Not being able to make it to the list and having no time for dating under 10 million yuan! What is the recent situation in the insurance industry? Life Insurance | Lifetime | Time

"Staying up late to make plans and visiting three to five clients a day, the agents in the team have not had weekends recently," said insurance agent Zhang Qiang. In order to ensure that all clients can catch the last bus with a 3.5% pricing rate, the company held a mobilization meeting and formulated incentive measures. Currently, agents are working like clockwork to achieve their target premium.

In March this year, regulatory authorities held discussions and discussions on issues such as product interest rates, investment returns, and liability underwriting for insurance companies. In late April, regulatory authorities successively convened meetings with relevant insurance companies, mainly aimed at adjusting the pricing interest rates of newly developed products for life insurance companies and controlling interest rate spread losses. According to industry sources, insurance products with pricing rates exceeding 3.5% will be centrally taken down by the end of June.

After these news spread, the insurance industry sparked a frenzy of promoting increased lifetime life insurance.

"Those below 10 million yuan cannot make it to the list"

"For companies, increasing lifetime life insurance is definitely the number one contributor. This year's' success' has contributed most of the insurance to the company. Many people did not expect it to become popular from last year to this year. Some agents rely on it to directly achieve annual performance ahead of schedule, while others rely on it to receive various performance rewards from the company. The last time this situation occurred was when new and old critical illness insurance was replaced," said Zhang Qiang, an 8-year-old life insurance agent.

Zhang Qiang told China News Service that the various branches of the company are now promoting lifetime bonuses, which are blooming in many places. The daily premium income situation will be made into posters, and those below 10 million yuan will not be included in the list. A few days ago, the total premium of increased lifetime life insurance in Inner Mongolia, Henan and other places exceeded that in Beijing.

"In the Beijing, Shanghai, and Guangzhou regions, it is relatively easy to make large orders. In the regional premium war launched by the increased lifetime life insurance, it is really hard to say who will win until the end," Zhang Qiang said meaningfully.

Zhang Qiang now has his own insurance agent team. When other teams are holding offline product briefing meetings every week, Zhang Qiang requires team members to reorganize important information about their customers, select target customers suitable for configuring such products, proactively prepare plans, and visit target customers with plans.

"This method is not very clever and time-consuming. Some team members spent a week sorting out customer information. They then made plans based on the customer's situation and stayed up all night. The members who were used to freedom complained and felt like they were 'trapped'. However, they still believe that precise service is more useful than casting a wide net," said Zhang Qiang.

Zhang Qiang stated that their target customer group is high net worth individuals. High net worth individuals themselves have a strong investment awareness, and regardless of how much they invest, they are clear about their goals and are more likely to manage their money in the long term. In addition, the disposable assets of high net worth individuals are relatively high, and their insurance premiums will also be relatively high. Realistically speaking, it also helps agents improve their performance. Within his team, an agent achieved a premium of 20 million yuan within a week.

"A policy worth tens of millions of yuan is not an exception in our company, and other teams have similar situations. Many senior agents have accumulated a group of high net worth customers, and their acceptance of insurance is relatively high." Zhang Qiang said, but this does not mean that ordinary people are not suitable for buying increased lifetime life insurance.

Zhang Qiang stated that objectively speaking, these types of products will definitely yield higher returns compared to current bank fixed deposit products. But buying products still depends on the company.

"Many products need to be taken down, essentially because the company's strength is not enough. Although the pricing interest rate of products from large companies may seem slightly low, they can ultimately ensure that customers receive money. Moreover, it should be noted that some increased lifetime life insurance can only receive the full amount of money after the policy is cancelled, and in order to extract cash value, only a portion can be withdrawn. When making a purchase, you cannot just rely on the profit demonstration and calculation done by marketing personnel," said Zhang Qiang.

Rushing and rushing, signing 170 orders a day doesn't even have time to get excited

"I've been too busy lately to have time for dating!" said insurance broker Liu Min.

This year is Liu Min's fourth year joining a top life insurance agency. After 10 years of hard work in the Internet industry, Liu Min switched to the insurance industry, seeking a job with great time flexibility, so that he could have more time to solve his life's major event - marriage.

But the recent workload has made her feel like she used to face computers typing code every day. I used to participate in offline dating activities 1-2 times a week, but now I can go up to 2 times a month. The remaining time is either meeting clients, on the way to meet clients, or working on insurance policies.

As an insurance broker for an insurance intermediary company, Liu Min has more products in her hands compared to insurance agents. She can configure products from different companies according to the different situations of customers.

Liu Min said that in March of this year, when there was news of an adjustment in the pricing and interest rates of insurance products in the market, the number of orders for increased lifetime life insurance immediately began to rise. The recent workload has doubled compared to before, but the customer conversion rate has also increased by one to two times.

She has visited over 30 clients this month, some of whom may have met two or three times. Many times, after the customer measures the value, they are likely to close the deal. "After all, a pricing interest rate of 3.5% is still quite attractive," Liu Min said.

Not only Liu Min herself, but also the entire sales department where she works is very busy. Liu Min told China News Service that the group in the sales department sends battle reports every day, and one day, the department signed 170 orders in a day. "In the past, when departments were busy for half a month and could achieve such results, everyone had to be excited for a while. However, now everyone doesn't have time to be happy and is still working hard to create better performance by the end of the month."

Liu Min admitted that the popularity of increased lifetime life insurance is not the reason why insurance brokers or agents are crazy about promoting it. Nowadays, the fixed deposit interest rates of banks have been continuously decreasing, and many people are actively turning their attention to areas with higher returns in wealth management. Compared to other financial products, insurance has better safety and is also suitable for long-term investment. Increased lifetime life insurance can lock in a portion of cash value and meet the financial needs of the majority of the population. Recently, many of the increased lifetime life insurance policies that have been sold have been actively sought out by customers.

Liu Min explained that for ordinary people, saving 1 million yuan may not be easy. However, looking at it from a different perspective, as long as you save 100 yuan per day to purchase an increased lifetime life insurance with a current predetermined interest rate of 3.5%, you can earn a cash value of 1 million yuan over 20 years, which is equivalent to painless savings.

"Most of my clients are born in the 1980s and 1990s, and this' million dollar plan 'and' painless savings' statement has a certain appeal to them," said Liu Min.

She said that for the general income group, if the money is not used in the short term, they can choose to invest it in increased lifetime life insurance in the long term. After calculation, multiple products are expected to recoup in the 8th year or later. However, increased lifetime life insurance still has stronger financial attributes. If customers do not have basic medical insurance or do not have short-term unused money, she does not recommend getting on the car.

"After this period of busy work, we still need to seize the time to solve major life issues!" Liu Min said with a smile.

Buddhist style promotion, bank account managers issue monthly orders

In the team that sells increased lifetime life insurance, there are not only insurance agents, brokers, but also bank account managers.

"Recently, there have been a lot of clients consulting about insurance products, especially for increased lifetime life insurance. However, we are not as busy promoting as insurance institutions, and there is no need to work overtime for this." Wang Ping, a customer manager of a state-owned large bank, told China News Service that for clients, with interest rates declining, insurance is indeed a good choice.

Recently, Wang Ping will also actively recommend increased lifetime life insurance to customers. As a scarce product with guaranteed returns and long-term returns of over 3%, increased lifetime life insurance is one of the insurance products promoted by his branch.

At the end of May, Ms. Liu, a client of Wang Ping, had a large deposit certificate of 200000 yuan that was about to expire, so she took the initiative to consult him about increasing the amount of lifelong life insurance. When asked "why do you want to buy increased lifetime life insurance", Ms. Liu told Wang Ping that many wealthy people around her have bought it. She believes that wealthy people have a more accurate grasp of this financial information, so buying it with them should not be a problem.

"At present, many account managers actively recommend increased lifetime life insurance to customers. However, compared to insurance institutions, policies with a scale of tens of millions cannot be issued once a year at our bank's Beijing branch and various branches. There are several million orders, but they are also relatively few. For small orders of tens of thousands or even tens of thousands, senior account managers can basically issue them every month." Wang Ping said, this is probably related to the fact that the pricing interest rate of increased lifetime life insurance sold in banks is not as good as that of some aggressive insurance companies.

Wang Ping told China News Service that currently, there are more products from small and medium-sized life insurance companies selling increased lifetime life insurance in their branches. In addition to focusing on profits, banks will assess the various qualifications of insurance companies. The situation of ceasing sales while selling is a risk point for many customers.

"When it comes to banks selling increased lifetime life insurance, there are always many negative voices. Some say that 'banks are crazy about making money and harvesting old men and women', while others say that 'the interest rates of increased lifetime life insurance promoted by banks are low and unreliable'. In fact, insurance companies have banking and insurance channels and will entrust insurance to banks for sales. Many people are still not very clear about this matter," Wang Ping said helplessly.

According to Wang Ping, every bank has requirements for the intermediary business revenue tasks of its branches. Based on the performance of major banks last year, insurance has a relatively high contribution to the intermediary business revenue tasks. If the middle income of the branch is high, the performance given to the account manager will be higher. However, most account managers do not promote insurance products or explicitly increase the amount of lifetime life insurance based on performance, and will still allocate it according to the actual needs of customers.

"Selling products is never a one-time deal, and people still take responsibility for their customers and their long-term reputation. For most people who come to banks for wealth management, increasing lifetime life insurance is an option, but not a mandatory option," said Wang Ping.