Steady Growth and Enhanced Value: Sunshine Insurance's 'New Sunshine Strategy' Sets Sail
[24/03/28]
HONG KONG, Mar 28, 2024 - (ACN 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 transformationIn 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 DevelopmentWith “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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Copyright 2024 JCN Newswire. All rights reserved. www.jcnnewswire.com