In early 2020, the China Banking and Insurance Regulatory Commission issued the Guiding Opinions on Promoting the High Quality Development of the Banking and Insurance Industry, which highlighted the need to promote the construction of a new insurance intermediary market system. Insurance intermediaries are essential to the insurance market, serving as a bridge between the supply and demand sides. This article takes the development of the insurance professional intermediary market in Jiangsu Province as a case study to explore how to promote the high-quality development of China's insurance professional intermediary market and the insurance industry as a whole.
The article first introduces the development of the Jiangsu insurance professional intermediary market from three perspectives: development trends, market structure, and premium income, using extensive data. It then identifies some prominent problems, including repeated violations and chaos, low service levels, unclear industry positioning, staffing difficulties, low marketization, insufficient industry informatization capacity, and weak service awareness of regulatory agencies and industry self-regulatory organizations.
Finally, the article provides policy recommendations for the transformation and development of the Jiangsu insurance professional intermediary market. These recommendations include strengthening the construction of party conduct and clean government, improving the regulatory effectiveness of insurance intermediaries, creating high-quality intermediary market entities, enhancing the infrastructure construction of the market, building a high-quality talent team, promoting strengths and avoiding weaknesses through track thinking, and utilizing technology to create scenario-based services.
