Steady Growth and Enhanced Value: Sunshine Insurance's 'New Sunshine Strategy' Sets Sail
March 28 2024 - 12:33AM
JCN Newswire
In recent years, the insurance industry has embarked on a new
cycle of high-quality development and transformation. Standing out
as a private insurance service group founded and grown solely
through market mechanisms, and the only listed traditional
insurance enterprise among the 205 insurance companies established
in mainland China in this century, Sunshine Insurance (06963.HK)
demonstrates exceptional foresight, precision in decision-making,
high degree of strategic determination and robust execution
capabilities on the journey towards high-quality development.
Consequently, it has emerged as a pioneer and representative force
of innovation within the financial industry.
Based on scientifically analyzing the macroeconomic situation and
market industry trends, and deeply summarizing its development
experience over the past nineteen years, Sunshine Insurance
proposed the "New Sunshine Strategy" with "Sunshine of Technology,"
"Sunshine of Value," and "Sunshine of Caring" as its three core
components on the first anniversary of its listing on May 19th,
2023. With a clear blueprint and solid implementation, the Company
has gradually transformed and achieved significant success. As of
December 31, 2023, the Company has been ranked among the top 500
Chinese enterprises by the China Enterprise Confederation for 13
consecutive years and has been entitled as one of the "Top 500
Valuable Brands in China" by the World Brand Lab for 12 consecutive
years. It is worth noting that recently, the globally renowned
brand valuation consultancy, Brand Finance, released the Insurance
100 2024. Sunshine Insurance, which has just been listed for over a
year, made it onto the list, becoming the seventh insurance
enterprise in mainland China to be listed. With vibrant vitality
and profound value, it has won brand recognition.
Building "Sunshine of Technology" with Data Intelligence and
continuing to deepen transformation
In 2023, Sunshine Insurance seized the opportunity brought by the
rapid development of digital productivity and focused on "Sunshine
of Technology". With mechanism innovation as a breakthrough, it
constructed a dual-drive technological innovation system for
internal independent innovation and external collaborative
innovation, and continued to deepen digital transformation, driving
the Company's high-quality development through digital and
intelligent transformation.
Sunshine Insurance has fully grasped the trend of AI innovation and
development, and listed self-developed AI large models as a
strategic project of the Company. It has taken the lead in the
R&D of the Sunshine Zhengyan GPT large model with independent
intellectual property rights, which has already been applied in the
fields of customer service, sales support, and intelligent claims,
and so on. Sunshine Insurance has also taken the lead in publishing
the first white paper on large models in the financial industry in
China, titled "Large-Model Technology Deeply Empowers the Insurance
Industry".
Sunshine Insurance's subsidiary, Sunshine Life, has been focusing
on deepening the application of intelligent technologies to enhance
core capabilities such as customer service, sales support, and risk
management. For example, the sales robot has initially achieved the
output of the four capabilities in "introducing products, providing
advice, answering questions, and impressing customers", providing
strong support for the intelligent upgrade of frontline business
scenarios. Customer service has been continued to expand the
application channels and scenarios for service robots, with the
help of Consonance Experience Plan to promptly respond to customer
needs, which achieved seamless connection between business
consultation and handling, significantly improved service
efficiency and customer satisfaction, and continued to optimize the
one-off completion rate of customer service.
Sunshine Insurance's subsidiary, Sunshine P&C, has been
focusing on deepening the application of intelligent technologies
and strengthening IT infrastructure construction to continuously
improve customer experience and operational efficiency. The upgrade
of customer service includes the development of a lightweight
service platform, the "Sunshine Auto Life" mini-program, targeting
individual customers. It also included the establishment of a
lightweight corporate customer service platform, the "Sunshine
Partner" mini-program, integrating "disaster warning, online
services, and risk control safety." Continual optimization of
platforms such as the "Sunshine Auto Life" APP and Sunshine
P&C's WeChat official account enhanced functionality to provide
customers with more convenient online one-stop services. Management
empowerment has been focusing on the core capabilities of
Sunshine's automobile insurance. This included deepening the
construction and application of the "Intelligent Automobile
Insurance Life Table", creating the "Claims Digital Intelligence
Platform" and "Claims Risk Control Platform," and upgrading the
"Digital Intelligence Operation Platform".
Building "Sunshine of Value" with Model Innovation and Promoting
Sustainable Value Development
With "Valuable Sunshine" as the core, in 2023 Sunshine Life
promoted the project themed "One Body, Two Wings, continuously
optimized business structure and enhanced business quality. Through
initiatives such as product and service system development,
strategic channel layout and team capability enhancement, core
capabilities in customer operation and value development were
further strengthened, with the path to the differentiation of "One
Body" and value application of "Two Wings" growing increasingly
clear. The annual FYRPs from individual insurance channels were
RMB4.30 billion, a year-on-year increase of 46.5%; FYRPs from
worksite marketing achieved an increase of over 100%; indicators
such as team education level, active manpower, the value ratio of
products, the persistency ratio at the 13-month and salesperson's
income all showed all-round improvement.
Sunshine P&C, with "intelligent life table of automobile
insurance", "data life table of non-automobile insurance" and "life
table of credit insurance" as the fundamental strategies, aimed to
truly position automobile insurance as the foundation for stable
profitability in property and casualty insurance, while achieving
balanced development in non-automobile businesses. In 2023, the
life table for automobile insurance project met the "last mile"
target and achieved industry-leading risk pricing capabilities with
intelligent risk cost control and optimal resources allocation,
providing technological model support for Sunshine P&C to build
automobile insurance into a stable profit source. The data life
table of non-automobile insurance and life table of credit
insurance also made substantive progress and gradually entered into
operations.
Creating "Sunshine of Caring" with A Goodness Culture of "Love and
Responsibility" and Do A Good Job in Customer Operation.
The introduction of "Sunshine of Caring" is a strategic move by
Sunshine Insurance to realize its original goal of "Finance for the
People". In 2023, Sunshine Insurance continued to build a
customer-driven development model and orderly promoted the "Matrix
Plan" and "Partnership Action", gradually promoting the
customer-oriented action and taking customer operation to a new
level. By the end of 2023, the number of active customers reached
approximately 31.54 million.
In terms of specific strategies, Sunshine Life has further promoted
the "Matrix Plan" by conducting in-depth customer surveys and
focusing on the full life cycle of customers and their families,
and has successfully launched the product allocation concept and
insurance policy system of "Three insurance policies for your
lifetime of safety and security, Five insurance policies for the
whole family, and Seven insurance policies of Sunshine Insurance
bring you a promising future" ("Three/Five/Seven"). For customers,
the launch of "Three/Five/Seven" allowed customers to have a clear
picture of their family's insurance planning and configuration,
which did not cost customers a penny more, and allowed customers to
maximize the effect of every premium paid. This made Sunshine
Insurance one of the few companies in the industry that explained
the protection needs of customers to the society in a clear and
easy-to-understand manner from the perspective of the whole
customer.
Meanwhile, Sunshine P&C, centered on the "Partnership Action"
business model and with an aim of creating a trustworthy enterprise
risk management partner, has successfully created exclusive risk
management solutions for a number of fields through the form of
"insurance + service + technology". In 2023, it provided technology
disaster mitigation and professional risk consulting services to
14,000 corporate clients.
In addition, in terms of customer service, adhering to the
principles of "Three Cares" (loving, attentiveness and
thoughtfulness) and "Four Features" (value, characteristics,
practicality and usability), Sunshine Insurance constantly
strengthened the operational efficiency of basic insurance
services, the ability to provide value-added services to customers,
and the ability to engage directly with them.
Embracing its "New Sunshine Strategy," Sunshine Insurance has
tirelessly worked, day and night, to forge a new path. This
comprehensive strategy has now borne fruit, with "Technology
Sunshine," "Value Sunshine," and "Compassionate Sunshine"
synergistically enhancing each other, creating a balanced and
forward-moving force, Mr Zhang Weigong, Chairman of Sunshine
Insurance, pointed out in the press conference that Sunshine
Insurance has never forgotten its original intention and remained
committed to itself during different stages of industry
transformation. In particular, in the midst of blindly aggressive
expansion, the Company has maintained a high degree of certainty
and kept a clear head to maintain its steady and sustainable
development. A sound path that is sustainable and stable
development was thus paved along the way.
The steady growth in performance, continuous enhancement of value
creation ability, and solid implementation of customer management
in 2023 are the best proof of the Company's adherence to strategic
consistency, robust corporate governance, and rigorous risk
control. With the further advancing of the New Sunshine Strategy,
this insurance company, which is about to celebrate its 20th
anniversary, is bound to embrace fruitful results in time.
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