Risk management services becoming popular with new middle class

Demand oriented and solution model-based risk management services are increasingly popular with emerging new middle class, a study by a major insurance service provider showed.

According to Datong Insurance Sales & Services Company Ltd's report, nearly 70 percent of clients that paid for DRM services are between 25-40 years old, and more than half of consulting clients have a bachelor degree or above. The new middle-class people are more demanding about life quality, showing a greater demand and enthusiasm for insurance paid consulting.

The result is based on the company's database. Datong launched DRM paid consulting services in 2020.

According to the latest data, since its launch one year ago, this model has been promoted and certified among more than 3,000 Datong DRM consultants in 22 provinces in China. In one year, the company has provided insurance payment consulting services to more than 1,300 customers.

In the eyes of customers, paid consultation allows them to let go of their worries that consultant will forcefully promote the product. They can raise their own questions and confusions more easily and truthfully. Through this model, consumers can get valuable solutions from consultants, and service consultants can also give full play to their professional advantages in the service process.

Before purchasing insurance products, it is becoming a new fashion for insurance consumers to conduct paid consultations with professional consultants, said Li Xiaojing,executive vice-president of Datong.

As consumption structures further optimize, the new middle class is emerging as a strong power to ignite changes, said Li Yongjian, a researcher at the Chinese Academy of Social Science, news portal The Paper reported.

China's GDP totaled 101.6 trillion yuan last year, up 2.3 percent from a year earlier making the country the only major economy in the world with positive growth. From 2019 to 2020, the country saw per capita GDP exceeding $10,000 for two consecutive years.

Wang Min contributed to this story.