Wangyincheng, President of PICC P & C insurance, i

2022-06-21
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Wangyincheng, President of PICC Property & Casualty Insurance: the proportion of e-sales is expected to reach 25%

in the headquarters building of people's Insurance Company of China Limited (hereinafter referred to as PICC Property & Casualty Insurance), located in the CBD of Beijing, wangyincheng, President of PICC Property & casualty insurance, told him at the first time that he had just received internal re confirmation that the company's premium income had exceeded 100 billion yuan in the first half of the year

since the beginning of this year, the domestic property insurance industry has generally faced adverse changes in the market environment, such as the decline in automobile production and sales, and the reduction of new projects. However, wangyincheng told that the annual business growth rate of PICC Property Insurance is still expected to maintain a double-digit growth rate

according to the statistics of China Insurance Regulatory Commission, the total premium income of PICC Property Insurance in 2011 was 173.553 billion yuan, accounting for 36.3% of China's non life insurance market. The annual report shows that in 2011, PICC P & C realized a net profit of 8.027 billion yuan, a year-on-year increase of 51.8%; The comprehensive cost rate was 94%, a year-on-year decrease of 3.7%

by the end of 2011, the total assets of PICC Property Insurance had increased from 134.3 billion yuan at the end of 2007 to 26. Li Jingjing and others studied the feasibility of pp-lgf replacing metal pedals; Yang Yuwei studied the feasibility of pp-lgf replacing pa66-gf30 to manufacture door handle base, which was RMB 5.6 billion, the cumulative increase of investment assets reached RMB 100billion, the net amount of outstanding claims reserve increased by 1.7 times, and the return on equity increased from less than 1% to more than 26%

wangyincheng said: PICC P & C has entered a virtuous circle. Underwriting and profit are no longer mutually harmful as before, but complement each other. Underwriting and investment have basically realized interaction

1982, wangyincheng joined the people's Insurance Company of China and successively served as deputy general manager in charge of the planning and Finance Department of PICC Property Insurance Company, general manager of PICC Shenzhen Branch and general manager assistant of the head office. After PICC Property Insurance was listed in Hong Kong at the end of 2003, he served as executive director, executive vice president and chief financial officer of PICC Property Insurance; He has been the president of PICC since August, 2008

half year premium over 100 billion

21st century: what is the situation of the domestic property insurance industry since this year? What about the overall operation of PICC Property Insurance

wangyincheng: there are still many uncertain factors this year, which are commonly seen in the industry, including the impact of the decline in automobile production and sales on the automobile insurance business, the impact of the decline in import and export on the ship cargo insurance business, and the impact of the reduction in new projects on the engineering insurance business

even so, the overall business development speed of the company can still maintain a double-digit growth. In fact, our premium growth in the first half of the year has been the overall capacity of many market players

in the first half of the year, the company achieved a premium income of 100.911 billion yuan, a year-on-year increase of 10.6%. From the perspective of profitability, the company can continue to maintain the growth trend of net profit this year, and the comprehensive cost ratio will also continue to remain at a low level

21st century: how to predict the future development trend of China's property insurance industry

wangyincheng: Although the development of China's insurance industry has some macroeconomic factors, including the impact of the global economy, the property insurance industry in China is still in a historical period of relatively rapid development, and there is still a lot of room for development at least in the youth

mature markets, such as the United States and Taiwan, can be seen from the proportion of automobile insurance and non automobile insurance. Generally, the proportion of non automobile insurance is about 50%-55%, automobile insurance accounts for less than half, while the proportion of automobile insurance in the mainland market is more than 70%

for example, if we have 150billion yuan of auto insurance this year, when the non auto insurance reaches equilibrium, it means that the company will achieve the goal of 300billion yuan, which is also the law of development. With the development of economy, these businesses will have many growth points. We have full confidence in the future

21st century: what are the specific plans of PICC P & C in developing non auto insurance business

wangyincheng: over the years, we have spent a lot of energy practicing basic skills, including the national concentration on information technology. After these basic skills are practiced, resources will be allocated to whichever field has business opportunities; Where there is development, resources will be allocated to which field

21st century: what are the growth points of PICC Property Insurance at this stage

wangyincheng: insurance is a part of credit guarantee insurance, and we are also paying close attention to it, including some insurance businesses required by small and medium-sized enterprises

for example, in terms of agricultural insurance, at the beginning of this year, we launched the No. 1 project to promote agricultural construction as a project. China is a large agricultural country, and the provision of agricultural insurance needs to be well developed. Since this year, we have vigorously promoted agricultural construction, and now it has been extended to villages and villages, and remarkable results have been achieved

promoting the No. 1 agricultural insurance project

21st century: the loss ratio of agricultural insurance business has been very good in the past. How to control it now

wangyincheng: PICC has done a lot of agricultural insurance in history, which contracted seriously after listing. Because of the technical conditions at that time, it is difficult to effectively control the moral hazard in some links

nowadays, it means and network technology have been improved. Now we need to keep up with the institutional contacts. Originally, we only went to the county level. Now, insurance service stations have been set up below the county level to realize contact and face-to-face service. At present, an insurance service network covering 31 provinces (autonomous regions/municipalities directly under the central government), 333 prefectures and cities and 2862 counties has been formed. In addition, PICC Property Insurance has also set up the "three rural" Insurance Division, forming a top-down agricultural insurance professional management system

the ability to serve the rural economy is still in progress. The strategic opportunity period needs to be cultivated, including long-term network construction, personnel training, etc. In the rural market, our network advantage is obvious, and other institutions can not do it without years of efforts

2011, PICC P & C has undertaken a total of 380billion yuan of risks in the planting and breeding industries, covering 425million mu of crops, 506million mu of forests, 45million pigs and 118million households

21st century: what is the current input-output ratio of PICC Property Insurance and agricultural insurance business? How to balance operating costs

wangyincheng: at present, it is still in the investment period and in the stage of cultivating the market. Can not also make the measurement results more efficient; The reasonable structural design is trapped by the current indicators. The principle we follow is that it is effective in the short term and beneficial in the long term

for the rural market, the basic guiding ideology of our rural insurance is to balance revenue and expenditure, make up for the poor with the abundant, and support the farmers with the agriculture. We can't just look at the immediate interests. Maybe what we are doing today is very good for the whole rural market in the future

21st century: how to solve the problem of high loss ratio in the past

wangyincheng: this problem can be solved through network construction, it means and management means. Our insurance specialist lives in the village and is served by the Secretary, village head or accountant. Everyone knows each other and can't cheat. In the compensation link, the accounts are directly centralized in the province, and the county and township level can not deduct them if they want to

after the whole network system comes up, we should do a good job in the training of rural insurance assistants, and do our best in assessment and incentive policies, so that we will have more confidence

the proportion of telemarketing is expected to reach 25%-30%

21st century: in terms of new channel expansion, what is the current scale of telemarketing and marketing of PICC P & C insurance, and what is the planned proportion in the future

wangyincheng: at present, the proportion of telemarketing is a little higher, mainly automobile insurance products. In 2011, the premium income from telesales was 12.45 billion yuan, a year-on-year increase of 2.6 times; The annual premium income from sales reached 1.37 billion yuan. Telesales and sales account for about 8% of the company's premium income, and 10.8% of the company's auto insurance business premium income

since this year, the company has continued to strengthen the construction of E-marketing, sales and other emerging channels, and the emerging channel business has achieved sustained and rapid growth. In the future (next year or the next year), the proportion of automobile insurance is expected to be 25%-30%

21st century: what is the main driving force for developing new channels

wangyincheng: the value of an enterprise lies outside the enterprise, and the company's competition mainly depends on cost competition. The new channel can not only solve the cost problem, but also solve the convenience problem of customers. Its vitality is self-evident. From the experience of developed markets and peer companies, the expense ratio of emerging channel business is generally low, the loss ratio is slightly high, and the overall profitability is good

21st century: the performance of PICC P & C in recent years is mainly due to the sharp decline of comprehensive cost rate. How are things this year

wangyincheng: the underwriting profit of the company increased significantly in 2011, in which the comprehensive cost rate of automobile insurance decreased by 1.9 percentage points year-on-year, and the underwriting performance of non automobile insurance improved more significantly, with the comprehensive cost rate decreased by 10.8 percentage points year-on-year

since the beginning of this year, the comprehensive cost rate we have seen has remained in a relatively good state, almost the same as last year, and has been relatively close to the level of good companies in the world

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