【观点】中保登袁平海：保险资管如何念好数字金融“统、通、同”三字诀

近日，中保登总经理袁平海出席了中国财富管理50人论坛2023年会（第十届）并在“数字金融：数字化转型提升金融服务质效”主题论坛上发表演讲。

袁平海表示，保险资管公司一方面要履行好职责使命，既要解决“想不想”的态度问题，更要解决“行不行”的能力问题；另一方面要实现高质量发展，既要说好保险的“特色话”，更要说好资管的“普通话”。保险资管业数字化转型面临需求侧的降本增效压力和服务改进要求，以及供给侧的人才短缺现状和同业竞赛态势等四重压力。金融基础设施在数字金融建设中具有三重功能：一是风险导向的“统”，即数据标准的统筹制定；二是发展导向的“通”，即数据要素的兼容互通；三是服务导向的“同”，即数据体验的实质趋同。

近年来，保险资管业在实现较快稳健发展的进程中，积极投身数字化转型浪潮。近期，中保登立足金融基础设施功能定位，组织保险资管业数字化转型指数研究，并会同中国信通院开展金融科技案例征集。藉此机会，我就保险资管如何念好数字金融“统、通、同”三字诀，提升金融服务质效，谈几点体会。

一、关于保险资管业发展现状的两点认识

第一点认识，保险资管公司要履行好职责使命，既要解决“想不想”的态度问题，更要解决“行不行”的能力问题。过去二十年，保险资管业坚持服务大局这个根本宗旨，深化改革这个第一要务，防范风险这个永恒主题，锚定“实体经济、国家战略、民生建设”三大服务方向，我们化潜力为实力，保险资管业的管理资产规模达到29万亿元，在中国十大资管机构中占据前三席；我们变应然为实然，淬炼了“管理长期资金、配置长期资产、创设长期产品”三种核心能力；我们聚口碑为丰碑，保险资管公司成为资本市场最重要的机构投资者，国内养老金投资管理市场的核心参与者。

第二点认识，保险资管公司要实现高质量发展，既要说好保险的“特色话”，更要说好资管的“普通话”。应当看到，在大资管竞合发展和统一监管的当下，保险资管的资管共性在凸显，保险个性在淡化。首先表现为机构运营的独立性，去年修订的《保险资产管理公司管理规定》，将保险业的持股下限调低至51%，意味着非保险股东在重大事项可以行使否决权，进一步从制度上强调了保险资管公司的法人独立性。其次表现为资金来源的多样性，保险资管公司受托管理的非保险资金比重不断增加，目前已稳定得超过20%。同时表现为监管规则的一致性，金融监管总局不断强化功能监管，坚持“同一业务、同一标准”原则，对三类资管机构业务规则的一致性评估已经启动。

二、关于保险资管业数字化转型的四重挑战

第一重挑战，是需求侧的降本增效压力。资产管理是典型的数据和技术密集型行业，随着管理规模和服务客户的不断拓展，在投资研究、产品设计、销售服务等多方面，迫切需要运用新质生产力，实现降本增效。

第二重挑战，是需求侧的服务改进要求。保险资管产品的投资人日益多元化，从原先以保险机构为主，逐步扩展到各类型金融机构，以及中小微企业，并且开展了自然人合格投资者销售试点。这些客户的交易需求更为复杂，更加注重服务体验，需要通过数字赋能赋智，提升客户获得感和满意度。 CXO UNION-CXO联盟（cxounion.cn）

第三重挑战，是供给侧的人才短缺现状。保险资管业长期以来偏重信息外部采购模式，自身培养研发人员机制不健全，兼跨金融、科技、数据等领域的复合型人才储备严重不足，能够统筹整个研发系统的领军人才更加稀缺。

第四重挑战，是供给侧的同业竞赛态势。“资管新规”实施以来，大资管行业的跨领域获客展业成为常态，数字化转型升级成为重点。调研数据显示，保险资管公司数字化转型指数为0.12，低于保险公司的0.19；保险资管公司和信托公司的数字化水平总体相当，但相较于证券行业存在较大差距。

三、关于金融基础设施在数字金融建设中的三重功能

第一重功能就是风险导向的“统”，即数据标准的统筹制定。中保登以防控金融风险为基，按照监管部门工作安排，负责研制保险集团公司、保险资产管理公司的监管数据标准化规范，以数据标准化带动业务的透明化及规范化；同时，建成保险资产管理类产品的场内集中运营机制，实现产品信息流、业务流、资金流“三流合一”的全要素风险监测。

第二重功能就是发展导向的“通”，即数据要素的兼容互通。中保登以深化行业改革为要，秉承数据“融合、协同、复用”理念，积极对接金融基础设施、行业自律组织，推动数据要素的兼容互通。同时，坚持数据“可用不可见”原则，研发推出新金融工具会计准则的一揽子解决方案，产品估值规模超过2万亿元，广泛应用于银行保险机构的交易定价、产品开发、会计核算、绩效考核等场景。

第三重功能就是服务导向的“同”，即数据体验的实质趋同。中保登以服务实体经济为本，搭建了“保实通”暨投融资综合服务系统，通过资金方、资产方的双向精准画像来“净空气”，通过广聚地方政府、龙头企业来“增人气”，通过保险资管、商业银行、证券公司等多层次朋友圈来“聚财气”，推动投融资各相关方数据体验的实质趋同，更加精准快捷引导资金对接实体经济的重点领域，目前该系统已入库项目总投资超9000亿元，实现签约700亿元。

“浪奔潮涌，奋楫者先”。下一阶段，中保登将坚持科技立司、数据为要，以新一代金融交易所能力建设为主线，遵循“大局所向、银保所需、保登所能”基本逻辑，进一步发挥“风险监测平台、资产交易平台、行业自律平台”功能作用，与各方携手并进，共同书写数字金融大文章。 CXO UNION-CXO联盟（cxounion.cn）

翻译：

Zhongbao Deng Yuan Pinghai: How to read digital finance “unified, pass, with” three words

Recently, Yuan Pinghai, General manager of Zhongbaodeng, attended the China Wealth Management 50 Forum 2023 Annual Meeting (10th session) and delivered a speech at the theme forum “Digital Finance: Digital Transformation Improves the Quality and Efficiency of Financial Services”.

Yuan Pinghai said that on the one hand, insurance asset management companies should perform their duties and missions well, not only to solve the problem of “want to” attitude, but also to solve the problem of “can’t do” ability; On the other hand, to achieve high-quality development, we must not only speak the “characteristic words” of insurance, but also speak the “Mandarin” of capital management. The digital transformation of the insurance asset management industry is faced with four pressures on the demand side, such as cost reduction and efficiency improvement pressure and service improvement requirements, as well as the shortage of talents on the supply side and the competition situation of the industry. Financial infrastructure has three functions in the construction of digital finance: first, risk-oriented “unity”, that is, the overall formulation of data standards; The second is development-oriented “communication”, that is, the compatibility and interoperability of data elements; The third is service-oriented “same”, that is, the substantive convergence of data experience.

In recent years, the insurance asset management industry has actively participated in the wave of digital transformation in the process of realizing rapid and steady development. Recently, based on the functional positioning of financial infrastructure, Zhongbao Deng organized the digital transformation index research of the insurance asset management industry, and jointly launched the fintech case collection with the China Academy of Information and Communications Technology. I would like to take this opportunity to talk about how insurance asset management can learn the three words of “unified, common and common” in digital finance to enhance the quality and efficiency of financial services.

First, two points of understanding about the development status of the insurance asset management industry

The first point is to understand that insurance asset management companies should perform their duties and missions well, not only to solve the problem of “want to” attitude, but also to solve the problem of “can’t do” ability. Over the past two decades, the insurance asset management industry has adhered to the fundamental purpose of serving the overall situation, the first priority of deepening reform, the eternal theme of risk prevention, and anchored the three service directions of “real economy, national strategy, and people’s livelihood construction”. We have turned potential into strength. The assets under management of the insurance asset management industry has reached 29 trillion yuan, occupying the top three positions among the top ten asset management institutions in China. We have changed what we should be and honed the three core competencies of “managing long-term funds, allocating long-term assets and creating long-term products”. We gather reputation as a monument, the insurance asset management company has become the most important institutional investor in the capital market, and the core participant in the domestic pension investment management market. CXO UNION-CXO联盟（cxounion.cn）

The second point of understanding is that in order to achieve high-quality development, insurance asset management companies must not only speak the “characteristic words” of insurance, but also speak the “Mandarin” of asset management. It should be seen that in the current situation of competitive development and unified supervision of large asset management, the commonality of insurance asset management is highlighted, and the individuality of insurance is diluted. The first is the independence of institutional operation. The revised Regulations on the Management of Insurance Asset Management Companies last year lowered the minimum shareholding limit of the insurance industry to 51%, which means that non-insurance shareholders can exercise veto power on major matters, further emphasizing the legal independence of insurance asset management companies from the system. The second manifestation is the diversity of capital sources, the proportion of non-insurance funds entrusted to the management of insurance asset management companies has been increasing, and has been stable at more than 20%. At the same time, it is reflected in the consistency of regulatory rules, the Financial Supervision Administration continues to strengthen functional supervision, adhere to the principle of “the same business, the same standard”, and the consistency evaluation of the business rules of three types of asset management institutions has been launched.

Second,fourfold challenges for the digital transformation of the insurance asset management industry

The first challenge is the pressure on the demand side to reduce costs and increase efficiency. Asset management is a typical data and technology-intensive industry. With the continuous expansion of management scale and customer service, it is urgent to use new quality productivity in investment research, product design, sales service and other aspects to achieve cost reduction and efficiency increase.

The second challenge is demand-side service improvement requirements. The investors of insurance asset management products are increasingly diversified, from the original insurance institutions, gradually expanded to various types of financial institutions, as well as small, medium and micro enterprises, and carried out the pilot sale of natural qualified investors. These clients’ transactional needs are more complex, more service-focused and need to be digitally empowered and empowered to enhance customer acquisition and satisfaction.

The third challenge is the shortage of talent on the supply side. The insurance asset management industry has long emphasized the external procurement mode of information, and its own training mechanism for R & D personnel is not perfect, and there is a serious shortage of interdisciplinary talent reserves across finance, science and technology, data and other fields, and leading talents who can coordinate the entire R & D system are more scarce. CXO UNION-CXO联盟（cxounion.cn）

The fourth challenge is the competition on the supply side. Since the implementation of the “New Regulations on Asset Management”, the cross-field customer exhibition industry of the large asset management industry has become the norm, and digital transformation and upgrading have become the focus. According to the survey data, the digital transformation index of insurance asset management companies was 0.12, lower than the 0.19 of insurance companies; The digitalization level of insurance asset management companies and trust companies is generally similar, but there is a big gap compared with the securities industry.

Third, the triple functions of financial infrastructure in digital financial construction

The first function is risk-oriented “unification”, that is, the overall development of data standards. Based on the prevention and control of financial risks, Zhongbao Deng is responsible for the development of regulatory data standardization standards for insurance group companies and insurance asset management companies according to the work arrangements of the regulatory authorities, and drives the transparency and standardization of business with data standardization. At the same time, the centralized operation mechanism of insurance asset management products on the floor has been established to realize the all-factor risk monitoring of product information flow, business flow and capital flow.

The second function is development-oriented “communication”, that is, the compatibility and interoperability of data elements. To deepen the reform of the industry, Zhongbao Deng adheres to the concept of “integration, collaboration and reuse” of data, actively connects with financial infrastructure and industry self-regulatory organizations, and promotes the compatibility and interoperability of data elements. At the same time, adhering to the principle of “available invisible data”, we have developed and launched a package solution of accounting standards for new financial instruments, with a product valuation scale of more than 2 trillion yuan, which is widely used in transaction pricing, product development, accounting, performance appraisal and other scenarios of banking and insurance institutions. CXO UNION-CXO联盟（cxounion.cn）

The third feature is service-oriented “homogeneity”, that is, the substantive convergence of the data experience. Based on the service of the real economy, Zhongbao has built a comprehensive service system of “Baoshi Tong” and investment and financing, “clean air” through the two-way accurate portrait of the capital side and the asset side, “increase popularity” through the gathering of local governments and leading enterprises, and “gather wealth gas” through multi-level friend circles such as insurance asset management, commercial banks and securities companies. To promote the substantial convergence of the data experience of all relevant parties in investment and financing, and more accurately and quickly guide funds to connect with key areas of the real economy, the total investment of the system has exceeded 900 billion yuan, and the signing of 70 billion yuan has been achieved.

“When the waves rush, those who row the boat first.” In the next stage, Zhongbao Teng will adhere to science and technology

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国财富管理50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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