保险行业：推动代理人体系改革，夯实险企基本盘

Investment Rating - The industry investment rating is "Positive" [2][6]. Core Viewpoints - The report emphasizes the need for reform in the personal insurance marketing system to enhance the quality and stability of the insurance agent workforce, which has been significantly affected by the pandemic and economic downturn [3][5]. - The reform aims to improve the professionalization of insurance sales personnel, establish a supportive organizational structure, and create a balanced incentive distribution mechanism [4][5]. - The report suggests that stabilizing the insurance agent workforce is crucial for accelerating and stabilizing premium growth, despite current economic challenges [5][6]. Summary by Sections Industry Overview - The insurance industry has faced instability in its agent workforce due to rapid expansion before the pandemic and subsequent contraction during it, leading to a decline in agent loyalty and an increase in turnover [5]. - The reform is expected to address these issues by enhancing the agent ecosystem and improving the overall management of insurance companies [5]. Regulatory Changes - The recent notification from the financial regulatory authority includes three main aspects: deepening the reform of the personal marketing system, strengthening management and supervision, and solidifying the industry's development foundation [4]. - The report highlights the importance of compliance education and the establishment of a credit information management system for insurance sales personnel [4]. Market Dynamics - The report notes that the insurance industry's "Matthew Effect" is intensifying, with leading firms having a superior agent structure and quality compared to the overall industry [6]. - The development of insurance ETFs is also highlighted as a potential area of investment interest due to the growing demand for differentiated investment products [6].