Research On The Development Of Bancassurance Under The New Regulations Of Bancassurance

Along with promoting financial integration process, Bancassurance has become one of the main marketing channel of insurance company’s products. Many problems appeared in Chinese bancassurance,such as loose cooperation model, product homogeneity, misleading marketing and other issues. This damages the interests of consumers, also hurt the image of the banking and insurance industry. In order to safeguard the interests of consumers,regulatory authorities introduce the new regulations of bancassurance.Bancassurance’s new regulation issues to solve these problems in some extent,make the business operations standardized,contributed to the transformation of the development model of bancassurance in China.Bancassurance’s new regulations promote some changes on cooperation in bancassurance:Bancassurance’s new regulations promote cooperation model between banks and insurance companies become more stable equity cooperation paradigm shift from simple protocol sales model; bancassurance’s new regulations proposed bank manager more stringent requirements, one of those is to have the insurance agent qualification; bancassurance’s new regulations promote the development of insurance products return to support functions; bancassurance’s new regulations require banks and insurance companies to achieve a comprehensive business docking, to some extent, it solve the insurance claims on the market there has been complaints.In this paper, it takes a comparative SWOT analysis t, through research of relevant literature and data of the Baoding branch,ICBC to demonstrate current domestic problems in bancassurance and introduce the new bancassurance regulations impact on the domestic banking and insurance markets.Learning from foreign experience in banking insurance development, we pointed out that China’s ICBC branch carry out the inherent advantages of Baoding bancassurance exist with external opportunities and external challenges inherent disadvantages faced by Chinese commercial banks should choose the right bancassurance model to develop bancassurance sales channels, increase sales and R & D personnel quality and pay attention to product innovation etc.The reseach on the bancassurance of Baoding Branch of ICBC,in order to carry out references and inspirations for the bancassuranc in other branches of ICBC and even the whole banking,eventually resolve the problems existed smoothly. The analysis and achievement of the research will present some references for the domestic banking and the regulatory related authorities of the government.