume responsibility, and play an active role in the industry self-discipline, standard formulation, synergetic development, and industry and consumer service.
Deputy Director of the personal insurance supervision department of CIRC Wang Xuwen attended the meeting and congratulated the establishment of the Alliance. She pointed out that the establishment of the Alliance was of great significance to accelerate the supply-side structural reform of the insurance industry, enhance the industry’s comprehensive service capacity and promote its innovative development. She also put forward two hopes for the Alliance’s work: First, give full play to the Alliance’s superiority of "expert" and the industry expertise for an in-depth study of common problems existing in the industry such as product design, pricing, innovative applications and international experience for reference, etc. The second was to play the role of "alliance" to strengthen the construction of industry exchange platform so as to take full advantage of the platform in information sharing, data exchange and industry standard construction.
Newly elected Chairman of the Presidium, CPIC President Xu Jinghui said that the establishment of the Alliance made a major step forward for the industry to adapt to the new economic development, return to the origin of insurance and promote industry restructuring. He believed that the following three aspects of work should be completed for the future industry restructuring: First, return to the origin and give play to the long-term risk management and security functions to meet people’s diverse needs for insurance. Second, improve professional level and enhance the level of fine management to achieve healthy and stable development. Third, strengthen innovation and grasp the trend of digital new technology to promote product and service upgrades.
At the meeting, head of health personal insurance business of Swiss Re (China) Mr. Zhang Yongqiang, and General Manager of General Reinsurance (China) Chen Haifei respectively gave a keynote speech on "Long-term Health Insurance in Major Markets in the World" and "Product Innovation under the New Situation". In addition, the Presidium also determined and discussed on site six key jobs that were planned to implement, including "Industry Critical Disease Definition Revision", "Long-term Care Insurance Product Development Model", "Industry Product Data Exchange and Analysis", "Industry Demand and Supervision Policy Research", "Health Insurance Exploration and Research for the Aged" and "Research on Personal Insurance Product Classification Standards".
According to Articles of the Alliance, the Alliance members shall join the Alliance individually. They are divided into three groups: the Presidium, core experts and experts, in which the Presidium members are composed of company senior management, core experts are department heads, and experts are intermediate-level cadres. The application for core experts and experts are available all year round. Any institutions, colleges and universities and personal insurance/reinsurance company staff that are engaged in or serving for the research and development of personal insurance products, or experts involved in actuary, finance, law, marketing, health, endowment and other related fields of personal insurance products, can voluntarily apply for joining the Alliance individually. Up to now, members of the Alliance have reached more than 300 people, in which actuarial professionals including chief actuaries of various personal insurance companies have become the main force of the Alliance.