China Life Insurance Personal Agent (Management) System And Transition

Since China resumed the domestic insurance business in 1980, the insurance industry has shown great potential for development and showed a trend of development by leaps and bounds. Agent system has been applicated rapidly by the life insurance companies since it was introduced by American International Assurance Co. Ltd in 1992. It has been the major system used in life insurance industry, and with insurance awareness increasing and the concept of continuous improvement, life insurance which provided comprehensive protection for individual got with a huge market.The agent system of life insurance has been developed for a hundred years in the developed countries such as Europe and US, meanwhile, it has played a positive role in the development of China’s life insurance. However, the development of the agent system started later and began the process of reform and opening up. With immature economic and market environment, various factors had a negative impact on the establishment and development of the system, and it caused a lot of problems in the practice because of the incomplete system.This essay tries to find the deep reason of being the agent system, by analysing the legal problems of the agent system itself and the influence to the corporate management. This article also proposes the agent system in consulting the foreign agent system in US and the insurance management in Japan. Based on China’s national conditions, this paper thinks about the restructuring of chinese agent system and proposes in the restructuring of institution from "the complete legal system, the direction of institutional transformation, strengthen management by the life insurance companies". It also describes in threes ways, which are being satff system、seting up professional insurance agency and personal agent company.Through this description, the author hopes to have a deeper thought of the personal agent system which can be caused by our society. With the limitation of the author’s theory, the discussion of the institutional transformation of individual agent system is not enough in-depth, and the author hopes a more consistent view of China’s transformation of individual agents will be ordered for the development of our life insurance industry.