Innovatively building a diversified and high-quality insurance product system

Innovatively building a diversified and high-quality insurance product system

Three products broke through and received favorable comments on the “Insurance Product Innovation Forum”

 Specifically, the “Blockchain Targeted Poverty Alleviation Project” under China Life Property & Casualty Insurance was selected into the “Annual Strictly Selected Poverty Alleviation Insurance Products”, “’Home Anxin’ Family Comprehensive Insurance” was selected into the “Annual Strictly Selected Comprehensive Protection” Plan”, ‘Pet Medical Insurance’ was selected as “Annual Strictly Selected Innovative Insurance Products”.

 The three products of China Life Property & Casualty Insurance are very representative of innovation and highlight the focus of China Life Property & Casualty Insurance product innovation.

 The first is to put responsibility first and use product strength to show the strength of responsibility. 2020 is an extremely important year for the country. Under the sudden new crown pneumonia epidemic, the country adheres to the goal of winning the tough battle against poverty. As one of the important forces in poverty alleviation, China Life Property & Casualty takes social responsibility and repayment to the society as its value pursuit, gives full play to the public welfare role of insurance, and integrates insurance products into social responsibility.

 Starting from the point of guaranteeing the main business, the practical difficulty is that because the targeted poverty alleviation projects radiate across the country and cover a large number of poor people, if we follow the traditional insurance model in the past, we want to ensure millions of poor households in a short period. It is more difficult to pay quickly after the insurance claim is settled.

 To face difficulties, to be born in response to need. In response to the difficulties, China Life Property & Casualty Insurance has continuously optimized and innovated the poverty alleviation model of Internet insurance, actively explored the business cooperation and innovation of “Internet + Targeted Poverty Alleviation”, based on the advantages of the Internet big data platform, and made use of the Internet cutting-edge technologies such as big data and blockchain to help process nodes. Online development has been carried out, which brings great convenience to poor households to apply for insurance claims.

 It can be said that the application of blockchain technology to poverty alleviation insurance projects can realize the real-time connection of underwriting data, online operation of the claim settlement process, real-time public display of underwriting and claim settlement data, the highly transparent and traceable flow of claim settlement funds, and indemnity payments that cannot be tampered with. It has solved the three major problems in the traditional public welfare insurance work: the difficulty of timeliness, the difficulty of making it public, and the difficulty of verification.

 “Technology + product strength”, while China Life Property & Casualty takes responsibility, its innovative strength is affirmed by the industry and users.

 The second is to upgrade the guarantee to meet the diversified needs of family customers. China Life Property & Casualty Insurance’s “Home Anxiety” family comprehensive insurance product focuses on the core insurance needs of consumers’ families. Insurance liability covers family property, bank accounts, family members’ accidents, home responsibilities, etc., so that one policy can comprehensively protect family members and family wealth.

 To a certain extent, this is a packaged product for user expansion. The product is based on “family” and features “family sharing”. One person is insured, and the insured covers three generations of a family. That is to say, even when we leave our hometown and form our own small family when we work hard outside, there is no When the law is always by the side of the parents, it can still add a guarantee and care for the parents.

 The product design of “Home Anxin” uses a modular product idea, including two basic security modules, “Preferred and Exclusive”, and three optional security modules of “Security Upgrade Package”, “Rental Upgrade Package” and “Epidemic Prevention Upgrade Package”. Customers can freely choose and combine to form exclusive insurance plans according to their own needs, and meet consumers’ differentiated insurance needs through flexible product architecture.

 The third is to integrate resources and innovate to serve the needs of emerging markets. In response to the rapid development of the pet market and the pain points of the slow development of pet insurance, China Life Property & Casualty Insurance and the Internet pet platform ” You Pet Life” have jointly launched an innovative pet “Pet Anxiety” pet that integrates the trinity of “protection + technology + service” Medical insurance (hereinafter referred to as “Chongxin”).

 It is understood that the “Pet Anxiety” guarantee liability covers pet accident medical treatment, disease medical treatment, and pet third-party liability. One insurance policy can solve common problems of pet owners in one-stop pet ownership; the product introduces pet nose print recognition technology, which can better solve the problem of rapid and accurate identification of pets’ identities that has long plagued the development of pet insurance. In conjunction with the professional pet medical resource network, it provides pet owners with caring services such as pet telephone medical consultation, selected hospital appointments, and inpatient medical expenses advance payment, to achieve daily Consultation at any time for minor illnesses, on-site medical appointments, and guidance on the whole process of claims settlement, so that pets will no longer be at a loss when they get sick, and effectively realize “pets with peace of mind and peace of mind”.It is reported that once the product was launched, it was favored and praised by the market and many “shit shoveling officials”.

 Strive to supply, innovate and build a diversified and high-quality insurance product system

 The above three breakthrough products are just one aspect of China Life Property & Casualty’s continuous innovation, strengthening the supply of high-quality products, and constantly forming a hard-core competitive product system.

 In the past 2020, China Life Property & Casualty Insurance has innovatively built a diversified product system, and many high-quality products stand out. For example, focusing on individual customers and improving product competitiveness, China Life Property & Casualty Insurance actively connects with the national policy of the Hainan Boao Lecheng International Medical Tourism Pilot Zone and is the first in the industry to launch the overseas anti-cancer special drug insurance “Yao Anxin Global Special Drug Edition”, which will be invisible. The policy has been transformed into tangible products that benefit the general public, effectively solve the problem of drug sources and costs for customers, and further enhance the people’s sense of gain and security.

 At the same time, in the face of the homogeneity of health insurance products, China Life Property & Casualty Insurance has actively made innovations and breakthroughs and has precisely positioned and developed “Critical Illness Easy Insurance” with low premiums, high insured amounts, and optional payment amounts; customized exclusive insurance for special occupational needs Product, development of occupational multiple insurances (teacher guard version); before the arrival of winter heating, the timely launch of “water leakage insurance” home property insurance, targeting market segments, precise drip irrigation, and creating product characteristics.

 In terms of focusing on national policies and enhancing the political power of products, in addition to its “Blockchain Targeted Poverty Alleviation Project”, China Life Property & Casualty Insurance has also launched new products such as “You Anxin” and “Store Cai Anxin” in the face of sudden epidemics to quickly organize Implementing the Wuhan Insurance Grant Program, the industry’s first free online outpatient clinic; in the service of “six stability” and “six guarantees”, helping enterprises to resume work and production and workers to resume work, China Life Property and Casualty Insurance launched Enterprise Peace of Mind, Dedication and Peace of Mind, and Social Emergencies Incident liability insurance and other products; promote residents’ travel consumption, develop travel safety, driving around the world, home peace of mind – empty nest worry-free; seize the “street stall economy” outlet, and quickly launch “stall safety insurance”.In addition, to serve the regional development strategy, China Life Property & Casualty Insurance launched “Huiminbao”, “Global Prestige” and “Anshin Series” health insurance to support the improvement of the regional medical security system.

 Seizing opportunities promptly and focusing on key projects has also become an important way for China Life Property & Casualty Insurance to strengthen its product core capabilities. It is understood that China Life Property & Casualty took the opportunity of the Customer Festival to create a product feast, to make the products more popular and competitive for the people. Seizing market opportunities, China Life Property & Casualty Insurance actively participates in the construction of medical security systems in various regions. More than a dozen cities are rapidly advancing the 2020 phenomenon-level product “Huimin Bao”.

 In terms of product reserves, China Life Property & Casualty Insurance has improved its product supply capacity and registered 20 reserve products in 2020, including group medical insurance (for government projects), group nursing insurance (for government projects), and other products, effectively exerting the backup effect of reserve products. Support local governments to strengthen medical insurance in different places and promote long-term care insurance pilot projects.

 By letting a hundred flowers bloom, strengthening innovation, unleashing vitality, seizing opportunities, and comprehensively enhancing product competitiveness, political power, and hardcore power, China Life Property & Casualty Insurance has innovated and built a diversified high-quality insurance product system, which has further consolidated its sustainable and high-quality development in the future. Base.

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By Michael Caine

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