According to the original notice, the reorganization of the accident insurance market will last for half a year and be carried out in three stages. Among them, June to July is the stage of internal self inspection and self correction of insurance companies, and August to November is the stage of on-site inspection and spot check of insurance companies within the jurisdiction of bancassurance. Finally, before December 15, all local CBRC bureaus need to submit the work report on the reorganization of the accident insurance market to the CBRC.
On June 21, Xu Yuchen, a founding member of the China Association of actuaries, confessed to the reporter of the times weekly, at present, the confusion of bundling and unreasonable pricing in the market is particularly prominent..
According to the survey of times weekly, as of June 22, there were 1269 complaints about accident insurance and 508 complaints about black cat on Ju complaint platform, among which the majority were complaints about high price accident insurance tied by loan platform and investors ignorance of being insured.
Over priced products alienated
The bancassurance Commission requires insurance companies to check whether the floating rate of accident insurance sold violates the actuarial principle, such as whether the floating rate of accident insurance in one year and within one year exceeds or is lower than the benchmark rate by more than 30%, but there is no reasonable basis for adjustment; the floating range of the rate significantly exceeds the risk difference level of insurance consumers, etc.
It is understood that as early as March this year, the CBRC has required insurance companies to backtrack the adequacy and rationality of accident insurance pricing, and required to submit the accident insurance pricing review report to the CBRC before March 15.
Xu Yuchen told the times weekly that according to his observation, the cost of many accident insurances on the market is often only about 0.5-1 yuan, but the sales price of accident insurances in some P2P platforms, travel agencies and other channels is as high as several hundred yuan, which is an obvious profiteering sale. From the perspective of profit objects, most of the actual profits will flow to the channel side, but in order to win customers, insurance companies will be willing to cooperate with such channels.
The deputy general manager of the above-mentioned life insurance company told the reporter, the main reference indicators of insurance product pricing are affected by the net rate, the fixed cost of product issuing, the selling cost, and the profit that the company may obtain. Generally, the net rate and the fixed cost are not different from each other. The potential adjustable items are usually placed in the selling cost, so Different sales channels or scenarios will ultimately reflect different prices.
The reporter also noted that there are data showing that some accident insurance service rates and channel fees are relatively high, such as bank borrower accident insurance, tourism accident insurance, etc. in some channels, the service rates are as high as more than 50%, and the service fees of aviation accident insurance are even higher than 90%.
In fact, when buying accident insurance in daily life, consumers can also feel that it is the cheapest to protect similar accident insurance products if they are sold on the companys official website, but if they are purchased on the commercial website and other channels that order air tickets, the price will be much higher.
On June 22, the reporter randomly insured an aviation accident insurance with an amount of 3 million yuan and a guarantee period of one year from the official website of a third-party insurance supermarket platform, with a premium of 75 yuan.
At the same time, on an online travel website that provides air tickets and hotel reservations, an aviation accident insurance of 3.2 million yuan is sold when ordering air tickets, which only covers the insurance liability caused by accidental injury during the period from the time of entering the aircraft door to the time when the aircraft lands and leaves the aircraft door, but the price is as high as 30 yuan.
Severe bundling and tying
The unreasonable pricing of domestic accident insurance market seems to have become an industry disease accumulated for many years. The reason is also related to the bundling and tying of accident insurance market.
In response, Xu Yuchen pointed out that there are two main channels of accident insurance bundling: the first one is the above-mentioned online travel websites, travel agencies, and other OTA platforms, which charge abnormally high service fees; the second one is the online lending and P2P platforms derived in recent years, which charge cut interest in disguised form by bundling accident insurance, and the premium of accident insurance for bundling is over 100 yuan, But the cost may be less than 1 yuan.
Time weekly reporters also found that a large number of complaints against accident insurance were related to the bundling and tying of high price accident insurance on online loan platforms.
For example, on May 6, Gao Feng (pseudonym) complained about the Yiren loan platform. He said that he applied for a loan of 100000 yuan from the online loan platform in September 2018, and the loan principal applied for was about 89600 yuan. After receiving the loan, he found that it involved a service fee of nearly 10000 yuan, some of which included the accident insurance premium of an insurance company, but in fact, he had already insured for the accident insurance I dont know.
In addition, on May 20, black cat complained about and borrowed app from anonymous consumers, claiming that it applied for a loan of 10000 yuan in 2019. It was only recently learned that the platform charged a guarantee fee of 2164.02 yuan, and tied up an accident insurance premium of 1881 yuan. Two such high fees are also incurred without their knowledge.
It is worth mentioning that the cbcirc also requires in the work points of accident insurance rectification that insurance companies should check whether to sell accident insurance through online loan platforms such as cash loan, or cooperate with online loan platforms to sell accident insurance in disguised form through channel affiliation, etc.
At the same time, we should rectify the situation of compulsory tying and bundling of accident insurance and restrict consumers free choice, such as cooperating with the third-party online lending platform to force consumers to buy accident insurance in the process of borrowing; and enforcing tying and bundling of accident insurance in the process of selling personal life insurance, health insurance and other products. And whether there is sales misleading, such as damage to the right to know of insurance consumers, consumers did not make clear Insurance Tips to inform and confirm by myself, etc. For some insurance companies, in fact, they are also in a weak position in the game with sales channels. Some Internet channels can charge a high commission if they master traffic. I think the idea of regulatory rectification will be to strengthen information disclosure in the future. After information transparency, unreasonable premium cant be explained to consumers naturally, which will force insurance companies to carry out product rectification, and will also lead premium back to a reasonable level. On June 21, a person from a joint-venture life insurance company told reporters. Source: responsible editor of times weekly: Wang Xiaowu_ NF
At the same time, we should rectify the situation of compulsory tying and bundling of accident insurance and restrict consumers free choice, such as cooperating with the third-party online lending platform to force consumers to buy accident insurance in the process of borrowing; and enforcing tying and bundling of accident insurance in the process of selling personal life insurance, health insurance and other products. And whether there is sales misleading, such as damage to the right to know of insurance consumers, consumers did not make clear Insurance Tips to inform and confirm by myself, etc.