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在线翻译:
szdaily -> Business
Insurance industry embraces new regulation
    2017-November-2  08:53    Shenzhen Daily

Zhang Yu

JeniZhang13@163.com

STARTING yesterday, insurance companies and intermediaries are required to record sales with audio and video and should archive electronic data when selling insurance products, according to a regulation released by China Insurance Regulatory Commission.

The move comes as a remedy to questionable practices that are all too common in the insurance industry, which are much criticized for being deceptive and misleading. By recording the audio and video of every transaction, sales behavior can be traced with precision, important information becomes open to query, and both sides of the deal can be kept accountable.

According to industry insiders, the implementation of the measure may mean increased costs for insurance companies in the short term, such as technical upgrading and brushing-up salesmen’s professionalism.

Internet insurance platform Huize.com agreed that there are some problems that still need to be tackled. For instance, a large number of recording data not only requires more storage space, but also multiple synchronized backups to ensure the stability of information. In addition, a safer protection network is indispensable in case of data leakage.

The Shenzhen-based company launched a similar service a year ago that enables customers to make inquiries via telephone recordings and online interactive recordings. To this end, a host of technical work was accomplished, ensuring consumer information security and accessibility to multiple accounts.

These measures against deceptive and misleading practices ensure that insurance companies and the insurance industry will sustain wholesome growth in the long run, stimulating the change towards more refined operation modes, Huize said. And in regards to the concerns of the insurance recipient, it serves as convincing evidence and support that consumers’ rights are safeguarded.

 

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