On June 28, Ruizhong Life Insurance celebrated its first anniversary.
On the eve of the "birthday", Ruizhong Life Insurance carried out the handover of the new and old chairmen, and it is still in the process.
Looking back on this year, from the perspective of "A Smart Insurance", the three biggest things of Ruizhong Life Insurance are - personnel layout, strategy implementation and brand delivery.
On this day, the internal "birthday celebration" activities of Ruizhong Life Insurance were quite low-key, but the external brand output was particularly high-profile.
From June 28, Ruizhong Life Insurance launched a three-month high-speed rail named special train brand activity, which will last until the end of the "National Day" Golden Week.
Transitions and handovers
The biggest thing in the establishment of a new organization is the structure and personnel arrangement, not to mention a company with a special background, which has inherited the assets, liabilities, institutions and personnel of China Life Insurance in the past.
Zhao Lijun, chairman of the board of directors, and Zhao Songlai, general manager, who took over the takeover group, completed the transition period in this year and retired successfully.
On February 18 this year, Ruizhong Life Insurance issued an announcement on the change of president, saying that Zhao Songlai would no longer serve as the president of Ruizhong Life Insurance because he reached the retirement age. Until May 6, Ruizhong Life disclosed that Yu Deben, vice president of the company, was the interim person in charge and acted as president.
In addition to Zhao Songlai, Zhao Lijun is also facing retirement. On June 25, the major shareholder China Life Group went to Ruizhong Life Insurance to make a personnel announcement, Zhao Guodong, vice president of China Life Insurance, intends to serve as the chairman of Ruizhong Life, and the next step needs regulatory approval.
The old and new chairmen and general managers are all "veterans" of the China Life system. According to the data, Zhao Guodong, who was born in November 1967, was not born in an insurance class, he majored in computer software, and later studied business administration at Central Radio and Television University. Since graduating in 1988, Zhao Guodong has joined the insurance industry for 36 years and has rich front-line work experience and management experience.
Looking back on Zhao Guodong's insurance experience, he mainly worked within the system. Specifically, from 1988 to 1996, Zhao Guodong worked in "Old People's Insurance", and successively served as a cadre and deputy section chief of the human insurance department of Changde Branch of Chinese People's Insurance Company. In 1996, with the spin-off of "Old People's Insurance", Zhao Guodong entered the Chinese life expectancy.
From May 1996 to July 2018, Zhao Guodong has been working in the local branch of Chinese Life, and has successively served as the manager of the life insurance department and marketing department, member of the party committee and deputy general manager of the Changde branch of Chinese Life, secretary of the party committee and general manager of the Yiyang branch of Chinese Life, member of the party committee and deputy general manager of the Fujian branch of Chinese Life, member of the party committee and deputy general manager of the Hunan branch of Chinese Life, deputy secretary of the party committee (general manager level of the provincial branch), secretary of the party committee and general manager, The main person in charge of Chinese Life Chongqing Branch, deputy secretary of the party committee (presiding over the work), deputy general manager (presiding over the work), secretary of the party committee and general manager, secretary of the party committee and general manager of the Chinese Shou Jiangsu Branch. He is a senior executive who started from the grassroots level.
In October 2019, Zhao Guodong entered the headquarters of Chinese Life as the assistant to the president of Chinese Life, and concurrently served as the secretary of the party committee and general manager of Chinese Life Jiangsu Branch, and was approved as the secretary of the board of directors of Chinese Life in February 2023, and served as the vice president of Chinese Life in August of that year.
Zhao Guodong has led many branches of Chinese Life to achieve excellent results. For example, from 2016 to 2018, he led the development of Chinese Life Chongqing and Hunan branches to become benchmarks for the high-quality development of Chinese Life System; During his tenure as the main person in charge of Chinese Life Jiangsu Branch, the annual premium income of Chinese Life Jiangsu Branch has repeatedly reached new highs, and the premium rate system and industry have taken the lead in 2019 to reach a new platform of 60 billion yuan, and the premium income in 2021 will reach 68.8 billion yuan. In 2021, Zhao Guodong won the honorary title of "China Insurance Top 108 Generals".
The current interim head and acting president, Yu Deben, is also from the China Life system. Yu Deben, born in 1967, served as the general manager of Chinese Life Jiangsu Branch and the head of Chinese Life Insurance (Overseas) Co., Ltd. During his tenure as Head of Chinese Life (Overseas), Chinese Life (Overseas) became one of the major life insurers in the Hong Kong market, with annualized new policy and standard premium income reaching HK$15 billion in the Hong Kong market in 2021, maintaining the No. 1 position in the market for three consecutive years.
In the future, the new "generals" who were also born in 1967 will take on the important task of the development of Ruizhong Life, and need to lead Ruizhong Life to continue to move forward.
In addition to the high-level adjustment, regarding personnel arrangements, Ruizhong Life Insurance has also recruited many positions from the society since last year, including the main person in charge of the operation management office of the head office, the manager of the legal affairs management office, the manager of the development research office, the manager of the asset audit office, the manager of the health service management office, and the department-level cadres of the Office of the Commission for Discipline Inspection.
Strategy implementation
At the end of the second year after China Life Insurance was taken over, the preparation of Ruizhong Life Insurance began to accelerate. In February 2023, the regulator released a signal to prepare for the transfer of assets and liabilities of China Life Insurance to Ruizhong Life Insurance, and undertake institutional outlets and personnel; In April, the investor "Kyushu Qihang (Beijing) Equity Investment Fund (Limited Partnership)" was established; In mid-June, the announcement of the name declaration and registration of Ruizhong Life Insurance was released, and it opened on June 28, and the unveiling ceremony was held on July 6. The landing of Ruizhong Life Insurance can be described as a one-stop.
At the unveiling ceremony, Zhao Lijun said that Ruizhong Life was born in response to the current situation and stood at the head of the tide, and will definitely show its responsibility and action of "financial goodness and finance for the people" in integrating into the national strategy and serving social and economic development.
At that time, the strategic vision was "specialization, ecology and digitalization", focusing on the main responsibility and main business of life insurance, focusing on the customer-centric, innovative development model, focusing on the "product-sales-operation-investment" insurance business value chain, innovating product development, changing the marketing model, serving the people's livelihood of entities, deepening operation services, and creating a new situation of high-quality development.
The aggressive model of "asset-driven liabilities" of insurance companies has taught the industry a big lesson. Ruizhong Life will focus more on the origin of insurance protection, and explore the path of high-quality development and value creation from the aspects of marketing model transformation and operation strengthening. In that year, the total premium of Ruizhong Life Insurance reached 269.1 billion yuan, a year-on-year increase of 6%, ranking third in the market. Among them, the new policy premium reached 154.4 billion yuan, a year-on-year increase of 9%; Renewal premiums were $114.6 billion, up 3% year-on-year.
At the 2024 work conference held by Ruizhong Life Insurance on January 19, relevant personnel of Ruizhong Life Insurance said that it is necessary to grasp the relationship between "stability" and "progress", "establishment" and "breaking", and balance scale and efficiency, assets and liabilities, development and security. Ruizhong Life Insurance should take the implementation of the medium and long-term development strategy and the 2023-2025 development plan as the traction and starting point, adhere to both internal and external repairs, and promote the implementation of high-quality transformation in an integrated manner.
At that time, the six key tasks of Ruizhong Life in 2024 include:
⁕ Strengthen the party's overall leadership and lead high-quality development with high-quality party building.
⁕ Make every effort to serve the real economy, focus on the "five major articles" of finance, and plan the layout and innovation and breakthroughs.
⁕ Deepen reform and innovation, and stimulate internal vitality and development vitality.
⁕ Strengthen functional positioning and promote high-quality development to a new level.
⁕ Strive to prevent and resolve risks, and resolutely adhere to the bottom line of no systemic risks.
⁕ Strengthen the construction of cadres and talents, and enhance the purity, professionalism and combat effectiveness of the team.
Branding
From China Life Insurance to Ruizhong Life Insurance, although the handover has attracted much attention from the market, as a brand, it still has a long way to go to have a stronger influence and the highest reputation in the market. From the beginning of its establishment, Ruizhong Life has made great efforts in the brand.
From the point of view of the name, Ruizhong Life put forward the brand slogan "Ruize Life, Everyone Enjoys Beauty", and gave a beautiful meaning to this logo, including the beautiful expectation of "Ruize All Beings".
In order to realize the new brand communication of Ruizhong Life, each branch held a brand communication competition in the second half of last year. Among them, Zhejiang Branch took advantage of the "China Speed" to seize the opportunity of the Spring Festival transportation of 100 million people every year, and launched a high-speed rail title special train that lasted for three months, strongly demonstrating its brand strength; With the brand renewal and product launch of Ruizhong, the Beijing branch lights up the six major transportation hubs and four core business districts in Beijing, laying a good foundation for the new company to take root in Beijing and serve Beijing's new journey, and further enhance the brand recognition and reputation.
At the beginning of 2024, Ruizhong Life will focus on high-end intelligent manufacturing, participate in the investment of advanced manufacturing industrial park income fund, and serve the national strategy of manufacturing power. This can be regarded as an upgrade of brand communication.
On June 17 this year, Ruizhong Life Insurance also released the visual image and brand poster of the first year, which means "the first year of Ruizhong, a new beginning, but also pregnant with infinite possibilities and beauty", on June 18, it joined hands with Toutiao to open a new chapter of digital branding, and on June 19, the corporate image promotional video was unveiled.
On June 28, Ruizhong Life announced on the day of its "birthday" that in order to thank new and old customers for their long-term trust and support, and jointly celebrate the first birthday of Ruizhong, Ruizhong Life launched a three-month high-speed rail title special train brand activity, which will cover the two core lines of Beijing-Guangzhou Line and Beijing-Shanghai Line, covering Fuxing and Harmony EMU trains, which will be launched from June 28 to the end of the "Eleventh" Golden Week.
By the middle of the year, the half-year work meeting will be held soon. In the first half of the year, it is worth looking forward to the business performance of Ruizhong Life Insurance, and how the new "generals" who will take office will arrange their troops next.