2023 Insurance Law Practice Overview Of China.

I.INTRODUCTION

Over the past decade, China’s insurance industry has grown rapidly and held the second largest premium market share worldwide for many years, contributing steadily to the global insurance market. In 2022, despite the repeated impact of the pandemic and the turbulent capital markets, China’s insurance industry has been put to the test and has seen new developments with the introduction of various favorable policies, such as the start of pension insurance and green insurance and the continued “popularity” of D&O liability insurance.

Based on data released by China Banking and Insurance Regulatory Commission (CBIRC) on its official website on 11January 2023, as of November 2022, the insurance companies’ original insurance premium income reached 635 billion USD with an increase of 4.95% year-on-year; the claims and benefits paid out were 192 billion USD with a decrease of 0.60% year-on-year; the total assets of the insurance industry reached 3.9 trillion USD; the net assets of the insurance industry reached 398 billion USD.

II.THE LAUNCH OF THE PERSONAL PENSION SYSTEM

As China’s ageing process accelerates, new countermeasures to address the issue of elderly support are being introduced. 2022 is the starting year for the development of China’s personal pension system. In April, the General Office of the State Council released The Opinions on Promoting the Development of Personal Pensions, announcing for the first time a complete institutional framework. Subsequently, the State Administration of Taxation, the CBIRC and other government agencies have issued supporting pilot rules to aid the personal pension system from the perspective of personal tax incentives and pension insurance products.

For example, the CBIRC issued The Notice on the Launch of Pilot Commercial Pension Business of Pension Insurance Companies in December, allowing four pension insurance companies to launch pilot business in ten provinces (cities), including Beijing, where pension

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Autonomous cars are on their way, and insurance companies aren’t ready

“Level 4 AV technology might be ready before Level 3 insurance regulation amendments are ready”

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Our future is automated self-driving cars, we’re told. Much of the technology is far beyond infancy, honed near perfection and already used in Advanced Driver Assistance Systems (ADAS) like lane departure warning and automatic emergency braking. In Ontario and some American states, they can even be driven among us. While frontrunners like Tesla duke it out with the not-far-behind legacy manufacturers (and Mercedes just one-upped the upstart in Germany), one thing is clearly emerging: having the vehicles is only one piece of the puzzle.

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Just ask the auto insurance industry.

Canada is not ready to insure even partially automated vehicles (AVs), but the move towards fully-automated vehicles could be here by as early as 2026,” warns this article from Canadian Underwriter. With Canada’s patchwork of provincial insurance legislation, it promises a tangled path forward. “Current legislation does not adequately consider accidents involving Level 3 automation, and will likely fail to address considerations around even higher levels of autonomy.”

You’re probably familiar by now with the designations of autonomous vehicles: Level 0, no autonomous features; Level 5, fully automated and requiring no drivers. In practical applications, we are currently mucking about between levels 2 and 3, both of which still require a driver to be ready and able to take control of the car.

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Level 3 vehicles are not currently legal on

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3 Ways Insurance Marketers Can Improve CX

The insurance industry is no stranger to digital transformation, but it’s filled with pain points that insurance marketers must address.

According to an EY reportmore customers are going online to make purchases, including for insurance coverage.

More than half of those surveyed said they were willing to buy homeowners insurance online, up from 45% three years ago. And 33% said they’d buy car insurance online, rising 10% since 2018. Shoppers can also find other types of insurance online — renters, natural disaster, health, identity theft, etc.

This move to digital from agent-driven sales is only one of the pain points the insurance industry faces in trying to provide excellent CX in a very competitive industry. Below are three ways to address this paint point (and others) and offer better CX.

1. Collect and Leverage Customer Data

According to Jeff Piotrowski, market leader, insurance at Verisk Marketing Solutions, the insurance industry is locked in a race to offer the same products and services at the lowest costs. Why? Because more consumers are comparison shopping online, seeking out savings.

But instead of succumbing to razor-thin margins, he added, industry leaders are creating better experiences by leveraging what they know about existing and prospective customers.

“Rather than sending thousands of emails to thousands of contacts and hoping something sticks,” said Piotrowski, “focus your resources on people who are best suited to your products and most likely to complete a purchase in the near future. This requires access to real-time, third-party data and the ability to reconcile that data with contacts that are already in your CRM.”

Such a strategy also opens the door to a true omnichannel approach. Insurers can meet customers in market — when and where they’re searching — and also allow them to pick up the phone

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