Regulator's Internet insurance sales notice
China's top insurance watchdog has issued a notice to make sure Internet insurance sales behavior can be better traced back and the growing Internet insurance business can sustain healthy development.
Insurance institutions, including insurance companies and insurance intermediaries, should record and save their trading behavior of selling insurance products on self-operated network platforms by means of sales page management and sales process records, so as to make them available for inspection, according to the China Banking and Insurance Regulatory Commission notice.
The policy aims to further standardize and strengthen the retrospective management of Internet insurance sales behavior, protect consumers' basic rights and promote healthy development of Internet insurance business, the regulator noted.
Meanwhile, it calls for more application of insurance technology to support healthy and orderly development of the industry.
The COVID-19 pandemic has made digital transformation a general trend for the insurance industry. As such, competition among insurers will be centered on their technical capabilities in the future, said ZhongAn Online P&C Insurance.
Seize the opportunity, meet the challenge and do a good job as a booster for the development of the industry, the digital underwriter noted.
To assist its partners do business in a more compliant way, ZhongAn Technology, a subsidiary of ZhongAn Online, uses cutting-edge technologies such as data visualization and blockchain to realize accurate visual restoration of Internet users' behavior.
Since the establishment of the first Internet insurance company in 2013, the country has seen fast growth of its online insurance sector.
In 2019, the premium income of China's Internet property insurance business increased by 20.6 percent year on year.