Special: Golden Pixiu · 2026 7th Bank-Insurance Cooperation and Development Forum
Source: Insurance Experts
Hong Bin believes that after the issuance of Document No. 65, the bancassurance channel has entered a new era of "integration of reporting and execution." With competition driven by fees narrowing, product innovation and deep branch network management are becoming the new battlegrounds.
On 2026年9月22日, the 7th "Golden Pixiu" · 2026 Banking-Insurance Cooperation and Development Forum and Awards Ceremony was held in Beijing. Hosted by Yiqu Finance Media and "Xianqi Gaocan", the forum featured the theme "Strategic Balance: Harmonious Progress". Senior regulators and industry leaders from banking and insurance sectors engaged in insightful discussions on post-65 Policy development of banking-insurance cooperation.
Hong Bin, General Manager of the Bancassurance Business Department at China Life-Ping An Insurance, explores market shifts in the "Report-Action Integration" era and interprets product innovation and deep branch network management under the new landscape.
After achieving alignment in four key areas, competition shifts to products and services.
Since the implementation of "Unified Reporting and Execution," regulatory disclosures show that average commission levels across relevant industry channels have declined by approximately 30%. Document No. 65 further refines expense management: bank commissions, compensation incentives for insurance-banking specialists, training and customer service fees, and allocated fixed costs must now be filed separately and accounted for individually. Payments to banks under the guise of issuance fees, information fees, technical service fees, or similar charges outside of commissions are explicitly prohibited. The fee rules for insurance-bank cooperation have thus shifted from principle-based requirements to itemized management.
Hong Bin pointed out that during this adjustment, the bancassurance market saw four areas of alignment. Bank commissions have been aligned since 2023, with levels across companies converging; following the issuance of Document No. "65" this year, team performance fees were also aligned; after 6 30, the upper limit for participating insurance illustration rates was unified at 3.5%, eliminating differences among companies; as participation rates were gradually disclosed in 7 and 8, data showed that regardless of high or low realization rates, the upper limit for actual returns on participating insurance products is approximately 3.2%.
Hong Bin admitted that after aligning on four key metrics, competition now centers on product quality, service excellence, long-term investment capabilities, and operational efficiency. With expense reporting and demonstration standards converging, companies are competing on the same set of rules: product offerings, service delivery, and the ability to deliver on long-term investment promises. The room for gaining channel share through expense-driven strategies is now limited.
Hongbin added that the alignment applies to costs and demonstration metrics; product differentiation remains possible.
There is still room for product innovation.
The "Motion Increase" product is well-received by customers.
According to data from the China Insurance Association, gross written premiums for participating life insurance policies in the first half of 2026 reached 10126 billion yuan, a year-over-year increase of 94.4%, making participating products the core offering in the life insurance market. However, with the unified cap on participating rate illustrations set at 3.5%, pressure from product homogeneity has intensified.
Lai Hongbin stated that China Life-Prudential continues to deeply explore customer needs and innovate in protection. The Chengtuo series is the company's flagship whole life insurance product. Starting in 2024, China Life-Prudential upgraded its product lineup to address customers' life value protection and health needs, introducing a new "activity-based growth" feature. Policyholders can increase their coverage by engaging in activities like running, with a maximum boost of up to 20%. This ensures that "every step counts," earning strong customer approval. Lai Hongbin emphasized that designing products around customers' protection and health needs is a key strategy for innovation in the post-"reporting and execution alignment" era.
Quantity of outlets is no match for depth of operation.
Drive productivity by going deep with one bank.
In 2024 year 5 month, the National Financial Regulatory Administration issued the "Notice on Matters Related to Commercial Banks' Agency Insurance Business," abolishing the rule that each outlet could partner with no more than 3 insurance companies within a single fiscal year. The number of insurance company partnerships for bank outlets was adjusted from "1 + 3" to "1 + N." Following this deregulation, competition among institutions for high-quality outlet resources intensified, accelerating the transition of bank-insurance cooperation away from traditional distribution models toward strategic synergy and ecosystem co-creation.
Hong Bin believes that the significance of signing agreements with outlets is consistent across all insurance companies. Insurers focus not just on the number of signed outlets, but more importantly on how many can generate policies and contribute meaningful premium value. Rather than expanding by quantity, it's better to go deep by building strong relationships with a single bank or outlet.
Hong Bin, General Manager of the Bancassurance Business Department at China Life-Pru, cited the partnership with Standard Chartered Bank as a prime example. The collaboration, spanning over a decade, has been deepened through technology enablement and big data support, driving continuous improvements in operational efficiency. More than ten years ago, the annual regular premium per outlet was only a few million yuan; today, the joint operation has elevated the average regular premium per outlet to over 4000 million yuan.
Hongbin Lai emphasized that the branches insurers truly value are those that consistently generate sales and produce high-value premiums.
