Digital RMB Empowers Agricultural Insurance, Jiangsu Sees First Successful Policy-Based Agricultural Insurance Premium Payment

Digital RMB Empowers Agricultural Insurance, Jiangsu Sees First Successful Policy-Based Agricultural Insurance Premium PaymentOn August 23rd, Ms. Wang, a resident of Lianyungang, successfully paid the premium for "Jiangsu Provincial Local Government Subsidized Greenhouse Crop Planting Insurance" through her Postal Savings Bank digital RMB personal wallet

Digital RMB Empowers Agricultural Insurance, Jiangsu Sees First Successful Policy-Based Agricultural Insurance Premium Payment

On August 23rd, Ms. Wang, a resident of Lianyungang, successfully paid the premium for "Jiangsu Provincial Local Government Subsidized Greenhouse Crop Planting Insurance" through her Postal Savings Bank digital RMB personal wallet. This marks the first instance in Jiangsu Province where digital RMB has been used to pay premiums for policy-based agricultural insurance.

This application of digital RMB in agricultural insurance signals a significant step forward in payment methods for agricultural insurance in Jiangsu Province. Previously, the process of obtaining policy-based agricultural insurance was rather cumbersome, requiring insurance agents to conduct face-to-face signing and risk assessment of the insured object, followed by premium payment through bank transfers. This not only consumed time but also increased operational complexity.

However, the introduction of digital RMB effectively streamlines this process. Once policyholders decide to purchase insurance, they can directly pay premiums through their digital RMB personal wallets, eliminating the need for cumbersome face-to-face signing and risk assessment procedures. Funds are credited in real-time, and agents can quickly issue policies by checking transaction records in the digital RMB wallet.

"This enables a fully online process, from insurance agents placing orders to policyholders purchasing insurance, optimizing the policy acquisition process and significantly enhancing settlement efficiency," a Postal Savings Bank staff member explained. According to regulations, this policy type, being a policy-based agricultural insurance, requires customers to undergo real-name authentication and pay premiums before the policy is issued. During the policy purchase process, government departments need to verify the authenticity of the policyholders and the insured objects.

In the traditional model, insurance agents would need to conduct face-to-face signing and risk assessment on policyholders and the insured objects. Now, after deciding to purchase insurance, users can transfer premiums to the insurance company's account via bank transfer. Once funds are credited, agents can access bank account details and issue policies within the underwriting system.

A relevant official from the Jiangsu Provincial Branch of Postal Savings Bank stated that the application of digital RMB in policy-based agricultural insurance in Jiangsu Province not only allows farmers to experience the benefits of local government subsidies for agricultural insurance but also provides them with the convenience brought by digital finance, positively impacting rural development and rural revitalization.

Currently, Postal Savings Bank has completed system integration with the People's Insurance Company of China (PICC) for digital RMB payments, enabling the use of digital RMB for multiple insurance products offered by PICC. Additionally, policyholders can open a level 2 or higher real-name personal wallet with Postal Savings Bank in the "Digital RMB" app to use digital RMB to pay premiums for various insurance products, including car insurance, school accident insurance, property insurance, and accident insurance.

The adoption of digital RMB not only enhances the payment efficiency of agricultural insurance but also provides farmers with a more convenient and secure payment method. This will further promote the development of agricultural insurance, increase coverage and protection levels, and provide strong support for the modernization of agriculture.

Furthermore, the application of digital RMB offers a new approach for extending financial services to rural areas and aiding in rural revitalization. In the future, digital RMB will be applied in more areas, bringing more convenient, efficient, and secure financial services to the general public.