Advantages of insurance company staff system

China’s life insurance market has two major driving forces

——Exclusive interview with Bob Gibson, General Manager of Hengan Standard Life

In the past ten years, China’s life insurance industry has experienced an annual average With a growth rate of 30%, it has become the fastest growing market in the world. According to McKinsey's calculations, by 2008, China's life insurance market will become the fourth largest life insurance market in the world.

Foreign life insurance giants have come to China to participate. While competing, they are also bringing in some new concepts. Fifteen years ago, AIA introduced the agent system to China, which led to the rapid expansion of the insurance industry. Now, Hengan Standard Life hopes to reshape China's life insurance through the employee system. New order.

Recently, Bob Gibson, general manager of Hengan Standard Life, accepted the "? Watch the exclusive interview with a reporter from Oriental Weekly.

《? tWangfangfang Weekly": What do you think of the development of China's life insurance market?

Bob? Gibson: The life insurance market is related to the maturity of a country. As the economy develops, customers will gradually understand the value of life insurance. Life insurance companies need to provide education and information to the public to inform them of the functions and significance of life insurance.

China’s life insurance market has two major driving factors. On the one hand, pension funds need privatized investment. China is facing the problem of aging, and we predict that it will continue to face this situation in the next thirty years. Local governments are also balancing their fiscal revenue budgets, and part of the pension burden must be placed on individuals.

On the other hand, as the number of China's middle class increases, these people have funds to invest, and the life insurance industry can provide protection for them and their families.

《? tWangfangfang Weekly": Compared with other countries, what are the differences in opening up the market in China?

Bob? Gibson: The current situation in China is similar to the situation in the British market 15 to 20 years ago. For example, the sales level and reputation of sales staff are not high, and they are oriented to product sales rather than customer needs.

First of all, we must improve the professional standards of sales personnel and strengthen the reputation of the entire industry. The reason why we adopt the employee-based marketing model is to establish a very high marketing level.

Of course, one company alone cannot turn around the reputation of the entire life insurance industry. We hope to show to regulatory agencies that a high-level marketing team can be established, and then the China Insurance Regulatory Commission can formulate corresponding high industry standards. Other companies can adopt it too.

《? tLooking Oriental Weekly": In Europe, what model is generally used for insurance marketing?

Bob? Gibson: Different countries in Europe have different marketing models.

In some countries such as the Netherlands and France, the most important thing is bank insurance. Insurance companies are under the control of banks, and banks only sell insurance products of this company.

In the UK, the most popular method is the independent financial advisor. All Standard Life’s businesses in the UK are marketed through this independent financial advisor model. A life insurance company authorizes its insurance products to be marketed by independent financial advisors. This financial advisor can sell products from several insurance companies. There are very strict regulations on which insurance companies independent financial advisors can work with, etc.

《? Looking Oriental Weekly: What is the social status of these independent financial advisors?

Bob? Gibson: Their qualifications are very good. Regulators will strictly manage them. They provide financial advice to customers, not just sell a product. The social status is very high and has improved significantly in the past ten years.

《? tWangfangfang Weekly": The social status of insurance salespeople in China is not high. What do you think are the reasons?

Bob? Gibson: For aspects such as the training of life insurance agents, the standards are relatively low. It is relatively easy for people who have not received higher education and are not very high-quality to become life insurance salespeople. For companies with an agent marketing model, the sales level is not very high.

《? tWangfangfang Weekly": What problems can the employee system solve? Why is the staff system introduced when China's life insurance market uses "agent" as the main marketing model?

Bob? Gibson: By hiring salespeople, providing training and long-term career development, their professional standards will be improved accordingly, they will be able to sell higher value products, their policies will be retained longer, and their customers will be more satisfied.

《? Watch Oriental Weekly: Due to the high costs of recruitment, training, benefits, etc. of the employee system, will this model affect the speed of team development?

Bob? Gibson: No, we are the most capitalized among Chinese joint venture life insurance companies and have received strong support from shareholders. Adopting this marketing model will cost more than the agent marketing model, but it will also get good returns. On the one hand, it will have high production capacity, and on the other hand, the retention rate will increase. It is very worthwhile to invest a lot of costs in training and improving business personnel. .

《? tWangfangfang Weekly": Since the implementation of the staff system, how has the company's marketing team developed? How is the performance of this team?

Bob? Gibson: Among the five marketing agencies currently opened in China, the total number of people reaches 2,000, and the production capacity is very high. In 2007 we will continue to expand our team.

《? tWangfangfang Weekly": Will this innovation in marketing system promote the design and service of insurance products?

Bob? Gibson: We provide financial advisory services, which need to be able to meet all-round financial needs. We need a very good product line to meet this requirement. We think our product line is sufficient, whether it is life protection, financial protection or savings. In terms of protection, it can meet different needs at different stages of life.

《? tWangfangfang Weekly": What do you think the development prospects of the "employee system" are in China?

Bob? Gibson: The high-quality sales of financial advisors will have a certain positive impact on the life insurance industry.

Focus on the "staff system" Hengan Standard Life has made steady progress

China Insurance News Date: 2007-3-1

Our reporter Duan Qingwen

From 20 people in 2004 to more than 1,400 people in 2006, Hengan Standard Life quickly copied the "employee system" marketing model to new institutions. General Manager Bob? Gibson hopes that this new marketing model can help Hengan Standard Life establish a differentiated competitive advantage in the Chinese insurance market.

On February 8, a special speech was held at the Tianjin headquarters of Hengan Standard Life Insurance Co., Ltd. The speaker was Chen Yuting, chief life insurance consultant from Prudential International Life in Taiwan, and the audience was Hengan Standard Life Northern Institution of nearly 800 financial advisors.

Bob, general manager of Hengan Standard Life? Gibson called the day "a very important day." "I am very happy to see so many professional salespeople coming to listen to the lecture and share the successful experience of Taiwan's 'Insurance Queen' with ***," Bob said in an interview with reporters.

Although the "employee-based" marketing model pioneered by Hengan Standard Life is still in the exploratory stage in China's life insurance market, Bob, who has nearly 30 years of experience in the financial industry, firmly believes that this is the right path.

Face to face with the "Insurance Queen"

Chen Yuting is known as the "Insurance Queen" in Taiwan. As the chief life insurance consultant of Prudential International Life in Taiwan, she continuously achieved the "3W" (that is, taking care of three families every week and realizing three insurance policies) from June 1992 to July 2006, becoming the only Chinese in the world to continuously challenge 618 Weekly "3W" record holder.

From a poor family in Taiwan, to working as a receptionist, to becoming one of the most successful salespeople in the world, Chen Yuting's journey has set an example for salespeople. As she said at the lecture: "On the road to safety, I took off the halo and hid the sadness. In fact, we are all the same. I am happy to tell you how I succeeded.

”

Talking about the original intention of inviting Chen Yuting to the company to give a speech, Yuan Tongjun, general manager of the company’s marketing department, said: “Good quality, sincere and diligent attitude, professional service, perfect skills, firm and lasting Faith, these qualities are possessed by Ms. Chen, and they are also the qualities necessary for the financial consultants trained by our staff-based company. ”

Robert, a senior sales and training manager from Standard Life, also praised Chen Yuting’s speech. He said that Chen Yuting can set an example for our company’s financial consultants. Her enthusiasm for life insurance work, work Habits, beliefs and skills will all inspire our company's financial consultants.

Private International Life Insurance Company of Taiwan, where Chen Yuting works, is also a company that implements a "staff system". She strongly agrees with this marketing model. In her speech, she emphasized that it was the company's support that made her successful. The benefits and benefits provided by the "staff-based" company gave her a strong sense of belonging to the company, and the good training program also allowed her to continuously improve her sales skills.

The "staff system" is beginning to take shape

After more than three years of development, Hengan Standard Life's independently innovative "staff system" marketing model is beginning to take shape. According to Yuan Tongjun, Hengan Standard Life has begun to take shape. The team of financial consultants has grown from 20 people in 2004 to more than 1,400 people by the end of 2006. Due to the success of the staff system, the company's premium income from individual insurance channels has increased significantly, and the "staff system" marketing model has been copied to Tianjin and Beijing. , Qingdao, Jinan, Nanjing and other regions, winning the trust and support of local consumers

Yuan Tongjun said: "Under the traditional agent model, the overall turnover rate of insurance salespeople in my country is higher than 50 per year. This is It is not conducive to team building and the formation of a culture of integrity. The staff system provides salespeople with basic living security and signs a labor contract with the company, allowing salespeople to reduce their survival pressure and focus more on analyzing customer needs and improving their own abilities. This is undoubtedly a ‘win-win-win’ situation for insurance companies, policyholders and salespeople. ”

Heng’an Standard Life is currently implementing a manager training program named “Xuan Zang’s Road”, recruiting high-quality personnel without experience in the life insurance industry to join. After 19 months of systematic training, Making them the backbone of the company's sales management staff

Bob did not deny that the "staff system" means high costs. He told reporters: "With the 'staff system' marketing model, the company will improve employee compensation. There is a lot of investment in training, etc., and it takes a long time from investment to return, but we feel that this investment is worth it and can create a high-quality sales team. ”

Bob said frankly that the current situation of China’s life insurance market is very similar to that of the United Kingdom 20 years ago. The social status of life insurance practitioners is very low, and college graduates are unwilling to take insurance sales as a lifelong career. This situation should Attracting the attention of regulatory authorities.

“I hope the China Insurance Regulatory Commission can set an entry-level standard for insurance sales personnel from a regulatory perspective. "Bob said, "The current social status of British insurance salespeople has been greatly improved compared to 20 years ago. It is precisely because the regulatory authorities require that only those who have passed relevant industry qualification examinations can engage in this work. Financial consultants with professional backgrounds have gradually become the mainstream of sales staff."

Starting in 2007

In 2006, Hengan Standard Life completed its strategic layout in Beijing, Jiangsu, Shandong and other provinces and cities. In 2007 In 2006, the company's strategic territory will be further extended to Liaoning and Sichuan.

"2006 is an excellent year for Hengan Standard Life. The company's manpower and standard premiums have increased more than three times. "Bob said, "In 2007, we formulated an ambitious sales plan. Achieving this plan requires a successful sales model. ”

The day before the interview, the foreign shareholder of Hengan Standard Life, British Standard Life, had just announced its 2006 global performance report. Bob revealed that it was specifically pointed out that Hengan Standard Life’s performance was growing rapidly. Ranked first among its Asian institutions

Bob is very confident in the development prospects of Hengan Standard Life in China.

He told reporters that Hengan Standard's goal is to be among the top five joint venture companies within five years, but his personal goal is "number one among joint venture companies."

On January 27, through online selection, Hengan Standard Life won the title of "The Most Trusted Foreign Life Insurance Company in China's Insurance Industry in 2006". This selection focuses on inspecting insurance companies from the perspective of insurance customers' feelings. The key indicators include: the humanization of insurance product design, the professional quality of insurance company sales staff, the distribution of service networks, and the convenience of insurance claims services. degree, the insurance company’s service innovation capabilities and the insurance company’s future development potential and other factors.

Jia Xiaolin, deputy general manager of Hengan Standard Life, said that Hengan Standard Life is very honored to be awarded the title of "The Most Trusted Life Insurance Company" by netizens. As the joint venture life insurance company with the largest registered capital in China, Hengan Standard Life will continue to use its unique advantages to accelerate the pace of strategic expansion in its future development.

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