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Bancassurance in China: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending ...

Bancassurance in China: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending institutions in China.

Drawing on the results of a survey of 110 banking entities in China, the study verifies the percentage of organisations investigated that distribute each of the following 13 types of insurance: accident insurance, creditor insurance related to consumer finance, creditor insurance related to credit cards, creditor insurance related to mortgages, critical illness insurance, health / hospital cash plans, household insurance, income protection insurance, investment-related life insurance, medical expenses insurance, personal motor insurance, retirement savings, and risk life insurance.

For those banking entities that are active in one or more of these fields, the reports ascertain the operating models that they use to source the type of insurance in question (e.g. external, joint venture or captive underwriters) and the identity of the specific providers used. This information is then displayed in terms of the weighted share of partnerships of these providers, which takes into account the number of retail customers of the partner banking entities, thus highlighting those insurance companies that hold the distribution relationships that offer the most potential.

You may be able to use this report and the PartnerBASE™ dataset that accompanies it in one or more of the following ways:

- gain access to a source of information that provides a comprehensive overview of the provision of personal insurance products by all significant banking entities in China;

- identify partnership opportunities for the same personal insurance products that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;

- understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in China;

- assess how the evolving regulatory environment may open up or block opportunities for your organisation to sell through the bank distribution channel;

- appreciate the magnitude of the opportunity to sell personal insurance products through banks and other lending institutions in China.

For further information about this research, please access the table of contents and series prospectus by clicking on the links at the top of this page, or e-mail info@finaccord.com.

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    Report prospectus bancassurance_china Report prospectus bancassurance_china Presentation Transcript

    • Bancassurance in China: Life, Non-Life and Creditor Insurance Bancassurance in China: Life, Non-Life and Creditor Insurance February 2012© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 1
    • Bancassurance in China: Life, Non-Life and Creditor Insurance Prospectus contents Page What is the research? 3 What is the rationale? 4 How do banking institutions surveyed break down? 5 Which specific banking institutions were surveyed? 6 What is the structure of the report? 7 What are the key features of the research? 8 How can the research be used? 9 How can the PartnerBASE™ be used? 10 Who can use the research? 11 What are some of the key findings? 12-14 What is the price? 15 How can the research be purchased? 16© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 2
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What is the research? Bancassurance in China: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending institutions in China. Drawing on the results of a survey of 110 banking entities in China, the study verifies the percentage of organisations investigated that distribute each of the following 13 types of insurance: accident insurance, creditor insurance related to consumer finance, creditor insurance related to credit cards, creditor insurance related to mortgages, critical illness insurance, health / hospital cash plans, household insurance, income protection insurance, investment-related life insurance, medical expenses insurance, personal motor insurance, retirement savings, and risk life insurance. For those banking entities that are active in one or more of these fields, the reports ascertain the operating models that they use to source the type of insurance in question (e.g. external, joint venture or captive underwriters) and the identity of the specific providers used. This information is then displayed in terms of the weighted share of partnerships of these providers, which takes into account the number of retail customers of the partner banking entities, thus highlighting those insurance companies that hold the distribution relationships that offer the most potential.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 3
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What is the rationale? There are several reasons for producing this report and associated PartnerBASE™ dataset about the distribution by banks and other lending institutions of insurance products in China. First and foremost, there are no other published sources of information that chronicle the current status of this activity in similar depth. However, Finaccord established that over 40% of banking organisations researched have an arrangement in place for selling at least one of the insurance product types considered. This figure underlines the degree to which banks and other lending institutions in China are increasingly interested in becoming distribution partners for these forms of insurance. In addition, intervention on the part of the China Insurance Regulatory Commission (CIRC) is changing the bancassurance landscape. In particular, new regulations are likely to see Chinese banks reducing the number of insurance companies from which they source products, entering into longer-term deals with those companies, migrating to a greater extent to distribution agreements forged at a nationwide or near-nationwide level as opposed to a regional or even local level, and implementing more professional sales practices. Moreover, the degree to which Chinese banks and insurance companies take cross-shareholdings in one another is also increasing as a result of changing regulations.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 4
    • Bancassurance in China: Life, Non-Life and Creditor Insurance How do banking institutions surveyed break down? Retail sector Specialised card issuer, 3 lender, 4 Automotive captive, 7 Foreign bank, 10 City Rural commercial commmercial bank, 55 bank, 11 Bank, 20© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 5
    • Bancassurance in China: Life, Non-Life and Creditor Insurance Which specific banking institutions were surveyed? Banks and other lending institutions included in the PartnerBASE™ dataset are as follows: AEON Credit Service Bank of Qingdao Citibank Hang Seng Bank Orient Jianghuai Auto FinanceAgricultural Bank of China Bank of Shanghai Dah Sing Bank Harbin Bank Ping An Bank Bank of Beijing Bank of Shaoxing Daqing City Commercial Bank Home Mart Postal Savings Bank of China Bank of Changsha Bank of Taizhou Datong City Commercial Bank HSBC Shanghai Pudong Development Bank Bank of China Bank of Tianjin DBS Bank Hua Xia Bank Shanghai Rural Commercial Bank Bank of Chongqing Bank of Wenzhou Deyang City Commercial Bank Huishang Bank Shengjing BankBank of Communications Bank of Xian Dongfeng Nissan Auto Finance ICBC Shenzhen City Commercial Bank Bank of Dalian Bank of Yingkou Dongfeng Peugeot Citroen Auto Fin. Industrial Bank (Fujian) Shenzhen Development Bank Bank of Dandong Beijing Rural Commercial Bank Evergrowing Bank Jiangsu Lian. Dongfang Rural Bank Shenzhen Rural Commercial Bank Bank of Dongguan Canzhou City Commercial Bank First Automobile Finance Jiaozuo City Commercial Bank Société Générale Bank of Fushun Changshu Rural Commercial Bank Ford Automotive Finance Jinan City Commercial Bank Standard Chartered Bank of Fuxin Chengdu Rural Commercial Bank Fudian Bank Jingzhou City Commercial Bank Tangshan City Commercial Bank Bank of Guangzhou Chery Huiyin Auto Finance Fujian Haixia Bank Jinshang Bank The Bank of East Asia Bank of Hanzhou China Bohai Bank Fujian Yonghui Jiujiang City Commercial Bank Weifang City Commercial Bank Bank of Jiangsu China CITIC Bank Ganzhou City Commercial Bank Langfang City Commercial Bank Wuhan Rural Commercial Bank Bank of Jiaxing China Construction Bank GMAC-SAIC Automotive Finance Maanshan Rural Commercial Bank Wujiang Rural Commercial Bank Bank of Jilin China Everbright Bank Guangxi Beibu Gulf Bank Mercedes-Benz Auto Finance Xianyang City Commercial Bank Bank of Jinzhou China Guangfa Bank Guangzhou Rural Commercial Bank Nanjing City Commercial Bank Yichang City Commercial Bank Bank of Lanzhou China Merchants Bank Guilin Bank Nanyang City Commercial Bank Zhangjiang City Commercial Bank Bank of Liaoyang China Minsheng Bank Guiyang City Commercial Bank OCBC Zhejiang Tailong Commercial Bank Bank of Nanjing China Zheshang Bank Haina International Auto Leasing Oney Banque Accord Zhuhai City Commercial Bank Bank of Ningbo Chongqing Rural Comm. Bank Hana Bank Orient Home Zigong City Commercial Bank© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 6
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What is the structure of the report? Executive Summary: providing a concise evaluation of the principal findings of the report. Introduction: offering rationale, description of methodology and some definitions. Market Analysis: beginning with introductions to China’s banking and bancassurance sectors, this main chapter is then composed of five sections examining bancassurance activity across five broad product categories: investment-related life insurance and retirement savings; protection-related life insurance (composed of risk life, critical illness and income protection insurance); accident and health insurance (made up of accident and medical expenses insurance plus health / hospital cash plans); personal motor and household insurance; and creditor insurance (covering policies related to mortgages, consumer finance and credit cards). In addition to the analysis of and commentary about bancassurance partnerships for each of the 13 individual insurance products, the five sections also present standardised market size and growth data (including lending market data in the case of mortgages, consumer finance and credit cards), observations concerning the development and impact of bancassurance generally for each product category or product, and figures illustrating the size and growth of key bancassurance underwriters (including captives, joint ventures and other underwriters focused wholly or mainly on the bank distribution channel).© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 7
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What are the key features of the research? Key features of this report include: • analysis of all traceable partnerships for the distribution of 13 individual types of personal insurance through banking entities in China; • identification of the underwriters or other product providers used by the banks and other lending institutions that are active in these areas; • computation of the weighted share of bancassurance partnerships of these product providers, illustrating which competitors hold the most significant relationships and which are limited to relatively minor agreements; • discussion of how new regulations are changing the way in which Chinese bancassurance works, with important implications for aspiring product providers; • quantification of the size, segmentation and growth of gross written premiums for the product categories and markets covered in China.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 8
    • Bancassurance in China: Life, Non-Life and Creditor Insurance How can the research be used? You may be able to use this report and the PartnerBASE™ dataset that accompanies it in one or more of the following ways: • gain access to a source of information that provides a comprehensive overview of the provision of personal insurance products by all significant banking entities in China; • identify partnership opportunities for the same personal insurance products that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative; • understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in China; • assess how the evolving regulatory environment may open up or block opportunities for your organisation to sell through the bank distribution channel; • appreciate the magnitude of the opportunity to sell personal insurance products through banks and other lending institutions in China.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 9
    • Bancassurance in China: Life, Non-Life and Creditor Insurance How can the PartnerBASE™ be used? See the estimated number of retail Choose customers for each operating model organisation Estimated numberName of organisation of retail customers Product type Product offered? Operating model Partner(s) (000s)China Merchants Bank 36,269 Critical illness insurance Yes Multiple external underwriters China Life, TaikangChina Minsheng Bank 15,525 Critical illness insurance Yes External underwriter TaipingChina Zheshang Bank 1,816 Critical illness insurance NoChongqing Rural Commercial Bank 9,357 Critical illness insurance NoCitibank 328 Critical illness insurance Yes External underwriter Sino-US United MetLife Look up specific Identify insurance organisations Filter by product type underwriters Note - The PartnerBASE™ also includes fields showing the category of organisation, its UHC (where part of a major group) and the UHCs that own or co-own (in the case of joint ventures) the partners used for each product type. Source: Finaccord Bancassurance in China PartnerBASE © Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 10
    • Bancassurance in China: Life, Non-Life and Creditor Insurance Who can use the research? 1. Insurance underwriters: this study offers a uniquely comprehensive guide to the status of bancassurance in China that can be used to identity partnership opportunities and to monitor competitor activity; 2. Banks and other lending institutions: the research will help banking entities active in China to understand how their bancassurance strategy compares to that of other comparable institutions in their domestic market; 3. Management consultancies: are you helping an insurance company or bank with its bancassurance strategy in China? Understand the current status of bank distribution of personal insurance products in this country, saving time and effort on researching the subject yourself; 4. Investment banks and private equity companies: while most bancassurance initiatives in China are organised by banks in conjunction with external underwriters, several captive and joint venture companies exist and this research may be useful to understanding how there may be scope for ownership configurations to change in future.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 11
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What are some of the key findings? 1. For investment-related life insurance, a significant proportion of banks selling these policies do so in conjunction with multiple external providers INVESTMENT-RELATED LIFE INSURANCE IN CHINA: INVESTMENT-RELATED LIFE INSURANCE IN CHINA : WEIGHTED BANK PROVISION RATE AND OPERATING MODELS PROVIDER SHARES OF BANCASSURANCE PARTNERSHIPS% of organisations offering product, and operating models used 100% Other, 14.4% China Life, 20.0% 80% Other PICC, 3.6% AIA, 3.6% 60% JV underwriter New China Life, 5.6% Captive underwriter Taikang, 16.0% 40% Multiple external underwriters Sino-US United MetLife, 10.6% 20% External underwriter Allianz China Life, 11.3% Ping An, 15.0% 0% Product offered Operating model Source: Finaccord Bancassurance in China PartnerBASE© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 12
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What are some of the key findings? (cont.) 2. In the fast-growing combined market for personal motor and household insurance in China, personal motor accounts for over 90% of the total USD billion 20 16 Household insurance 12 8 4 Personal motor insurance 0 2007 2008 2009 2010 2011 Source: CIRC, Finaccord estimates© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 13
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What are some of the key findings? (cont.) 3. Key findings from the executive summary include: •within the relevant universe of banking entities (i.e. all organisations researched other than automotive finance captives), bancassurance provision rates for investment-related life insurance and retirement savings were 42.0% and 28.0%, respectively; • among the same entities, risk life insurance and critical illness insurance registered equivalent figures of 39.0% and 23.0% respectively although no bank was found to offer any form of income protection insurance; • provision rates are lower for accident insurance, medical expenses insurance, health / hospital cash plans, personal motor insurance and household insurance, although as these sectors expand in future, banks could be among the most significant distributors; • across all forms of insurance investigated Finaccord identified two underwriters acting in a captive capacity, namely China Post Life (for Postal Savings Bank of China) and Ping An (for Ping An Bank) and four joint venture underwriters: CITIC Prudential, HSBC Life, ING-BoB Life Insurance and Sun Life Everbright.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 14
    • Bancassurance in China: Life, Non-Life and Creditor Insurance What are the prices? Bancassurance in China: Life, Non-Life and Creditor Insurance is provided as an Adobe Acrobat PDF document. The PartnerBASE™ dataset that accompanies it at no further charge is in Microsoft Excel format. The price for this study and those for other reports published by Finaccord about bancassurance are as follows: REPORT PRICE * Bancassurance in China: Life, Non-Life and Creditor Insurance GBP 995 Bancassurance in Austria, Belgium etc.: Life, Non-Life and Creditor Insurance * GBP 795 Creditor Insurance in Northern, Central and Eastern Europe GBP 2,495 Creditor Insurance in Southern and Western Europe GBP 2,495 Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings GBP 2,995 Life Bancassurance in Europe: Protection-Related Life Insurance GBP 2,995 Non-Life Bancassurance in Europe: Accident and Health Insurance GBP 2,995 Non-Life Bancassurance in Europe: Motor and Household Insurance GBP 2,995 * Titles focused on single territories are available for all 20 countries covered by this series. For UK-based clients, VAT at the prevailing rate will be added to the basic price. Costs quoted are for a single site user licence only. For a corporate user licence, please see the next slide for further details. Invoices can be paid in EUR or USD, at the prevailing exchange rate, if preferred.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 15
    • Bancassurance in China: Life, Non-Life and Creditor Insurance How can the research be purchased? Simple. Just go to the relevant area of the Finaccord web site available at www.finaccord.com/order_eu_bancassurance_single_country_reports.htm and fill in the online order form, clearly indicating: • report required • type of corporate user licence, if required * • billing name • address and e-mail address • purchase order number, if applicable Please allow up to one working day for the delivery of electronic copy by e-mail. * For the corporate user licence please choose one of the following options: 1. One office, one country: no supplement over and above basic cost of reports ordered 2. Multiple offices, one country: additional 20% over and above basic cost of reports ordered 3. Multiple offices, two to ten countries: additional 50% over and above basic cost of reports ordered 4. Global (unlimited offices in unlimited countries): additional 100% over and above basic cost of reports ordered VAT at the prevailing rate will be added to the price of any corporate user licence acquired by UK-based buyers.© Finaccord, 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 16