What is a good insurance service?China Life Insurance’s answer to the times over its 75 years of development
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Transformation has undoubtedly been one of the most discussed and high-profile topics in the insurance industry in recent years. As various market entities explore transformation paths and continue to deduce transformation stories, an ultimate proposition has emerged more clearly in front of the industry: In an era of change, how can the insurance industry shape its core competitiveness?
When insurance business moves from the incremental market to the existing market, the increasingly complex and diverse needs of customers and the continuously strengthening financial regulatory landscape have put forward higher requirements for the service capabilities of enterprises. It is difficult to truly implement the extensive product-oriented model in the past. It works. Insurance services are increasingly becoming the key to determining competition, and the ever-changing technology has also provided a more mature soil for the insurance industry to build service capabilities.
At the same time, under the guidance of the country’s high-quality development and financial power strategy, insurance companies take meeting the people’s growing needs for a better life as the starting point and goal to deploy service capabilities in the new era. This is also a “people-centered” approach. “The further extension and expansion of the development thinking in the insurance field.
As the leading life insurance company, China Life Insurance Co., Ltd. (hereinafter referred to as “China Life Insurance”) has been a pioneer in exploring high-quality insurance services for many years. In early March, China Life Life Insurance held a press conference in Xiamen on the theme of “Serving the overall development of the country, protecting people’s good life, and China Life’s good services to help build a diversified professional financial service system”, and officially launched the “China Life Good Services” brand.
Simplicity, quality and warmth are not only an annotation of “China Life’s good service”, but also witness that this leading insurance company has consistently brought high-quality insurance services to every customer for 75 years and pushed the industry’s service standards to the forefront. It has reached a new height, and while supporting high-quality social and economic development, it continues to fulfill its mission and responsibility as a large state-owned financial and insurance enterprise.
What does “good service” look like?
59.9 billion compensation amount, 22.13 million compensation cases
6 words of service perception, 8 service advantages
According to data disclosed by China Life Insurance, the overall compensation amount in 2023 will reach 59.9 billion yuan, the number of claims will be 22.13 million, the compensation rate will be 99.7%, the overall claims settlement time will be 0.38 days, and the fastest processing time will be seconds.
Even now that insurance claims have experienced a crazy “involution” and various data are constantly refreshing records, China Life Insurance’s claim settlement volume and claim settlement efficiency are still firmly at the forefront of the industry, which not only demonstrates that it is the “leading goose” in domestic life insurance The strength and appearance also explain from another perspective the ingenuity of China Life Insurance in creating good services for a long time.
During the “14th Five-Year Plan” period, China Life Insurance actively implemented the major decisions and arrangements of becoming a financial power, focused on building service capabilities, took customer needs as the starting point of its work, and carried out regular “voice of customers” collection. On average, it collected customers every year Rated by over 10 million people. On this basis, we have a profound insight into the changing trends of customer needs and behavioral habits, directly address the urgent needs and worries of customers, continuously innovate service models, improve service efficiency, enrich service measures, and strive to create a “simple, high-quality, warm” service system.
In fact, compared with relatively more abstract and complex insurance products, insurance services are obviously easier for customers to perceive. Truly high-quality and considerate insurance services are also easier to reach customers and gain their favor. If we dismantle China Life Insurance’s 6-character service perception, we can find that it has formed a very complete and mature set of evaluation criteria for “good service”, that is, it provides services that are accessible, professionally guided, and caring. , making customers more worry-free, more comfortable and more at ease.
After years of intensive development, China Life Insurance has now formed eight core advantages: wide service channels, comprehensive online services, strong intelligent services, good service experience, outstanding value-added services, excellent claims services, warm services for the elderly, and solid protection of consumer rights. , continue to bring simple and easy-to-access services to customers.
For example, since the launch of the “One-Day Compensation for Critical Illness” service in 2019, a total of over 37.2 billion yuan has been paid to more than 800,000 customers. The “claims prepayment” service will be launched in 2023, breaking the traditional model of “claims settlement after medical treatment” and paying nearly 500 million yuan in advance for 28,000 patients.
In addition, each branch of China Life Insurance takes advantage of the location attributes of counter stations and sets up special service areas for convenience to provide warm care to new citizens such as takeaway riders and delivery boys, as well as outdoor workers such as sanitation workers and traffic policemen. The 95519 customer service hotline has launched manual services in 53 dialects and 3 minority languages, and will serve more than 10,000 people in 2023.
In response to the wave of aging, China Life Insurance has been continuously upgrading its aging-friendly services, taking the lead in the industry to launch an APP elderly care model suitable for elderly customers, launching “one-click manual access for the elderly when they call” and “exclusive escort for the elderly at the counter”. It has also determined the establishment of an “insurance + elderly care service” model that focuses on institutional elderly care in “city centers” and is supplemented by existing suburban institutional elderly care, home elderly care and community elderly care.
The company also continuously improves service diversity in response to the differentiated needs of VIP customers. The “China Life Customer Festival” has been upgraded from an “offline feedback season” to an “online and offline carnival” for hundreds of millions of customers. In the past five years, the number of participants has increased year by year. Both grew by 13%. Activities such as “China Life Little Painter”, “Enjoy Your Life” and “700 Hiking” have become brand labels…
Since 2021, the regulatory evaluation of China Life Life Insurance’s service quality has been stable at the first echelon in the industry. Indicators such as claim settlement timeliness, compensation rate, and case settlement rate are all at the forefront of the industry. Customer praise from third-party surveys has remained high for four consecutive years.
How to create “good service”?
Aim at 1 goal and focus on 6 persistences
Promote 6 major changes and create 5 characteristics
Deeply cultivate the path of characteristic operation and development
Having solved the problem of the mechanism of good service, the more important thing is how to implement it one by one. To this end, China Life Insurance has established the overall goal of “leading efficiency, technology-driven, rising value, and first-class experience” in operational services, focusing on the “6 persistences”, continuously advancing the “6 major changes”, and embarking on a path of “advanced models, advanced models, and first-class experience”. The path of characteristic operation and development with complete system, precise standards, exquisite professionalism, and driven by digital intelligence.
In this methodology for building service capabilities, the “six insistences” form the underlying logic of China Life’s operation and management, that is, it insists on being customer-centered, committed to knowing what customers need, and meeting their requirements; insisting on drawing a blueprint In the end, we will consistently build a new “smart operation” model; adhere to integrity and innovation, change the model, integrate technology, and integrate sales to make service provision more convenient, efficient, and accurate; adhere to the system concept and promote the construction of the operation management system as a whole to make the operation value greater We must adhere to high-quality development and establish a three-in-one, coordinated development operation service system and high-standard guidance; insist on using standardization and specialization to enhance the core competitiveness of operation services.
Among them, the new “Smart Operation” model innovatively developed by China Life Insurance Company based on the concept of Internet sharing economy since 2019 has not only opened the way for the industry to explore the path of intelligent and intensive operation services, but has also become a powerful driving force for the efficient operation of “good services”. kinetic energy.
Standardization is the prerequisite for intensification. China Life Insurance will start the shared operation of preservation in 2021, realize the shared operation of new personal long-term insurance contract underwriting business in 2022, realize the shared operation of claims settlement in 2023, and achieve full coverage of sharing in the production operation field within three years. , achieving intensive management of nationwide operations, retaining the advantages of traditional outlets while better adapting to the requirements of the Internet era. National intensive sharing has significantly improved operational efficiency, and the average business review time has been shortened by more than 27%.
Today, China Life Insurance has achieved full-scenario digital and intelligent services from insurance application, underwriting, preservation to claims settlement. In 2023, the paperless insurance rate for personal long-term insurance will reach 99.99%, the intelligent underwriting review rate will reach 94.98%, and the underwriting time limit for personal business will be accelerated to 0.13 days.
The six major changes that have been continuously promoted have enabled China Life Life Insurance’s operational service capabilities to achieve positive iterative upgrades and self-transcendence.
Among them, the management style has changed. Through the continuous stratification and domain adjustment of the responsibilities of service, operation, and control, the boundaries of the operating organization system have become clearer, the responsibilities have become more clear, and the control has become more powerful. A new organizational pattern of “production, service, and control” has been formed. ;
In terms of business standardization changes, China Life Insurance formulated the first version of “Life Insurance Practices” in 1998, which now covers national unified practices, process experience evaluation, work matters guidance, job guidance, and job manpower allocation standards. New system of series standards and specifications;
Through changes in operating methods, from decentralized operations at the county level, to centralized operations at the municipal level, to centralized operations at the provincial level, and then to national shared operations, intensive sharing of operating resources will be realized in 2023, a new situation of intelligent intensive production in a national game of chess;
In addition, China Life Insurance has developed from traditional, single counter service to online + offline multi-touch point services, entering a new stage of diversified, connected and continuous service multi-touch point contact, forming a distinctive Changes in distinctive service methods;
In all aspects of operations, from manual to electronic, online, and intelligent, business and IT are deeply integrated to build the company’s “new generation” system, allowing operations, services, and management to start a new journey of digital development, and continue to deepen own systemic change.
In 2015, China Life Insurance also self-developed the “3633” process reengineering method, completing the largest process reengineering in the company’s history, further promoting the “customer-centered, Internet-characterized” process change, and taking shape in 2020 The end-to-end process management system has laid a new foundation for building a “new generation” system and a high-quality operation service system.
Be the first to sing about good insurance services
Promote the supply-side reform of insurance services
The new insurance era requires leading companies to lead the way
Whether it is from the standardized definition and process setting of insurance services, or the continuous improvement and iteration of service capability building methodologies during many years of operation, China Life Insurance’s “good service” can be regarded as a new sample in the current insurance service sector. While assisting its own business development and transformation process, it also promotes the supply-side reform of insurance services in the industry.
Re-examining this transformation guided by the customer-centric concept, insurance service capabilities, regarded as core competitiveness, are an important factor for insurance companies to promote high-quality development. Under the current development background, if we want to open up a new ecosystem, it is the right time for China Life Insurance, as the leading life insurance company, to shoulder this important task.
After all, in terms of its long history, large number of underwriting customers, large business volume, long management links, and comprehensive network of institutions, there are few insurance companies in the industry that are more confident than this insurance company.
As an established insurance company of the same age as the Republic of China, this company that has gone through 75 years still shows a solid operating background. According to public data, its original insurance premium income in 2023 will be approximately 641.5 billion yuan, a year-on-year increase of 4.3%. When life insurance operations faced great difficulties in the past year, it once again injected huge energy into the industry as a ballast stone. In addition, on the evening of March 11, China Life Insurance disclosed the company’s original insurance premium income. From January to February this year, the company recorded a cumulative original premium income of approximately 252.7 billion yuan, a year-on-year increase of 2.8%. In January this year, the company recorded cumulative original premium income of approximately 206.6 billion yuan, a year-on-year increase of 2.2%. It is worth noting that the growth rate showed signs of amplification in February.
At the same time, its key business indicators have been at the forefront of the industry for many years in a row, and its solvency has continued to maintain a high level. The number of customers it has served so far has exceeded 500 million, and it has approximately 18,000 branches nationwide covering provinces, cities, counties, and towns. , as a practitioner of the strategy of financial power, it also continues to play a role in promoting inclusive finance and ensuring people’s livelihood.
After 75 years of great changes, the insistence of insurance for the people has always remained the same. For China Life Insurance, “good service” may not only be the continuation of its original intention, but also the echo of the times that 75 years of business accumulation has played today. These are the company’s greatest responsibility and wealth.
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