《China-insurance-sector-bancassurance-201202[1]》由会员分享，可在线阅读，更多相关《China-insurance-sector-bancassurance-201202[1]（40页珍藏版）》请在金锄头文库上搜索。
1、FINANCIAL SERVICESSecuring a bright future Chinas insurance sector and the evolution of bancassurance Lee Head of Insurance in China +86 (10) 8508 7043 Sam Evans Head of Insurance in Hong Kong +852 2140 2879 Richard Siu Head of Insurance Consulting in China +86 (10) 8508 5056 We are delighted to pr
2、esent our new survey, a guide to understanding the market dynamics, regulatory framework, customer behaviours and future direction of Chinas bancassurance channel. There are few insurance markets in the world currently experiencing the pace of change, competitive tensions, intensity of regulatory ov
3、ersight and future growth potential as Chinas insurance market. In this market, the bancassurance channel is becoming increasingly important. This report looks at the market from a number of perspectives: We surveyed 1,220 Chinese consumers to understand their demand patterns and behaviours when pur
4、chasing insurance and their channel preferences We interviewed domestic insurers and banks, international insurers operating in China and the regulators We visited a number of bank branches to assess their effectiveness as a distribution channel for insurance products and gauge their response to rec
5、ent regulatory reform, particularly CBRC 90.The results have been both revealing and insightful in terms of the future direction of the channel and the opportunities and challenges that participants face.We want to thank all those who took part in this survey, including our partner, TNS, and the KPM
6、G professionals whose insights have allowed us to leverage the findings of the survey and draw conclusions about the markets future. 2012 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG Internationa
7、l”), a Swiss entity. All rights reserved.Contents481420243034373839Executive summary1. Channel dynamics2. Customer demand patterns3. Regulatory environment4. Operating model5. How effective are bank branches at selling insurance products?6. Future directionAbout TNSKPMG: An experienced team, a globa
8、l networkContact us 2012 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.Executive summaryChinas insurance market, and the bancassurance channel
9、in particular, is characterised by fierce competition, constantly evolving regulation, significant variations in market dynamics between different provinces and cities, product offerings that may not suit the long-term needs of consumers, and divergent objectives amongst key participants.Many insure
10、rs are questioning their prospects in the China market and how to implement a successful bancassurance strategy. Some are concerned that in the short term, the opportunities for profitable growth are limited. Despite these challenges, we are optimistic about the future prospects for the market.We we
11、re encouraged to find different participants in the market sharing broadly consistent views. For example, we found strong consensus that recent regulation (and in particular CBRC 90) will have a positive long-term influence on the market and bancassurance channel.We also found a strong desire to inc
12、rease collaboration between banks and insurers. This included a wish to enhance the connectivity between bank and insurers systems, allowing improved information sharing and greater depth and quality of information captured.A number of banks have established bank-owned insurers as a way to drive gre
13、ater alignment. We expect bank-owned insurers to play an increasingly important role (albeit developing slowly over time) but we believe there will still be opportunities for other insurers. In this environment, partner selection will become even more critical as the banks look to build closer relat
14、ionships, with increased cooperation and integration, with a reduced number of partners.Over the longer term, positive macroeconomic and social factors will also drive reform. The ageing population and concern over the adequacy of the safety net provided by the health system will create significant
15、additional demand for insurance. Already the number-one driver for consumers purchasing insurance is protection in the event of an accident or illness and to secure access to healthcare services. Insurance companies will need to respond by offering a range of products that cater for these evolving d
16、emands.The government is also keen to promote long-term products and retirement solutions, for example, the recent pilot scheme permitting sales of variable annuity products. We believe legislation to develop the pension sector is an important catalyst to jump-start further market reform and create significant momentum in the future.Agency rem
