| China and South Korea enjoy frequent historical and cultural exchanges and have many similarities to each other.The South Korean insurance industry has played a major role in the modern development of the world insurance industry.As early as 1999,South Korea ranked NO.7 in global insurance industry,beyond its position in the world economy.South Korea has embarked on an insurance product development path that is in line with the objective rules of personal insurance,suitable for emerging economies,and fits into the social culture of East Asian people.The successful experience of the South Korean personal insurance products is worthy of careful study by us.By analyzing the system context,experience and lessons of the development and evolution of their personal insurance products,we can find the universal rule for developing the personal insurance product in East Asian countries.By analyzing the main develop stages of the South Korean personal insurance industry and its key products,we will clarify the development and upgrading of South Korean personal insurance products and product characteristics.Look for the relationship between product innovation upgrading and its social and economical characteristics in the various historical stages.Finally,positioning the development patch for China,by learning and compare with the development of South Korean personal insurance.This article takes the development process of South Korean personal insurance products as the research object,focusing on many new products appearing in the early 21 st century.These new products include life insurance,CI critical illness insurance,investment insurance,and children insurance products.In the process of development and evolution,South Korean personal insurance products continue to innovate and upgrade in terms of insurance liability,pricing methods,coverage,and sales methods.Through the analysis of the product evolution,systematically summarize and analyze the impact of macroeconomics,financial markets,regulatory policies,social changes,market demand and other factors on the impact for South Korean personal insurance products.Through the past analysis and future predictions of the South Korean personal insurance products,summed up the successful experiences in development,learned its lessons,and came to the objective rule of the development of its personal insurance industry.According to the South Korean experience,we will position the historical period in which the Chinese personal insurance industry is in,make predictions on the direction and future trend of the China personal insurance’s innovation and development,prejudge the problems that may be face,and propose countermeasures.This paper conducts a macro analysis of the Korean personal insurance industry,focusing on the four development stages.The similarities and differences about the South Korean personal insurance industry with the US and Japan ones were also compared.From the perspective of products,this paper also examines the South Korean Insurance development experience of representative products in each four stages,summarizes its successful experience and reasons of its protection products,and analyzes representative products such as life insurance and CI critical illness insurance.In order to in-depth study on the breakthroughs and innovation paths for the various product innovations.Based on the achievements of the South Korean personal insurance industry,this paper analyzes the challenges of interest rate fluctuations,financial product competition,and industrial challenges caused by channel changes,and focuses on the status quo and improvement methods of Korean agents,exclusive and non-exclusive channels,and analyzes on its trends of life insurance,annuity,medical and health services insurance.This paper argues that the personal insurance industry in China and South Korea is quite different in terms of taxation policy,maturity of the securities market,market openness,and regulatory maturity.By end it is reflected in the products,the diversifications of the South Korean personal insurance products are far exceed our Chinese ones.In contrast,the guaranteed function of China’s products is too single and serious homogenization.This article clearly states that China’s personal insurance industry and products are basically in the transition period from the second phase to the third phase of the South Korean.The guaranteed products are weaker than the savings products,the channels and agents still expanding rapidly,and the market is not yet open enough,tax incentives have just begun to be piloted,some hidden risks in terms of spreads and deaths,the risk of asset-liability mismatch is high,regulatory policies are still being gradually improved,and industry standards and pricing basis are need to be more established and regulated.Through these facts and experience summaries,this article clearly points out the development of the personal insurance industry from savings products to guaranteed products,from the fixed-rate products to the floating rate products,and the improvement of products due to maturity.Measures,from the short-term products to the long-term product development,from simple insurance to insurance + services,etc.,emphasize the "insurance’s core",the need to play a long-term stable risk management and security function positioning.This paper proposes that the future development direction of China’s personal insurance products should be tax extension pension insurance products,life insurance products and critical illness insurance products.Based on the experience of South Korea,to better meet the people’s insurance protection needs.At the end of this paper,the main experiences of the development and evolution of Korean personal insurance products are summarized.Six inspirations for China are proposed.The policy recommendations for risk prevention of Chinese personal insurance products are put forward,that is,two relations are handled and three principles are adhered to.In other words,at the macro level,risk prevention should be placed in a more prominent position.We should properly handle the relationship between risk prevention and development and ensure that greater openness is compatible with the internal institutional and business environment.And we should abide by the principle of returning to the origin of insurance at the industry level,combining with security requirements to carry out large-scale innovation and making use of fintech’s leading edge to innovate insurance services.Policy recommendations were also made for the development of tax-deferred insurance products. |
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