Thursday, October 19, 2017

Drastic changes ahead in China’s insurance sector

The insurance landscape in China is set for a total makeover as the government plans to implement changes in policies, environment and technology, according to Huang Hong, deputy president of the China Insurance Regulatory Commission, who attended the China Life Insurance October Qianhai Summit 2017 in Shenzhen.

Huang said the primary thrust of China’s financial policy at this time is to ensure that the financial industry ultimately serves the entity economy, to control risks, and to expand reform.

By serving the entity economy, Huang said insurers’ operations should reflect the entire asset management process in a broad range, with the aim of helping alleviate people’s situations, promoting consumption and supporting the building of more infrastructure.

Huang also believes that new technology, such as mobile internet, big data, AI, and genetic tests are also changing the way consumer behaves and insurers must therefore be receptive to these changes.

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