Author: Yang Tan
Source: Unicorn Finance
Recently, Tencent Weibao received public attention for its "violating marketing fine of 120,000", which triggered discussions on Internet insurance sales.
In response to this, Tencent Weibao responded on August 18. Tencent Weibao established a special working group, which was adjusted in November 2019, and all such publicity phrases were offline, and related issues were rectified one by one. Implement to people, improve system and process, etc.
According to public information, Weibao is an insurance agency platform under Tencent. As of April 30, 2020, the cumulative number of users of Weibao has reached 170 million, and the cumulative amount of compensation has reached 1.126 billion yuan.
1
Violated marketing, fined 120,000 yuan
According to the administrative penalty information released by the China Banking and Insurance Regulatory Commission on August 17, Weibao did not guide the marketing of “only XXXX copies” by replacing “insurance” with “receive” on the “Weibao Hospitalization” insurance application page on the mobile webpage. The customer truthfully informed him that he was fined 120,000 yuan by the Shenzhen Supervision Bureau. Two of the relevant persons in charge were warned and a total of 40,000 yuan was fined.
Weinsurance told Blue Whale Insurance that the fact of this punishment occurred during the routine supervision inspection in November 2019 , because from July to November 2019, there was a word "receive" on the insurance page of some "Wei medical insurance hospitalization". "To replace "insurance" and other related issues.
Ouyang Rihui, deputy dean of the China Internet Economic Research Institute of Central University of Finance and Economics, told Unicorn Finance (WeChat public account: Uni-fin) that Internet insurance is still in its infancy, and the platform is still mainly for online insurance products. Industry issues, which are similar to false behaviors in the early days of e-commerce.
In addition, Unicorn Finance (WeChat public account: Uni-fin) also found that many users responded to similar problems in the complaints of black cats.
According to the nearly 30 complaints from Weibao, the most prominent problems of users’ responses are misleading customers and false propaganda. For example, some users said that they bought insurance with a discount of one dollar in the first month, but they were automatically deducted at 193 yuan in the second month. There was no connection with the account manager, and they did not receive the exact amount reminder before the renewal. The user requested Weibao to refund the full amount and stated that Weibao would treat every customer reasonably.
In this regard, Weibao said that after verification, the policy has completed the related processing of refunds and surrenders. At the same time, Weibao said that when users apply for insurance, there will be a reminder at the bottom of the insurance interface that the price of the first month and the next month are different. It is recommended that users check the premium price corresponding to their age group before applying for insurance.
Source: Black Cat Complaint
2
Accumulatively used by 170 million people, industry complaints frequently
According to Tianyan Check, Weibao is called Weimin Insurance Agency Co., Ltd., which was established in October 2016 with a registered capital of 350 million yuan. The main business is agency sales of insurance products and agency collection of insurance premiums.
Weibao is wholly-owned by Shenzhen Tengfubo Investment Co., Ltd., which is controlled by Beijing Yima Shentong Information Technology Co., Ltd., a wholly-owned subsidiary of Shenzhen Tencent Computer System Co., Ltd., with a shareholding ratio of 57.8%. In other words, Tencent uses Beijing Yima Shentong Information and Shenzhen Tengfubo to control Weibao.
Source: Sky Eye Check
In this way, Weibao relies on WeChat's 1.1 billion users to develop into a representative of the Internet insurance giant in less than four years. According to the data on the official website of Weibao, as of April 30, 2020, the cumulative number of users of Weimin Insurance reached 170 million, and the cumulative amount of compensation reached 1.126 billion yuan.
However, there are also many problems in the entire Internet insurance industry.
According to data from the China Banking and Insurance Regulatory Commission, 19,900 Internet insurance consumer complaints were received in 2019, an increase of 89% year-on-year, which is 7 times the number of complaints in 2016 . Among them, problems such as misleading sales and forced tying in disguise are prominent, which seriously affect consumers' sense of acquisition.
According to the "Economic Observer" report, when the China Banking and Insurance Regulatory Commission announced the Internet insurance complaints in 2017, it was emphasized that the proportion of complaints from non-insurance companies' self-operated Internet sales platforms reached nearly 90%, among which large Internet insurance sales platforms such as WeChat and Alipay Complaints are more prominent.
3
Internet insurance sales urgently need strong supervision
Unicorn Finance (WeChat public account: Uni-fin) found that in the current Internet insurance sales behavior, it is common for third-party sales platforms to mislead and conceal policyholders using mobile phone pages. The financial regulatory authorities have also increased their supervision to protect the interests of policyholders.
According to the "Notice on Regulating the Retrospective Management of Internet Insurance Sales" (hereinafter referred to as the "Notice") issued by the China Banking and Insurance Regulatory Commission in June, the regulatory authorities have standardized and strengthened the retrospective management of Internet insurance sales to ensure consumers' right to know and autonomy. Basic rights such as the right to choose and fair transaction to promote the healthy development of Internet insurance business.
At the same time, the "Notice" also clearly pointed out that insurance institutions should implement Internet insurance sales by setting up sales pages on self-operated online platforms, and must not set up sales pages on non-self-operated online platforms. Insurance institutions can set up an insurance application link on the non-self-operated online platform, and the policyholder can click on the link to enter the sales page of the self-operated online platform. Non-insurance institutions’ self-operated online platforms shall not set up insurance product sales pages.
Source: China Banking Regulatory Commission official website
In addition, the supervision also requires that from October 1, 2020, insurance institutions that still cannot meet the requirements of the above notice will be stopped from conducting related Internet insurance sales.
Ouyang Rihui told Uni-fin Finance (WeChat public number: Uni-fin) that now, there is less than one and a half months before the notice implementation date. All departments should jointly govern and all insurance platforms should conduct self-inspection and strengthen self-control as soon as possible. , And carry out rectification work to protect the rights and interests of consumers.
So, what do you think about Tencent Weibao being fined and the Internet insurance industry facing strong supervision? Please discuss your ideas in the comment area.