2020-03-26 Beijing Review

36 BEIJING REVIEW MARCH 26, 2020 http://www.bjreview.com

BUSINESS

U

sually, the Ķ rst three months of the year
are the high season for the insurance
industry. But this year, because of the
novel coronavirus disease (COVID-19) outbreak,
most insurance firms’ meetings with their cli-
ents have been canceled.
“I’ve been selling products via WeChat or on
the phone, and most of the policies sold now
are short-term products,” Wang Shuo, an insur-
ance agent, told Financial News.
On February 3, when China’s financial in-
dustry resumed work, the China Banking and
Insurance Regulatory Commission (CBIRC)
issued a guideline for insurance agents. It pro-
hibited agents from gatherings and group visits
and insurance companies from holding group

activities such as meetings and trainings to

minimize the possibility of virus transmissions

through this industry.

Wang said without face-to-face com-

munications with clients, he can’t gauge their

demands accurately, especially those of poten-

tial clients with weak awareness of insurance.

“The core advantage of insurance agents lies

in continuous offline interactions with clients.

Without face-to-face sales, the insurance

business will face great challenges in its devel-

opment,” he said.

ImSact on industry

According to a research report released by

China Securities on January 31, agent teams

are the major sales channel of life insur-

ance. Suspension of their ofß ine operations

means activities such as face-to-face sales,

feedback visits, suitable product recom-

mendations and contract signings will be

limited. In addition, large promotions by

insurance companies have to be postponed

or canceled, and sales agents have to re-

duce people-to-people contacts for safety

concerns, both of which will affect individual

agents’ sales.

The ZhongAn Fintech Research Institute,

the research arm of Internet-based insur-

ance company ZhongAn that studies

commercialization and application of ad-

vanced technologies, predicted in its report

Breakout After

Outbreak

CO 9 ID brings insurance industry new oSSortunities as Sublic awareness

of health and safety grows By Wang Jun

Huang Hong (right), Vice

Chairman of the China Banking and

Insurance Regulatory Commission,

and commission spokesperson

Xiao YuanTi are interviewed after a

press conference on better serving

the real economy in Beijing

on January 13

XIN

HU

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