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Original title: Comprehensive auto insurance reform is imminent, insurance companies are fully prepared for battle Source: International Finance News
The comprehensive auto insurance reform will be formally implemented on September 19. During the transition period of less than 20 days, the entire industry should have a unified understanding, form a joint force, and make preparations for the implementation of the reform in order to ensure the smooth implementation of the reform.
agreement! Comprehensive auto insurance reform will be officially implemented on September 19! This also means that there is only half a month left for the insurance company to prepare!
In order to solve the problems of high prices, high handling fees, extensive operation, disorderly competition and data distortion in the field of auto insurance, the China Banking and Insurance Regulatory Commission issued the “Guiding Opinions on the Implementation of the Comprehensive Automobile Insurance Reform after extensive consultations from all parties “. “(Hereinafter” Guidance Opinions “).
How to change it? Compared to the draft of the comprehensive auto insurance reform two months ago, what are the differences? What preparations have insurance companies made to deal with the implementation of reforms?
Consumers enjoy six major reform dividends
“Basically the price just goes down but doesn’t go up, the warranty basically just goes up but doesn’t go down, and the service is basically just good but not bad.” The competent head of the China Banking and Insurance Regulatory Commission noted that it is expected that after the implementation of the reform, the “three” mentioned above can be achieved for consumers in the short term. Basic”.
By then, consumers will really feel the next dividends from the reform.
First of all, the liability limit for mandatory traffic insurance has been substantially increased.
The total liability limit has been increased from 122,000 yuan to 200,000 yuan, of which the limit for compensation for death or disability has been increased from 110,000 yuan to 180,000 yuan, the limit for compensation for medical expenses has been increased from 10,000 yuan to 18,000 yuan, and the property damage compensation limit has been maintained. The limit of the indemnification of non-liability will be adjusted according to the same proportion. The compensation limit for death and disability will be increased from 11,000 to 18,000, the compensation limit for medical expenses will be increased from 1,000 to 1,800, and the compensation limit for property damage will remain at 100. Yuan unchanged.
Second, commercial auto insurance liability is more comprehensive.
Primary insurance liability for motor vehicle demonstration new product auto damage insurance has increased insurance liability for motor vehicle theft, earthquakes and secondary disasters, broken glass only, spontaneous combustion and engine wading. The deductible rate of liability for accidents has been eliminated. It was unable to find third-party deductibles and other deductible agreements, and removed the waiver clauses that would easily cause claim disputes in practice to provide consumers with more comprehensive auto insurance protection services.
Third, commercial auto insurance products are more abundant.
Increased accident insurance products for drivers and passengers, including special terms for value-added auto insurance services, including inspection, road rescue, driving service, safety inspection, etc., to provide consumers with products and more standardized and richer auto insurance services.
Fourth, the price of commercial auto insurance is more scientific and reasonable.
The insurance industry recalculated the pure risk premiums for the commercial auto insurance industry based on actual market risks. At the same time, the upper limit of the additional expense rate set for commercial auto insurance products was lowered from 35% to 25%, and the expected loss rate was increased from 65% to 75%. The rate of the auto insurance product and the level of risk are more evenly matched.
Fifth, the level of marketing of auto insurance products is higher.
Gradually liberalize the floating range of the independent price coefficient. The first step is to determine the range of the independent price coefficient as[0.65-1.35], The second step is to fully release the range of independent price coefficients in a timely manner.
Sixth, the coefficient of preferential treatment without compensation was further optimized.
After the implementation of the reform, the coefficient of preferential treatment without compensation of commercial auto insurance will take into account the scope of the compensation record, which will be extended from the previous year to the first three years, and the rate of increase will be reduced to accidental compensation consumers.
Support the industry to use technology
The reporter found that the “Guiding Opinions” and the July 9 draft of comprehensive auto insurance reform are roughly the same, including mandatory traffic insurance, commercial auto insurance, terms, rates, products, services and other aspects. It involves not only the traditional auto insurance reform, but also the new energy auto insurance reform; it involves both auto insurance market reform and auto insurance regulatory reform; it involves both the reform of auto insurance providers and the reform of intermediary channels.
The “Guiding Opinions” also refined some of the content or added some details.
Aiwen Insurance CEO Pang Bo pointed out to the “International Finance” reporter that the “Guiding Opinions” based on the July draft for comments, refined or added the following three aspects:
First, regarding the optimization of the floating coefficient of the traffic accident rate for mandatory traffic accidents, “for minor traffic accidents, the parties are encouraged to adopt the methods of ‘mutual collision and self-compensation’ , online processing and other rapid processing methods, and study the factors that do not include the floating factor of the rate increase. ” .
Second, in terms of improving the industry pure risk premium estimation mechanism, it is proposed to “assist the industry in recalculating the pure risk premiums of the commercial auto insurance industry based on the actual risks of the industry. Establish a normalization of the estimates of pure risk premiums of the commercial auto insurance industry adjusted every 1 to 3 years. ” Mechanism “, the previous adjustment period was 2 to 3 years.
The third is to strengthen the research and application of new technologies by adding “to support industries in the use of biotechnology, image recognition, artificial intelligence, big data and other technological means to improve computerization, digitization and product line level, guarantees and automobile insurance services “. .
Insurance companies step up preparations
“There are too many things to be busy these days! I heard there are still companies working all night!” The head of the auto insurance department of a small and medium property insurance told the “International Finance” reporter that to cope with the smooth implementation of auto insurance reform, insurance companies are working Do everything Do your best to promote system transformation, train in interpretation of relevant policy clauses and prepare for practice.
The aforementioned official said that the minds of all companies are the same, that is, they strive to pass the joint test of the tariff reform as soon as possible, obtain qualifications and launch new products as soon as possible. “Of course, it is difficult for small and medium-sized companies to create innovative products in the short term.”
“We are also stepping up preparations, especially with regards to customer service. Consumer-related work is accelerating and is currently in the process of meeting arrangements.” Another local source for auto insurance property insurance said.
“Our company is making relevant preparations in terms of product reporting, information systems transformation and change, practical response, reform and transformation, employee training and investment in technology,” said the relevant person in charge of Zhejiang Merchants Property & Casualty. Insurance to the International Finance News reporter.
“Taking the preparations for reform and transformation as an example, in response to the challenges that auto insurance operations will face after the reform, the company is vigorously pushing for comprehensive reform and comprehensive transformation. The aim is to enhance its strength internal and establish the main advantages of the development of the company, “said the relevant official. The company has also formulated clear plans in terms of product pricing capabilities, channel acquisition capabilities, customer service capabilities, and cost control capabilities, and will increase the pace of reforms.
In terms of increasing technological empowerment and green building, Zheshang Property & Casualty Insurance has increased investment in science and technology, deepened the integration of “insurance + technology”, and accelerated the digitization, online and computerization of the business of auto insurance through technological empowerment and the improvement of consumer products. Experience. “At the same time, we are also cooperating further with the aftermarket to build a customer-centric ecosystem, relying on big data, artificial intelligence and other technologies to enhance our internal skills and strengthen the ability to renew insurance and deep management. customer, “said the person in charge.
The reporter learned that after the China Banking and Insurance Regulatory Commission issued the draft for comprehensive auto insurance reform on July 9, the Insurance Industry Association issued the “Comprehensive Model Insurance Clauses of Commercial Automobiles (2020 Draft for Comments) “on Aug. 31. September 1,Bank of China(Hong Kong Shares 03988) Insurance Information Technology Management Co., Ltd. (hereinafter “CITIC”) has also officially released the driving insurance premiums for joint commissioning tests.
This was followed by the publication of the guide on comprehensive auto insurance reform on September 3, which will be officially launched on September 19. According to the requirements of the China Banking and Insurance Regulatory Commission, only less than 20 days of transition period remain before the formal implementation of the reform. The whole industry should have a unified understanding, form a joint force, and make all preparations before the implementation of the reform to ensure the smooth implementation of the reform.
At the same time, relevant units such as the China Insurance Industry Association, the China Actuaries Association and the China Insurance Trust will provide technical support to ensure the comprehensive reform of auto insurance and stable and orderly operations.
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