The Research On The Difficulties And Countermeasures Of The Innovation Of Personal Commercial Pension Insurance Products In China

Commercial endowment insurance is an important part of China's old-age security system.Others include basic old-age security and enterprise annuity.With the aging of China's population,people's demand for diversified pension insurance products has increased,and the burden of basic old-age insurance is too heavy,and enterprise annuities are basically absent.Therefore,innovation of personal commercial pension insurance products is particularly important..This not only promotes the sustainable development of the commercial pension insurance industry,but also promotes the supply-side reform process of China's insurance industry from the product side.At present,China has encountered the following problems in the process of innovation of personal commercial endowment insurance products: First,the development of China's old-age security structure is not balanced.Secondly,the current innovative development of commercial pension insurance products is mainly driven by insurance companies and lacks a favorable top-level design.The government's policy restrictions on insurance capital investment,the lack of inclusive tax incentives,and the instability of the capital market have hampered its innovation process.Third,the average disposable income of consumers is low and the awareness of insurance is weak.Finally,insurance companies have similar products due to the lack of innovative talents,corporate development strategies that focus too much on scale expansion and neglect product innovation.Therefore,it is important to solve the problems in the promotion of product innovation.For the traditional commercial old-age gold products,the main products in the market have pointed out that the product homogeneity is serious through comparative analysis.By comparing the internal rate of return and comparing with other investment products,the conclusion that the return on investment is low is obtained.Through the comparison of insurance depth and insurance density,it points out the current situation of low market share of individual commercial pension products and unbalanced regional development.The paper analyzes the current three innovative personal commercial pension insurance products.First,regarding the newly piloted tax-deferred commercial endowment insurance products,the problem of limited tax incentives is pointed out through inter-zone calculation and comparison.The statistics and policy interpretation of the proportion of taxpayers indicate that the tax incentives have fewer audiences.The problem;the detailed analysis of the design of the product itself indicates that the acceptance and acceptance of the consumer is not high.Secondly,regarding the innovative product of “policy + physical” pension insurance plan,we pointed out the following problems through the design of product terms and the current operational status analysis: the old-age community should strengthen the medical level of internal self-built hospitals and solve their account docking.Medical insurance accounts in different provinces should improve the professional and scientific management level of community service personnel,ensure the insured's future right to stay and room selection,and solve the problem of invisible consumption of life in the old-age community.Thirdly,the housing reverse mortgage insurance products have not set off a fever in the market.Firstly,from the perspective of insurance companies,China's real estate prices are unstable,the local government is unpredictable for housing planning,housing real estate problems and domestic housing.The factors such as full property rights make the insurance company in a wait-and-see stage.Secondly,from the perspective of consumers,the design concept of this product conflicts with the traditional culture and the scope of the applicable population is limited.The implementation of this business is not followed by an independent third party.Advance and supervision,and lack of regulatory protection of relevant policies.Finally,combined with the advanced experience of the United States,Japan and other countries,the following recommendations are made for the innovation of personal commercial pension insurance products.On the one hand,the following suggestions have been put forward from the government level: speeding up the unified pace of pension accounts,promoting the coordinated development of the pillars of China's old-age security;and supporting the exploration of guiding innovative individual personal pension insurance products and promoting the commercialization of Pratt & Whitney Pension tax preferential policies;improve the development of the capital market;strengthen supervision,standardize legislation,and maintain the stable and healthy development of the entire financial market.On the other hand,the following recommendations are proposed for the insurance company: accelerating the innovation of personal commercial pension insurance products,including product differentiation,combination,intelligence,and individualization;actively creating innovative rural commercial endowment insurance products;Technology-based home care and community pension model;diversify the marketing methods of products;attract innovative talents,standardize the insurance agent team;and continuously strengthen compliance management;change development ideas.