Interface journalists| Lv Wenqi
"The life of insurance intermediaries, especially small and medium-sized ones, is really difficult now." More than one insurance intermediary company expressed their concern to the interface news.
This fear is also transmitted to the insurance intermediary license market. On May 22, 96% of the equity of Huicai Insurance Agency (Shenzhen) Co., Ltd. was auctioned on the Alibaba auction platform, with the assessed price of 300000 yuan. The current price of this equity is only 240000 yuan.
Previously, 96% of the equity of Huicai Insurance Agency has gone through two auctions. The first auction started at 300000 yuan, and the second auction started at 240000 yuan. Both auctions ended in unsold sales.
According to the data, the registered capital of Huicai Insurance Agency is 50 million yuan. According to the appraisal report, as of the benchmark date of September 30, 2022, the total equity value of 96% shareholders of Huicai Insurance Agency is 12.659 million yuan.
However, because Huicai Insurance Agency claimed that the audit related information provided by the original staff was untrue, which led to the appraisal report being unable to accurately reflect the actual value of the company, the court decided to take 300000 yuan as the starting price for the first auction of 96% of Huicai Insurance Agency's equity according to the actual situation.
Why did the insurance intermediary license that used to be so easy to sell fall to the current price? Song Zhanjun, Deputy Secretary General of the Insurance Research Center of Beijing Technology and Business University, pointed out to InterfaceNews that in recent years, insurance regulation has become increasingly standardized, and the insurance intermediary industry has also been focused on. He has taken regulatory measures such as cleaning up and rectification, and has raised requirements for the construction of information systems in the insurance intermediary industry. The growth of the superimposed insurance market slowed down, making it more difficult to increase the number of employees, and the insurance intermediary market entered a period of adjustment.
In addition to the pressure of supervision, the current situation of the industry can also be seen from the operating conditions of insurance intermediaries listed on the NEEQ.
In addition to Changhong Shares, the insurance intermediaries listed on the NEEQ have disclosed their performance in 2023. The total operating revenue of the eight institutions was 1.988 billion yuan, up 7.93% over the previous year. However, the increase in income does not increase the profit, and the net profit turns from profit to loss, with a total loss of 21.8 million yuan.
Insurance intermediaries on the NEEQ also started to leave the market. At the peak, there were more than 30 insurance intermediaries listed on the NEEQ, and now the number has dropped to single digits.
This year, insurance intermediaries will face new challenges. After the implementation of "reporting to the bank in one" for the bancassurance channel, the whirlwind of cost reduction also blew to the intermediary channel. A person in charge of an insurance brokerage company pointed out to the interface news that after "newspaper bank integration", the benefits to the sales end would be much less. One situation is that only the sales expenses paid by the insurance company are cut off, and the customer's policy income is not affected. The other situation is that both the customer's policy income and sales expenses decrease.
According to the information learned from the interface news, after a round of adjustment of agency channel products, the commission has decreased significantly. The commission rate has decreased by about 30% in the first year, and some products have decreased by 50%. Institutions and practitioners are facing the pressure of revenue cutting.
However, this is a danger as well as a chance for the agent channel. The aforementioned person in charge said that, on the one hand, the decrease in commission will lead to the accelerated clearing of small and medium-sized institutions, and some insurance intermediaries will return to the individual insurance channel or leave completely due to the decline in income. However, in the long run, referring to the position of overseas insurance intermediaries in the market, intermediary channels have always been an important part of the market. At present, the situation of low-quality intermediaries piling up can be improved, and the chaos of returning commission to customers can be curbed, which can promote the industry to high-quality development.
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Editor in charge: Zhang Wen
