In January of this year, the China Banking and Insurance Regulatory Commission issued a notice on the issuance of the Supervision Measures for the Informatization Work of Insurance Intermediaries, requiring insurance intermediary legal entities to establish matching information systems for business management, financial management, and personnel management according to their business scale and development needs by January 31, 2022.

How can car dealers and agents who have not yet completed system construction meet regulatory requirements, with 60 days left until the final period of policy requirements?

Interpretation of the Ten Basic Requirements One by One

In the Notice of the General Office of the China Banking and Insurance Regulatory Commission on Issuing the Supervision Measures for the Informatization Work of Insurance Intermediaries, ten requirements are proposed for information systems that meet supervision, including business management systems, financial management systems, personnel management systems, data consistency, insurance company docking, regulatory data reporting, report statistics, permission management, log management, information security, etc. The system that meets regulatory requirements must be configured and met one by one in accordance with the ten major requirements mentioned above.

Among them, the coordination between insurance companies, regulatory data uploading, and information security are particularly important. The requirements for insurance company integration and regulatory data upload include achieving system interoperability, business interconnection, and data integration with cooperative insurance companies through technical means; At the same time, it is possible to generate data files that meet regulatory requirements and achieve data integration with insurance intermediary regulatory information systems through technical means. Based on the previous implementation experience in the Beijing region, it is required that the system can achieve direct connection with the insurance company's API, which not only ensures the reliability of regulatory data uploading, but also greatly improves the stability and timeliness of functions such as querying and quoting during the use of the vehicle by the dealer.

In terms of data security, policies clearly require that the system should obtain the corresponding national network security level protection certification. For car dealers and agents, configuring a system that has obtained Level 3 certification is a foolproof choice, both from a regulatory perspective and in terms of user data security.

与时间赛跑，如何快速配置

With two months left before the regulatory deadline, it is impossible for car dealers to develop their own systems. When choosing a third-party cooperative system, it takes one and a half to two months to complete system docking, testing, and online launch, which is also relatively rushed.

The Che Bailing team made great improvements when optimizing and upgrading the insurance butler system. At present, Che Bailing's insurance butler can complete the process from configuration, registration to use within 1 hour, with extremely fast delivery, and can be remotely configured. There are basically no requirements for the computer hardware configuration of car dealers, and car dealers do not need to invest additional costs in hardware updates.

Improve, improve, and improve

For car dealers who also serve as agents, the basic demand for accessing the regulatory system is to meet policy requirements. On this basis, if the improvement of business efficiency, operating benefits and management capabilities can be accomplished in one go through this system construction, then the core pain points of car dealers who also serve as agents will be solved.

For example, in the past, checking prices and quoting were very tedious and time-consuming tasks for insurance specialists, especially for customers who transferred insurance. It took several minutes to check the price of an insurance company. If the customer transferred insurance, the vehicle information needed to be re-entered in the new insurance company's system. After connecting to the Chebailing system, the efficiency of this part of the work can be greatly improved. On the one hand, it can achieve 30 seconds of switching-free smart quotation, and on the other hand, it can also realize automatic entry of transfer information. Feedback from car dealers who have connected to Chebailing Insurance Butler is that after the connection, the number of orders per day has increased from 10 to 30.

In terms of improving operating data, for example, Chebailing’s Insurance Butler supports non-auto insurance business, which provides car dealers with more choices for auto insurance business. This is also one of the key directions for regulatory authorities to improve auto insurance business in recent times.

With the help of insurance technology, the construction of the supervision system is completed. What car dealers have completed is not only an insurance quotation and billing tool, but also a digital system for insurance business process management and business data analysis management. Taking the Che Bailing Insurance Butler System as an example, the system covers the entire process of car dealers' insurance business, from customer communication, tracking feedback, preferential information records, financial docking and other links. There are information records and historical presentations. These information that were previously recorded by insurance specialists in handwriting are now clear at a glance on the system.

For managers of a single 4S store or a group, the operating data of all insurance businesses can be visualized for analysis, allowing management to have a comprehensive grasp of the progress and operating conditions of the insurance business within the store.

In addition to Beijing, the Office of the Hubei Regulatory Bureau of the China Banking and Insurance Regulatory Commission recently issued the "Notice on Doing a Good Job in the Review of Insurance Intermediary Information Construction" (Eyinbaojianbanfa [2021] No. 323), which mentioned that institutions that failed the on-site review and acceptance will be issued a rectification notice to rectify within a time limit. If a rectification notice is issued after February 1, 2022, the insurance intermediary business shall not be operated from the date of issuance until the rectification meets the standards.

There have been media reports before that when Ningbo and other places accept applications for extension of the validity period of the "Insurance Agency Business License" of concurrent agencies, the construction of information systems that meet regulatory requirements may be used as assessment criteria.

Supervision is no small matter, and local policies are being introduced one after another. Those car dealers who have not yet completed system construction should start to take active action.

Disclaimer: The market is risky, choose carefully! This article is for reference only and is not a basis for trading.