China Insurance Regulatory Commission throws olive branches to auto companies will speed up auto finance

â—Ž Encourage and support auto companies to invest in establishing insurance agents and insurance brokerage companies.

â—Ž Policy support will be given to increasing access to outlets and improving the efficiency of approvals.

◎ Do not engage in “one size fits all” and promote the specialization reform of auto insurance agency business in stages and steps.

The CIRC extended its olive branch to powerful automobile companies. The reporter learned yesterday that the China Insurance Regulatory Commission has recently issued the "Notice on Supporting the Specialized Operation of Agency Insurance Business of Automobile Enterprises" to encourage and support auto companies to invest in the establishment of insurance agents and insurance brokerage companies, or to adopt existing insurance agents and insurance brokers. In cooperation with the company, insurance agents and insurance brokers are responsible for the overall development of automobile insurance business.

The so-called auto enterprise agency insurance business specialization in automobile business is mainly different from the current auto industry concurrent agency insurance business model, in simple terms, is the professional institutions and personnel to provide insurance services for consumers.

30,000 agencies need to be integrated

At present, there are nearly 30,000 auto insurance and concurrent agency agencies, with varying levels of business, irregularities, and service problems. This extensive and concurrent agency model requires an urgent reform.

In order to encourage the support of professional operations, the CIRC will provide more vigorous policy support in setting up branches of insurance agencies and insurance brokerage companies in auto companies.

For example, we will increase the support for policy access to service outlets, further improve the efficiency of administrative approval, and so on.

In addition, in accordance with the "unblocking and bonding" principle, the notice also requires the various insurance regulatory agencies to continue to exercise greater supervision over auto companies that retain the same business as insurance agency businesses.

The person in charge of the China Insurance Regulatory Commission stated that the promotion of the professional operation of the agency insurance business of automobile companies is conducive to the promotion of standardized, professional, and large-scale development of auto insurance intermediary services.

According to the reporter’s understanding, the CIRC recently approved four insurance agencies initiated by car dealers, including Liaoning Yeqiao Automobile Insurance Agency, Shenyang Zhonglian Automobile Insurance Agency, Liaoning Xinyi Automobile Insurance Agency, and Liaoning Zhonglian Automobile Insurance Agency. the company.

According to industry sources, large auto companies generally have more than 1,000 outlets. If these companies set up insurance agents or insurance brokers, they can unify and manage thousands of outlets and make supervision effective.

The potential of automotive finance is huge

The keen senses of the various capitals have long seen the development potential of the insurance intermediary market under the trend of separation of production and sales. The automotive industry is also facing new strategic opportunities. Auto finance is expected to become a new investment hot spot.

"The automobile market will usher in the second golden decade, followed by a large number of financial service requirements." Recently, Zhang Xiaojun, deputy general manager of SAIC General Motors Financial Co., Ltd., was called "Auto Finance: Next." In the keynote speech, "Where is the market opportunity?"

Statistics from the China Automobile Association show that in August this year, China's auto production and sales chain showed a certain range of growth compared with the same period last year, and the cumulative sales of automobiles in the previous eight months showed a steady upward trend. From January to August, 12.4673 million vehicles and 12.4747 million vehicles were sold and sold, an increase of 5.19% and 4.10% respectively.

It is worth mentioning that the China Insurance Regulatory Commission has made it clear that the professional reform of auto insurance agency business is a gradual process, and the CIRC will not adopt a “one size fits all” type of reform, but will adopt a phased, step-by-step approach.

Despite the suspension of the approval of the Auto Enterprise Insurance Concurrent-Business Agency License by the CIRC in late March this year, the concurrent-business insurance agent license is still valid. Judging from the market situation, the auto insurance business has maintained stable development since the end of March and has not been significantly affected.