Special: Golden Pixiu · 2026 7th Bank-Insurance Cooperation and Development Forum
After Bancassurance reclaimed its position as the top new business channel for life insurance, achieving scale also triggered a comprehensive restructuring of products, bank-insurer partnerships, and governance logic.
On 2026年9月22日, the 7th Bank-Insurance Cooperation and Development Forum of "Golden Pixiu" · 2026, along with the award ceremony for bank-insurance series awards, was held in Beijing. Hosted by Yiqu Finance Media and "Insurance Enterprise High Reference", this year's forum centered on the theme "Offensive and Defensive Strategies: Harmonizing Light and Dust". Senior leaders from regulatory bodies, banking, and insurance sectors engaged in insightful discussions on the development of bank-insurance cooperation following "Document No. 65".
Qiao Liang, a senior business manager at BOC Life Insurance, examines the reshaping of market dynamics and the path for model upgrades in bank insurance channels following their rise to prominence, drawing insights from regulatory and market drivers.
Qiao Liang stated that while the bancassurance channel has reached its peak, it stands at a turning point marked by reshaping of market structure, reconstruction of logic, and upgrade of business models. The driving forces come from both regulatory bodies and the market. According to Qiao Liang, prolonged low interest rates, an aging population, accelerated retirement trends, and shifting wealth allocation among residents are raising the bar for professional capabilities and refined management in bancassurance. As a "bank-affiliated" life insurer, BOC Life Insurance recognizes the bank channel as a valuable asset. While collaboration between the bank and the insurance company is a key strength, the old approach of relying on volume-driven sales and simple agency distribution is no longer viable. Qiao Liang emphasized that the company must undergo a strategic transformation: evolving from a product supplier through bank channels to a strategic partner within the parent bank's wealth ecosystem, and shifting from a mere contributor of scale to a creator of value that benefits customers, banks, and insurers alike. This path will prioritize compliance, solid foundations, and high-quality results in bancassurance development. To support this transformation, Qiao Liang outlined his vision across three dimensions: products, cooperation models, and governance principles.
Product Refactoring
From channel adaptation to customer adaptation
Complete the bank's wealth management ecosystem
The shift in household wealth allocation is reshaping the demand foundation for bancassurance products. Households are moving their asset focus away from real estate and savings deposits toward diversified financial assets—a trend that has become increasingly clear since 2024. According to central bank data, household deposits grew by 3.19 trillion yuan less year-on-year in the first half of 2026, while non-bank financial institutions saw an increase of 6.32 trillion yuan in deposits over the first 8 months. Funds continue to flow from savings into wealth management products, funds, insurance, and similar instruments. Meanwhile, major state-owned banks have cut the posted interest rate on five-year time deposits to around 1.25%, driving up demand for alternatives to traditional savings products. This migration in demand has shifted the challenge to the supply side of bancassurance offerings.
Qiao Liang stated that the product restructuring direction is shifting from channel adaptation to customer adaptation, solidifying the foundation of customer value. Moving beyond the habitual thinking of driving volume through lump-sum payments, the focus is on tiered management of bank customer segments and developing a long-term, protection-oriented, and scenario-based product matrix tailored for mass-market customers, middle-class families, and high-net-worth individuals. Qiao believes that the next step for bancassurance products is to form a complementary matrix with investment products distributed by banks—such as deposits, wealth management plans, and funds—becoming an integral part of the bank's wealth management puzzle. Only in this way can product advantages be converted into tangible customer value.
Collaboration Model Restructuring:
From simple consignment to deep symbiosis
Unlock value from existing customers
Competition at the channel level is tightening. According to industry data, new single-premium payments for bancassurance in H1 2026 totaled approximately 2694 billion yuan, up about 10% year over year; premium growth outpaced total premium growth. Only 2 companies achieved premium income exceeding 200 billion yuan, with a gap of more than ten times compared to laggards. Additionally, nationwide bank branches number around 22 thousand, but only about 20% serve clients with investable assets above 50 thousand yuan and can support wealth management operations. In H1, net fee and commission income for the 42 listed banks grew roughly 1.1% year over year, reflecting weak growth in intermediary businesses. The race for channel value is shifting from branch coverage to the depth of client engagement.
Qiao Liang emphasized that the market has shifted from incremental growth to a stock-based model, making deep engagement and extraction of value from existing customers the next battleground. Bank-insurance partnerships must go beyond simple agency relationships. He stated that, within compliance frameworks, the company aims to leverage shared data and information with bank clients to jointly manage corporate accounts. Additionally, insurance should be integrated as a key component of banks' asset allocation portfolios, empowering frontline wealth managers with enhanced expertise in asset allocation and insurance services. Operationally, the company is driving intelligent transformation to co-expand customer bases, co-cultivate markets, and share development outcomes. Qiao Liang noted that the long-term comprehensive returns for banks from bank-insurance business extend beyond current intermediary income, encompassing increased customer stickiness and AUM growth.
Reconstruct Governance Logic:
Risk and compliance as our foundation
Forge a value-driven full-chain closed loop
Regulatory requirements continue to intensify. Document No. 65 splits bancassurance channel expenses into four categories—commissions, compensation for bancassurance specialists, training and customer service fees, and allocated fixed costs—and mandates separate reporting and management for each, with accountability assigned to the board of directors and general manager. This shifts expense oversight from paper-based policies to active implementation. According to regulators, after the "reporting and execution alignment" initiative was launched, average commission levels across the industry's relevant channels fell by approximately 30% compared to prior levels. Starting on 1 of this month 7, the China Insurance Association's "Self-Discipline Norms for Product Suitability Management" came into effect, classifying life insurance products into 5 categories and sales personnel into 4 competency levels, tightening suitability constraints at the sales end.
Qiao Liang emphasized that value transformation requires both strategic external expansion and internal innovation. He believes regulatory compliance is the foundation for sustainable industry growth, and the company is committed to proactively converting regulatory requirements into self-driven operational practices. At the performance evaluation level, Qiao Liang advocates moving beyond a "scale-only" mindset by reducing the weight of single-scale metrics. Instead, new business value, business quality, expense efficiency, and compliance outcomes should serve as key performance indicators. Resource allocation should prioritize value-generating businesses, while curbing short-term volume-push investments. Efforts should be concentrated on product development, professional capability building, and enhancing customer service quality. Regarding risk management, Qiao Liang stressed end-to-end process control, with product suitability and consumer rights protection serving as foundational pillars.
"Bank-affiliated" life insurers face a far more challenging reality than outsiders might assume. With fierce industry competition ahead, the next 1 to 3 years will be a critical transformation period. Qiao Liang believes that long-term asset allocation capabilities, ecosystem synergy, and sustained, stable investment performance will determine competitive success, while the weight of branch network size and equity ties with parent banks is diminishing. Qiao concluded: "In this surging tide, those who master the trends will prevail." He expressed his expectation for the successful transformation of bancassurance business and its contribution to high-quality development across the insurance sector.
Source: Insurance Experts
