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Xinhua Credit
Policy

China issues guidelines to promote online development of property insurance

May 22, 2020


Abstract : China Banking and Insurance Regulatory Commission (CBIRC) issued on Thursday guidelines to promote the online development of property insurance, reported the Xinhua-run cnstock.com.

BEIJING, May 22 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC) issued on Thursday guidelines to promote the online development of property insurance, reported the Xinhua-run cnstock.com.

According to the guidelines, property insurers which provide auto insurance, agricultural insurance, accident insurance, short-term health insurance and home property insurance should strive to make its online business account for over 80 percent of the total by 2020.

The guidelines are aimed at broadening property insurers' online service, strengthening the protection of consumer rights, promoting transformation and upgrading of property insurance industry, and better satisfying people's growing demand for risk protection.

Specifically, efforts would be made to accelerate the integration of online and offline business. Property insurance providers are encouraged to enrich online service channels and improve the availability and convenience of services.

Meanwhile, property insurers would try to innovate online products and services by centering around science and technology, social service and resident consumption.

To support online business development, the Insurance Association of China would formulate online business guidelines and explore the establishment of industry standards covering product marketing, fund transfer, investigation and claim settlement.

In addition, property insurance companies are required to enhance information disclosure on contract content and exemption clauses, in a bid to better protect consumer rights. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)

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Keyword: insurance

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