Banking and insurance channel cost control upgrade: "Small accounts" space is being squeezed

【Caixin Network】 Since 2023, when the financial regulatory authorities comprehensively advanced “report-and-payout integration” for individual life insurance, commissions in the bancassurance market have seen a sharp cut, and the industry has demonstrated clear cost-reduction and efficiency improvements. However, while commissions are being lowered under the “big book,” intensifying bancassurance competition has also made the “small book” problem increasingly prominent (see Caixin Weekly, “Blocking Bancassurance ‘Small Books’”).

据 Caixin has learned, in response to the new situations and new problems emerging in the current market, under the existing “report-and-payout integration” regulatory framework, the regulator has put forward more fine-grained requirements for fee management in bancassurance channels. The main purpose is to block the space for “small books,” and to further implement insurers’ management responsibilities.