On December 6th, at the China Insurance Innovation and Development Conference, China Insurance Industry Association and Wuhan Municipal Government jointly issued the “Wuhan Consensus of China Insurance Innovation and Development Conference”.
First, we need to focus on major national strategies. The major national strategy is the main direction for the insurance industry to serve the real economy. The insurance industry should actively release the value of financial support, give full play to the advantages of insurance funds in cross-cycle asset allocation and long-term value defense, and support major national strategies such as new infrastructure, big health, and new energy through debt investment plans, equity investment plans, and private insurance funds. We need to focus on the strategy of innovation-driven development, and provide insurance for key and core technologies and “jammed” technologies. We will accelerate the development of agricultural insurance to safeguard the national food security strategy.
Second, we will continue to strengthen the function of insurance. Risk protection is the basic function of insurance industry. The insurance industry should adhere to the people-centered service philosophy, increase the supply of products, improve service procedures, and meet the people’s needs for a better life. We will accelerate the development of the system for integrating medical care with nursing care and long-term care insurance, explore a model of old-age care services that integrate medical care, nursing care, nursing care and health care, and deeply participate in the development of a multi-tiered social security system to make insurance a necessity for people’s production and daily life. We will promote the establishment of an emergency response mechanism for major public health emergencies in the insurance industry and improve the efficiency of insurance services.
Third, we will comprehensively promote innovative development of insurance. Innovative development is the fundamental driving force for the high-quality development of the insurance industry. The insurance industry should promote scientific and technological innovation in accordance with the principle of autonomy and control, use big data, cloud computing, artificial intelligence, the Internet of Things and other scientific and technological means to optimize the insurance value chain, and promote precise pricing of products, customized service supply, scenario-based marketing channels, and intelligent risk management. We will comprehensively improve our innovation capacity, accelerate the digital transformation of the insurance industry, and promote its sound development with higher quality and efficiency. We should give full play to the role of insurtech in the anti-fraud work of the industry, maintain market order and protect legitimate rights and interests.
Fourth, efforts should be made to practice HP’s financial philosophy. Inclusive finance is an important responsibility of the insurance industry to serve the real economy. The insurance industry should strengthen the use of financial technology, actively promote the supply of inclusive insurance products and services, and focus on serving small and micro businesses, agriculture, farmers, low-income people in urban areas, the disabled, the elderly and other vulnerable groups. We will create new insurance products for poverty alleviation to prevent people who have already been lifted out of poverty from falling back into poverty due to natural disasters, and provide services to consolidate and expand the achievements of poverty alleviation and rural revitalization.
Fifth, we must firmly uphold the bottom line of industry risks. Safeguarding financial security is the bottom line of risk that insurance industry must stick to. The insurance industry should fully implement the regulatory requirements for the second generation of compensation, improve risk management capabilities, and promote industry transformation and upgrading. It is necessary to establish and improve the modern corporate governance system of insurance enterprises, foster a risk-oriented corporate culture, and establish and improve the major risk prevention mechanism. We need to prevent, control and handle risks in key areas, and ensure that systemic financial risks do not occur.
Sixth, we will vigorously support the post-epidemic recovery in Wuhan. The insurance industry should give full play to its guarantee function, develop personalized and differentiated insurance products, and support the post-epidemic recovery and high-quality development of Wuhan. In combination with the Post-epidemic Rehabilitation Plan of Wuhan (Three-Year Action Plan), we should give full play to the advantages of long-term insurance funds to help the construction of major projects in Wuhan, such as the “Two New Projects and One Heavy Projects”. We should vigorously develop science and technology insurance and actively participate in the construction of East Lake Science and Technology Insurance Innovation Demonstration Zone.