How to write the "Five Major Articles" into the insurance industry's "New Genetic Map"?

Introduction: In recent years, bank-affiliated insurers have taken technology finance as their core driver, exploring a complete value chain that spans corporate risk protection, talent stability mechanisms, industrial investment support, and digital service systems.

At a critical juncture of industry transformation, bank-affiliated insurers, with their multi-dimensional integration capabilities, have provided a practical anchor for exploring high-quality development paths.

As the life insurance industry undergoes restructuring under the "reporting and execution integration" policy, faces transformation pressures from lower guaranteed rates, and shifts market competition from "product pricing" to "service capabilities," the traditional development model reliant on scale expansion and channel-driven growth has become unsustainable. Against this backdrop, market players that combine "scenario-based service innovation," "responsiveness to public needs," and "implementation of national strategies" with resource integration capabilities and innovative vitality are more likely to stand out competitively.

Since the Central Financial Work Conference, the functional boundaries of the financial industry have continued to expand. The "Five Key Themes"—technology finance, green finance, inclusive finance, pension finance, and digital finance—have become the strategic framework for the insurance industry to understand its positioning and reshape its operational logic.

In the new cycle, the three fundamental functions of risk protection, long-term capital supply, and public services have been simultaneously strengthened, while the proactive role of insurance institutions in economic restructuring has been further highlighted.

From capital scale and duration structure to risk tolerance, the unique attributes of insurance funds enable them to penetrate key segments of industrial chains, providing full-cycle support for technological innovation, green transition, urban-rural coordination, aging population response, and digital development.

In this system, technology finance occupies the core driving position.

On one hand, the cultivation of new productive forces relies on sustained investment by tech firms in long-term, complex, and highly uncertain environments, which dictates that capital supply must possess "patient attributes." On the other hand, tech firms have extremely high demands for talent, R&D, supply chains, and ecosystems, raising the bar for the granularity and scenario adaptability of financial services.

For the insurance industry, this presents both a challenge to break through traditional business boundaries and a crucial opportunity to rebuild core capabilities.

Bank-affiliated insurers, represented by CCB Life, have demonstrated differentiated competitive advantages during this deepening phase of financial industry transformation centered on the "Five Key Themes."

Their institutional strengths are not merely about group synergy but involve deep integration of risk management models, long-term capital operation capabilities, and digital infrastructure. They bring mature industrial insights, diverse customer structures, and risk control experience from the banking system into the insurance sector, forming comprehensive service capabilities for tech firms through resource reallocation.

Under the grand framework of the "Five Key Themes," CCB Life has, through practical exploration, built a complete value chain spanning corporate risk protection, talent stability mechanisms, industrial investment support, and digital service systems.

01 Protecting the "Moat" of Innovation Talent

China's economy is undergoing profound structural adjustments.

Traditional manufacturing is accelerating its shift toward smart and green transformation, with industrial chains continuously reorganizing. The characteristics of long R&D cycles, high uncertainty, and asset-light structures have led tech firms to exhibit risk exposure profiles starkly different from traditional industries.

For a considerable period, tech firms, due to their high talent density, low fixed-asset ratios, and volatile cash flows, have often faced challenges like financing difficulties and high costs in the financial system.

Bank credit, constrained by risk preferences, capital requirements, and risk control mechanisms, struggles to fully meet the early- and mid-stage development needs of tech firms. Equity financing in capital markets, affected by cyclical fluctuations and exit mechanisms, finds it hard to provide stable long-term capital.

Against this structural backdrop, the value of insurance funds and insurance protection mechanisms is being reevaluated.

Take insurance funds, for example. They inherently feature long durations, large scales, and strong flexibility, making them well-suited for investment in new productive forces with long R&D cycles, unique asset structures, and rapid technological iterations.

From a risk protection perspective, tech firms heavily rely on the stability of core talent. This is reflected not only in compensation structure but also in coverage capabilities for health, accident, long-term security, and non-standard risks—directly addressing the key proposition of technology finance: how to enhance corporate innovation resilience through financial services and long-term capital supply.

In regions like Dongguan, where tech firms are highly concentrated, CCB Life has pioneered an innovative service model with structural significance.

As a key hub for new productive forces in the Greater Bay Area, Dongguan has seen rising agglomeration in high-end manufacturing, semiconductors, and new materials, leading to fierce talent competition.

A manager at a local core tech firm admitted that external competition ultimately boils down to talent competition. Firms that can offer stable coverage for employees—spanning illness, accidents, and long-term health management—are more likely to attract top talent.

In practice, CCB Life customized a protection system for this firm that offers broad coverage, flexible structures, and tailored solutions for different departments and R&D personnel. It further layered value-added services like onboarding incentives, long-term protection, and premium health checkups, transforming insurance from a basic safeguard into a key pillar of organizational stability.

Data shows that from 2024 to the end of September 2025, CCB Life provided coverage for 129,000 employees across over 1,700 "specialized, refined, distinctive, and innovative" firms nationwide, with cumulative risk coverage reaching ¥138 billion.

On the surface, this appears as routine product and service offerings by an insurer. But fundamentally, it is a critical component of "talent resilience" in the technology finance ecosystem and a prerequisite for stable innovation chains in tech firms. Insurance institutions are the key players fulfilling this role.

02 Patient Capital in Technology Finance

Talent protection is the first pivot of technology finance; capital supply forms the second.

The growth cycles of tech firms often span years or even decades. In phases like R&D investment, equipment procurement, algorithm training, process optimization, and industrial validation, funding needs exhibit traits of "low cash flow, high upfront investment, and high failure rates." Traditional financial institutions struggle to match this demand structure, but the long-term, stable, and counter-cyclical nature of insurance funds provides a natural foundation for technology finance.

Compared to typical institutional investments, insurance funds focus more on project cycles, technological roadmaps, and industrial chain positioning rather than chasing "trading gains" from short-term valuation swings. This makes them a rare source of long-term capital in tech investment structures.

Beyond financial returns, from a mission perspective, such investments carry the attribute of "serving industrial strategy" in technology finance. Insurance funds enter the tech sector through diverse asset instruments, enabling two-way empowerment between finance and technology to enhance the sustainability of technological iteration.

In recent years, CCB Life has made long-term bets on tech firms via equity investments, debt financing, strategic emerging industry funds, and other channels.

For instance, in key areas like AI, high-end manufacturing, photovoltaic materials, chip packaging, and advanced materials, CCB Life achieved deep penetration into upstream industrial chain segments by participating in national strategic emerging industry funds and manufacturing transformation-focused funds.

As of Q3 2025, CCB Life's cumulative investment in technology finance exceeded ¥24 billion, up nearly 20% YoY.

These investments not only inject capital into tech firms but, more importantly, allow insurers to join the tech ecosystem as investors. Subsequently, they can build systematic services in risk management, talent protection, health services, and scenario digitization, forming a closed loop of "investment + services."

Digital capability is the underlying support for CCB Life to perfect this closed loop and the core tool to enhance service delivery efficiency.

In the insurance industry, risk identification, product pricing, claims efficiency, and customer service experience all rely on digital capabilities. Digitization helps insurers establish clear lists, models, and rule systems in complex scenarios, improving service speed and precision—highly aligned with technology finance's demand for "efficient adaptation."

In CCB Life's system, "Digital CCB 3.0" is the core foundation of this capability framework.

From the client side, online policy purchases, claims, and service inquiries have significantly improved the experience for tech firm employees. From the enterprise side, through data governance, enterprise data warehouses, and intelligent risk control systems, protection plans can precisely cover groups with varying risk profiles—R&D personnel, supply chain engineers, manufacturing operators, etc. From the investment side, data models and risk analysis tools make tech firms' uncertainties easier to assess, reducing investment decision risks.

For scenario-based insurance, which tech firms highly demand, CCB Life has piloted programs in scenarios like LongPay, digital villages, and urban living, gradually extending to more industry-specific scenarios like tech parks, innovation communities, and employee benefit platforms for tech firms—forming a complete "scenario → data → risk pricing → service" loop.

03 Synergizing the "Five Key Themes"

From a broader perspective, technology finance can interact with and mutually reinforce the other four themes among the "Five Key Themes": green, inclusive, pension, and digital finance.

CCB Life's practice shows that the deeper a bank-affiliated insurer's capabilities in technology finance, the clearer its implementation paths become for the other four "themes."

Take green finance—its synergy with technology finance is the most 直观。

The development of clean energy, green manufacturing, and energy conservation hinges on technology-driven cost reductions and efficiency gains, sharing highly similar investment attributes with the tech sector.

CCB Life's recent green asset allocation directions—from photovoltaics and new energy materials to green infrastructure—are almost entirely bound to technological innovation.

By the end of September 2025, the company's cumulative green investment scale reached ¥15.62 billion, up 16% from year-end 2024. From 2022 to September 2025, it provided ¥7.2 billion in risk coverage for green industry operations and green lifestyle consumption, a 66% increase from year-end 2024.

The expansion of green assets into the ten-billion-yuan tier relies precisely on the technical evaluation, risk screening, and industrial chain assessment capabilities within the technology finance framework.

CCB Life's proposed "Green Enterprise Factor" dynamic pricing mechanism also uses tech evaluation as its underlying logic. By quantifying metrics like R&D investment and energy efficiency for new energy and green manufacturing firms, it shifts insurance pricing from "experience-based" to "model-driven," enhancing the precision of green financial services.

The underlying logic of inclusive finance also deeply intersects with technology finance.

Traditional inclusive insurance often struggles to cover rural areas, micro-enterprises, and special employment groups due to high costs and uncontrollable risks. But as technology permeates these groups' work and lives, the ways insurance reaches them have fundamentally changed.

For example, CCB Life's "Dan Shi Ying Kuang" bayberry farmer-specific protection in Lanxi, Zhejiang, is essentially enabled by digital management of agricultural production. By identifying seasonal labor risks in bayberry planting and harvesting, it achieves underwriting at low costs, tangibly addressing farmers' pain points of "fearing accidents, lacking coverage." Rural revitalization and agricultural modernization are extending inclusive finance toward technology, with insurers' tech finance capabilities serving as the key enabler.

The integration of pension finance and technology finance manifests in segments like long-term health management, chronic disease models, and smart elderly care services, which heavily depend on technological means.

CCB Life's over 30 nationwide travel-based service points and its "Enjoy Golden Life" elderly care ecosystem are both backed by digital health management capabilities and medical technology.

The company's "Health Tree" service system covers 7 categories and 24 services, relying on hospital-direct systems, online consultation platforms, and chronic disease management for efficient operation. These capabilities stem from insurers' accumulated experience in digital governance, data modeling, and service algorithms within technology finance.

Thus, pension finance is no longer a traditional "product bundle" but a cross-domain application of tech finance capabilities in aging, realizing a new paradigm of "tech-empowered elderly care."

Digital finance forms the foundational layer of the entire system. CCB Life's "Digital CCB 3.0" framework and "137" digital operation system provide the technical conditions for technology finance to spill over into other domains.

From online policy purchases via "CCB e-Insurance" to instant small-claim settlements via "CCB e-Claims," from enterprise data warehouse construction to intelligent risk control refinement, these digital capabilities not only enhance tech firm employees' protection experience but also create a unified technical environment for green finance's asset screening, inclusive finance's risk identification, and pension finance's service penetration.

At this point, the "Five Key Themes" are no longer parallel lines but, under the 牵引 of technology finance, converge into a capability system jointly 指向 the real economy and 民生保障。

China's economy is entering a structural adjustment cycle centered on innovation-driven growth. Financial institutions must also transition from traditional risk compensators to industrial development participants, achieving functional leaps in the new cycle.

CCB Life's technology finance 实践 demonstrates that when an insurer integrates protection, capital, and digital capabilities in tech scenarios, its positioning in serving green, inclusive, pension, and digital finance likewise elevates.

As technological innovation becomes the core variable for industrial upgrading, urban competition, and economic resilience, the insurance sector will advance toward higher-quality, longer-cycle, and deeper-participation development phases.

Bank-affiliated insurers like CCB Life, leveraging unique institutional strengths and systematic capabilities, are poised to play even more pivotal roles in this structural transformation, continuously injecting financial momentum into the deep implementation of the "Five Key Themes" and the high-quality development of the real economy.