"The intention is that they want the terms to be more straightforward, but they are far from the strict rules of insurance." Recently, the eighth expert meeting on the evaluation of commercial auto insurance innovative clauses organized by the China Insurance Industry Association was held. On the other hand, the relevant person in charge of the auto insurance business department of a property insurance company who rushed to Beijing from Shanghai to attend the audit, told reporters after listening to a brief introduction of innovative products.
The day's meeting was no different from the previous seven expert evaluations – nine experts from outside the industry were randomly selected from the expert database to evaluate the 11 innovative products declared by the two companies, and the outsiders were invited to attend. The principle of fairness, justice and openness promotes the correct concept of product innovation to the industry, corrects misunderstandings through examples, improves product development quality, and responds to market demands and challenges with a scientific and pragmatic attitude.
According to the rules, the assessment mainly starts from three aspects: First, the legality, the application terms must comply with the Insurance Law, the Contract Law, the Insurance Policy Provisions for Property Insurance Companies and the Insurance Rate Regulations, which are in line with the public interest and can effectively protect consumer rights. Second, it is reasonable, requiring insurance clauses to meet the reasonable and normal expectations of the public, in line with the insurance principles and social public order; third is innovative, for the introduction of new thinking, new models, based on scientific and technological progress, emerging technology means, is conducive to industry transformation and upgrading It is obviously different from the content of the model clause of the China Insurance Association, meets the different risk preferences of consumers, provides products for specific customer groups and products with specific risks, and carries out innovation certification, and gives the reporting company a six-month monopoly protection period. The previous 7 meetings have evaluated 42 articles declared by 11 companies and passed a number of innovative products and industry demonstration products, which have enriched the existing auto insurance product system.
In 2016, under the guidance of the Property Insurance Supervision Department of the China Insurance Regulatory Commission, the China Insurance Association officially launched the “Expert Evaluation of Commercial Vehicle Insurance Innovative Clauses†to evaluate the innovative clauses declared by insurance companies, aiming to stimulate the innovation vitality of market players and satisfy consumers. The emerging risk protection needs, while guiding the industry's rational management and healthy development.
At each evaluation meeting, the evaluation experts from outside the industry started from the four professional aspects of underwriting, claims, actuarial and legal, and conducted a comprehensive review of the declared products. For example, experts from the front line of the business will put forward quite specific questions on the possible problems in the process of sales, use and management according to their rich practical experience, which will help to make up for the individual company to close the door in product design. The drawbacks of practice; experts from universities and colleges from the legal, actuarial and other professional areas to diagnose the application of the product. This kind of expert group, which is composed of experts from the industry and academic circles, focuses on the form of intensive consultation of innovative auto insurance products declared by the company's main body. Under the principle of strict control and lack of abuse, it not only has a brainstorming and broad thinking for individual companies and individual products. The role has also boosted the development level of the industry's overall auto insurance products.
According to the data, since the start of the work, various companies have applied for more than 130 innovative products. There are both main insurance and additional insurance; it includes both vehicle and material losses, as well as on-board and off-board injury protection; both one-year insurance and short-term limit insurance designed to meet consumer holiday travel; There are insurance products that are positioned in the traditional mode, and there are also fragmented and customized products that try to introduce Internet thinking.
However, the experts who participated in the evaluation also said that while the product categories are extremely rich, some of the articles involved in the declaration also expose the lack of innovation, even in the name of innovation to avoid regulatory issues. “For example, copying the revoked additional insurance clauses; simply putting together the model clause insurance responsibilities; unilaterally and dogmatically borrowing the concept of Internet marketing, splitting risk units, violating the principle of insurance pricing, simply calling for the purpose of price reduction sales Tianbaobao, on-demand underwriting of 'products. These problems reflect that the company's basic work is not solid, the terms are not rigorous, the definition is not clear, and the research on emerging insurance consumption patterns and people's car life is not sufficient. The market will not only disrupt the normal business order of the industry, but also may lead to a large number of claims disputes," said the experts.
At the evaluation meeting of the day, the scene products of the highway limit promotion insurance and other scenes attracted the interest of the participating experts. The experts put forward many constructive suggestions for the improvement of the products from the perspectives of actuarial pricing and clear protection scope. In particular, the reporting company should pay attention to the risk control in the sales model of the product and the target group. For other products that have been developed into Internet thinking, the experts also recommend that the reporting company should pay attention to the differences and characteristics of online and offline insurance products. Seriously study the insurance principle, return to the source of insurance, and avoid the concept of hype. For the terms of non-vehicle products such as accident insurance, such as accident insurance, and the separation from insurance practice, the insurer’s insured, the basic principles of insurance, and even individual direct copying of foreign clauses, etc., are innovative and innovative. The evaluation opinion against the adoption.
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