Original title: It is strictly forbidden to participate in performance evaluation, Beijing Banking and Insurance Regulatory Bureau, self-protection and mutual protection chaos Source: Beijing Commercial Daily
A hot search by insurance sales staff buying “suicide insurance policies” pushed self-insurance and mutual insurance chaos to the forefront. On September 2, the Beijing Banking and Insurance Regulatory Bureau issued the “Notice on Regulating the Management of Self-Insurance and Mutual Insured Parts for Personal Insurance Salespersons” (hereinafter referred to as the “Notice”), requiring insurance companies to improve relevant systems for self-insurance and mutual insurance and prohibit self-insurance and mutual insurance. Participation of insurance and mutual insurance parts in performance appraisal, etc., to the “suicide insurance policy” reveals that the sales staff faced with the performance pressure to buy too many self-insurance parts, and individual insurance institutions unilaterally pursue business indicators and other chaos under the “drug”.
Five requirements
The so-called self-insurance refers to the insurance contract in which the salesperson is the insured, the insured or the beneficiary; while the mutual insurance is sold by the salesperson, and the insured, the insured or the beneficiary is another salesperson of the same insurance institution Insurance contract.
On the whole, the “Notice” puts forward clear requirements on insurance institutions from five aspects.
In terms of establishing and improving related systems, the “Notice” requires insurance institutions to establish and improve self-insurance and mutual insurance management systems, including but not limited to related insurance policy rights and obligations, insurance approval procedures, performance evaluation, risk monitoring, dispute resolution, and accountability etc. At the same time, it believes that insurance institutions should strengthen the management of sales staff buying insurance for their relatives.
In terms of strengthening performance appraisal management, the “Notice” pointed out that insurance institutions shall not use the purchase of insurance products as a condition for sales personnel to enter the company, become regular or promote. At the same time, insurance institutions shall not allow self-insurance and mutual insurance to participate in any form of performance appraisal and business competition.
In terms of strict management and control of the business process, on the one hand, the “Notice” requires strengthening the underwriting process control of self-insured and mutual insured parts, adopting more stringent audits, and conducting necessary audits on the financial status and payment capabilities of sales personnel. Ensure that sales staff purchase self-insurance and mutual insurance according to actual insurance needs and economic strength. On the other hand, the “Notice” emphasizes the real-name system for salespersons, and requires insurance institutions to truthfully and completely record the names and job numbers of insurance salespersons in the insurance policy and core business system.
In terms of guaranteeing the legitimate rights and interests of sales personnel, the “Notice” requires insurance institutions to ensure that sales personnel who purchase self-insured and mutual insured parts have the right to know, withdraw orders during the hesitation period, change or terminate insurance contracts, etc., to ensure that sales personnel are normal The demand for insurance protection is not affected.
Regarding how to prevent and defuse related risks, on the one hand, the “Notice” requires insurance institutions to strengthen the risk monitoring of the continuation rate and business ratio of self-insured parts and mutual insurance parts, and promptly deal with problems when they are found. On the other hand, it requires insurance institutions to properly handle complaints and reports caused by self-insurance and mutual insurance to avoid public opinion risks and mass incidents.
Regarding the prohibition of self-insurance and mutual insurance from participating in performance appraisal and business competitions, Wang Dan, director of the Personal Insurance Division of the Beijing Banking and Insurance Regulatory Bureau, responded that at this stage, some insurance institutions encourage or Disguisedly encourage salespersons to purchase self-insurance or mutual insurance; some salespersons use loopholes in the rules to arbitrage by surrendering insurance after completing performance appraisal and obtaining commissions and rewards, which seriously disrupts the laws of insurance operations and easily leads to conflicts and disputes.
Chopping the Weeds and Roots
Shortly before the release of this “Notice”, the news about insurance salesmen buying “suicide insurance policies” was on the hot search, pushing the so-called “suicide insurance policies”, that is, self-insurance and mutual insurance. The storm is on the cusp.
According to research, insurance institutions operating life insurance business in Beijing do have a certain scale of sales personnel self-insurance and mutual insurance business in their daily operations. Taking 2020 as an example, the premiums of self-insured parts of the head life insurance institutions in Beijing accounted for 10%-20% of the total premiums, and the number of pieces generally accounted for 15%-30%. The proportion of sales personnel of individual institutions who purchased self-insured parts even reached 75% or more.
“The survey found that self-insured parts are mainly composed of critical illness insurance and accident insurance, which have higher commission rates, and generally show the characteristics of low average insurance premiums and high number of pieces per capita. Therefore, maintaining performance evaluation is to a certain extent that sales personnel purchase self-insurance. The main reason for the insurance is that once a salesperson resigns, the retention rate of the self-insurance policy purchased by the salesperson will decrease. Still taking individual head organizations as an example, the retention rate of the self-insurance policy after the salesperson resigns for three and five years is 43.6, respectively % And 38.8%.” Wang Dan introduced.
Why self-protection and mutual protection are frequent chaos? Wang Xiangnan, deputy director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, analyzed that on the one hand, some institutions or managers put too much pressure on internal sales personnel, which is not consistent with the pursuit of a more harmonious and equal labor-management relationship in the new era; On the one hand, it is due to the large number of insurance sales personnel, fierce competition, and large individual differences.
Regarding the risks implied in these chaos, Xu Yuchen, a founding member of the Association of Actuaries of China, also analyzed that the cash value of some self-insured parts in the first year of reward and surrender is higher than the premium charged, so there is an arbitrage risk; On the one hand, there is the risk of over-purchasing, which is beyond the ability of insurance sales personnel, that is, the insured person’s own capacity. Both situations will result in a weak business foundation and increase the surrender rate.
Wang Dan pointed out that at this stage, insurance institutions in Beijing have a certain degree of control over self-insurance and mutual insurance parts, including setting up percentage monitoring, limiting purchase quantities, and performance appraisal restrictions. However, there is no industry unified standard for control and control. The effect is not good, and there are some problems. For example, individual sales personnel enter other insurance institutions after leaving their jobs, and there are situations in which the old and the new are returned to achieve performance, which is prone to surrender disputes.
At the same time, Wang Dan gave an example that some sales staff often neglect their actual insurance needs and payment ability in the face of performance appraisal or promotion pressure, and purchase a large number of self-insured parts, which leads to great pressure on later payment and seriously affects normal life. There are also individual sales personnel who buy self-insured parts to obtain commissions during their employment. After leaving their jobs, they collude with the agency surrender organization to make malicious complaints to seek improper interests and disrupt the normal operating order of the insurance market.
Regarding the impact of the “Notice” on the performance indicators of the insurance market, Wang Dan said, “The normal insurance protection needs of sales personnel will not be affected. Sales personnel who voluntarily purchase self-insurance and mutual insurance parts based on their own protection needs are entitled to insurance consumption in accordance with the law. Related rights of the
Xu Yuchen believes that this will encourage insurance consumers to find real insurance needs, and force insurance institutions to improve their professional service capabilities and better serve consumers, rather than relying on the development of extensive marketing models of “pull heads” and “popular tactics”. Reduce “flicker-style” sales misleading.
Beijing Commercial Daily reporter Chen Tingting Zhou Hanyi
The “grey list” of Beijing insurance sales staff is here
Beijing Business News(Reporter Chen Tingting, intern reporter Hu Yongxin) The huge sales force has contributed to the rapid development of the insurance industry, but the uneven quality and frequent sales chaos have caused it to be criticized. On September 2, the Beijing Banking and Insurance Regulatory Bureau issued the “Measures for the Registration and Management of Punishment Information for Salespersons of Insurance Institutions in Beijing” (hereinafter referred to as the “Measures”), which for the first time put forward regulatory requirements for the registration, use and management of punishment information for insurance salespersons , Upgrade “blacklist” to “greylist”.
The “Measures” upgraded the “blacklist” to the “grey list”, expanding the scope of information collection. By learning from the banking industry’s supervisory experience, internal sanctions and other sanctions (such as violations of industry self-discipline conventions) have been added on the basis of more stringent disciplinary measures such as criminal penalties, administrative penalties, and party discipline and government sanctions, so as to facilitate the admission review of insurance institutions , Can fully grasp the past integrity and compliance status of relevant personnel.
At the same time, the “Measures” require insurance institutions to fully refer to the query results in the information registration management system before recruiting personnel to independently decide on the recruitment of personnel. Where there are regulatory provisions prohibiting appointment or entrustment, insurance institutions shall not hire relevant personnel.
It is worth mentioning that on the same day, the Beijing Insurance Industry Association and the Beijing Insurance Intermediary Industry Association also jointly issued the “Detailed Rules for the Implementation of the Measures for the Registration and Management of Punishment Information for Salespersons of Insurance Institutions in Beijing” (hereinafter referred to as the “Detailed Rules”). According to the “Measures”, the punishment information of sales personnel includes five types of criminal punishment, administrative punishment, party discipline and government punishment, internal punishment and other disciplinary measures. In accordance with relevant laws and regulations, the “Detailed Rules” fully considers the degree of correlation between the punishment information and the sales staff’s practice standards, and combines the characteristics and reality of the insurance market in the Beijing area to define the scope of the above five types of information.
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