As China's economy and society shift to a stage of high-quality development and the insurance industry enters a deep transformation period, innovation plays a more prominent role in promoting the transformation of insurance companies and serving the economy and society.

From serious illness insurance to long-term care insurance, the social security "sixth insurance" that benefits more than 100 million elderly people, to the popular "urban customized commercial medical insurance" - Huimin Insurance; From price index insurance to new energy vehicle insurance, and then to the return freight insurance, broken screen insurance and other characteristic insurance in line with the development trend of e-commerce, continuous innovation has promoted the continuous enrichment of the insurance product market, and also actively assisted the further improvement and improvement of the social multi-level security system and social risk management model.

In March this year, the China Banking and Insurance Regulatory Commission and the People's Bank of China jointly issued the Notice on Strengthening financial services for new citizens, requiring insurance product innovation in industries where new citizens are more concentrated, strengthening the connection with industrial injury insurance policies, developing employer liability insurance, accident insurance and other businesses suitable for the occupational characteristics of new citizens, and improving the level of employment insurance protection for new citizens.

Taking Huimin Insurance as an example, at present, many new citizens have been included in the scope of Huimin insurance services. According to incomplete statistics, as of the end of September this year, there have been 17 Huimin insurance projects to support new citizens to participate in insurance, and the initial estimate is that the number of new citizens to participate in insurance exceeds 30 million.

Product innovations targeting the pain points of market demand are also emerging in endlessly. For example, in July this year, the country's first inclusive cybersecurity insurance product was launched. Recently, there are also companies to launch lung cancer medical insurance, through the insured lung nodule population can also be insured.

It should be noted that the essence of insurance products is a professional financial product, and its innovation should not only focus on flow, but also adhere to the "bottom line thinking" of risk management, respect the law of risk management, and prevent misleading sales.

Once popular isolation insurance eventually caused a large number of consumer complaints due to the difficulty of settling claims, which is a typical case of out-of-control risk control of innovative products. According to the insurance consumer complaints in the second quarter of 2022 recently released by the China Banking and Insurance Regulatory Commission, among the complaints involving property insurance companies, 2,434 were related to property insurance and other insurance disputes, accounting for 24.22%.

Recently, the property and Insurance Department of the China Banking and Insurance Regulatory Commission issued the Notice on Further Strengthening and Improving Compliance Management, one of the important points is to strengthen the protection of consumer rights and interests. The notice requires companies to strengthen the evaluation and compliance review of stakeholder insurance products, strengthen the disclosure of key information, and prevent the legitimate rights and interests of consumers from being harmed in the name of financial innovation.

Under the current new development pattern, the insurance industry is in a critical period of transformation from the old model to the new model. Enhancing innovation ability and enriching the supply of insurance products is not only an inevitable requirement for the development of the industry to a new stage, but also the need to serve the national strategy and the people's livelihood. Only by returning to the source, respecting the law, building a professional system, improving professional skills, and consolidating service capabilities can we truly innovate "longevity products" with lasting vitality.