(Picture source: Visual China)
Blue Whale News, June 14th (Reporter Shiyu)- The Blue Whale News journalist learned that Wu Jianwei, former deputy head of China Zheshang Bank, is expected to be appointed as the vice president of Ping An Life Insurance, in charge of the banking and insurance business department, the relevant qualifications are subject to regulatory approval.
It is reported that Wu Jianwei, born in 1971, has more than 20 years of banking experience.
From July 1993 to September 2010, Wu Jianwei worked at the Agricultural Bank of China Zhejiang Branch, where he served as Deputy Chief of the Application Development I Department of the Information Technology Department, Assistant to the Directors of the Information Technology and Data Operations Center, and General Manager of the Electronic Banking Department. Later he transferred to serve as Party Secretary and President of the Agricultural Bank of China Wenzhou Branch. From September 2013 to March 2015, he served as a party committee member and assistant to the president of the Agricultural Bank of China Inner Mongolia branch. From March 2015 to April 2016, he served as the assistant to the president of China Zheshang Bank. From April 2016 onwards, he served as deputy head of China Zheshang Bank, a member of the party committee, and concurrently as party secretary and president of the Shanghai branch of China Zheshang Bank.
In February 2022, China Zheshang Bank announced that the company's board of directors recently received the resignation report of Mr. Wu Jianwei. Due to personal reasons, Mr. Wu has resigned from his position as deputy head of the company. After his resignation, Mr. Wu Jianwei will no longer hold any position in the company, and the resignation has taken effect. After a two-year hiatus, Wu Jianwei has moved to Ping An Life Insurance, where he is expected to be appointed as vice president, in charge of the banking and insurance business department.
In the industry's view, Wu Jianwei's rich experience in the banking industry will provide assistance for the execution of Ping An Life Insurance's banking and insurance strategy and business expansion.
In recent years, against the backdrop of the transformation of the individual insurance channel, the life insurance industry has actively exerted force on the bank-insurance channel. In the 2023 annual report, Ping An Life Insurance proposed to actively respond to the changing operating environment throughout the year, implement the value transformation strategy, focus on improving quality and efficiency. Under comparable caliber, the new business value of the bank-insurance channel in 2023 increased by 77.7%, achieving high-quality and leapfrog growth, with a significant contribution from the channel.
On the strategic front, on the one hand, Ping An Life Insurance and Ping An Bank continue to deepen the exclusive agency model, assisting banks to improve their insurance sales capabilities and customer service levels, and creating new value contributions. On the other hand, Ping An Life Insurance is selectively expanding external bank cooperation channels and the number of branches, strengthening standardized branch operations, and improving the professional capabilities of the team, with per capita productivity of the bank-insurance team climbing.
It is worth mentioning that in May, the China Banking and Insurance Regulatory Commission issued the “Circular on Matters Concerning Commercial Banks Acting as Agents for Insurance Business,” which stated that the limit on the number of bank branches cooperating with insurance companies will be removed. Previously, channel cooperation had to be carried out based on the rule that “each bank branch can only cooperate with up to three insurance companies in the same fiscal year.”.
According to industry analysis, this will be conducive to increasing the sales network of insurance institutions and will be beneficial from the perspectives of education and sales.
Some industry insiders also analyzed that with the lifting of restrictions, competition in the channels of insurance institutions will intensify, and leading insurers relying on rich resources and value-added services will have a competitive advantage and benefit from this adjustment.
Against this backdrop, Wu Jianwei, with his rich banking experience and resources, will continue to be worth paying attention to whether he can drive the deepening of Ping An Life Insurance's banking and insurance strategy.