银保、银基合作格局或将生变。《证券公司代销金融产品管理规定（草案）》（简称《草案》）近日征求意见，保险产品铺进证券公司步入倒计时。除了“保券”合作外，保险公司代销基金的相关政策也在研究之中。证券时报记者获悉，金融机构互相开放带来交叉销售机会的同时，利益冲突也将难以避免。

Silver the/Silver base cooperation pattern or will happen.[Securities companies sell financial product management provisions(draft)](Referred to as[draft])Recently for advice,Insurance products spread into securities companies into the countdown.In addition to"Insurance voucher"Cooperation outside,The insurance company sale on a commission basis fund related policy also under investigation.The securities times reporter learns,Financial institutions open each other with cross sales opportunities at the same time,Conflict of interest will be hard to avoid.

　保险添新渠道 Insurance add new channels

　　《草案》征求意见稿出台之际，正是保险公司业绩下滑、积极寻找新渠道之时。

[draft]Draft tightening,It is insurance company performance decline/Actively looking for new channels of.

　　“成也渠道，败也渠道”是寿险公司业绩的写照。一个明显的例证是，2008年前后银保渠道崛起，带来了一批保险公司业绩排名上升；2011年起银保渠道因调控收缩，不少保险公司业绩大幅下滑。

"Into also channel,Defeated also channel"Is life insurance company performance of portraiture.An obvious example is,Around 2008 silver the channel rise,Bring a batch of insurance company performance ranking rose;Since 2011, silver the channels for control contraction,Many insurance company performance decline sharply.

　　某寿险公司高管对记者表示，该公司和证券公司有过接洽，但在探索合作方式过程中面临的挑战也很大。他认为，保险与券商合作对于保险公司而言有三个机会，一是券商渠道的客户对风险承受能力较大，不太容易像银保渠道那样因收益不符预期而出现退保，误导销售的情形会更少；二是客户用于投资股市的资金是一笔闲钱，比较符合投资保险产品的要求；三是券商渠道是中高端客户集中地，为保险产品的高端营销提供了机会。

A life insurance company executives told reporters,The company and the securities company there has been contact,But in the exploration method of cooperation in the process of the challenges facing is very big also.He thinks,Insurance brokers and cooperation for insurance companies have three opportunity,One is the securities trader channel customers for large risk to bear ability,Not too easy like silver the channels for income discrepancy as expected and appear surrender,Misleading sales situation will be less;The second is the customer used to invest money in the stock market is a spare cash,Compared with the investment insurance product requirements;The third is brokers channel is the high-end customer intensively,For insurance product high-end marketing provides opportunity.

　　机会虽然存在，但渠道并不会自动产生利润。该寿险公司人士表示，让保险产品在证券公司热销绝非易事。比如在客户分层的冲突上，券商渠道客户风险偏好更高，希望获得高收益，而这不是保险产品擅长的。

Opportunity though there are,But channel does not automatically generate profit.The life insurance companies say,Let insurance products in securities companies sell like hot cakes is no easy task.For example, in the customer layered conflict,Brokers channel customers higher risk preference,Hope to get high yield,And this is not of insurance products are good at.

　　从另一个角度看，目前保险公司的销售渠道主要为个险、团险销售、银保渠道、电话销售和网上投保，前三者为寿险主渠道。随着个险、银保出现增长瓶颈，券商代销保险产品的“保券”合作可谓生逢其时。

Look from another Angle,At present the insurance company sales channel mainly for a risk/Group insurance sales/Silver the channel/Telephone sales and online insurance,The three main channel before for life insurance.As a risk/Silver the growth bottlenecks,Brokers sell goods on a commission basis of insurance products"Insurance voucher"Cooperation is to comply.

　　相互开放带来新机会 Mutual opening bring new opportunities

　　除证券业对保险业开放外，随着证监会、保监会加强监管合作，业界对保险公司代销基金的预期也再次升温。

In addition to securities to the insurance industry open outside,Along with the securities regulatory commission/The China insurance regulatory commission to strengthen supervision cooperation,The insurance company to sell goods on a commission basis fund expected also warms up again.

　　目前，基金主要有银行、券商和基金公司直销三大销售渠道，其中银行作为主要销售渠道，占据开放式基金销售一半以上的份额。和保险公司热衷开发新渠道相似，基金也面临着渠道瓶颈，并在近年向第三方机构、电商发起攻势。

At present,The fund mainly have a bank/Brokers and fund company marketing three sales channels,The bank as the main sales channels,Occupy open mode fund sales more than half of the share.And insurance companies keen to develop new channels similar,Fund is faced with the bottleneck channels,And in recent years to a third party institution/Electric quotient offensive.

　　“如果保险公司加入基金销售行列，有利于打破银行独大的现状，对行业而言是一件好事。”晨星中国研究中心主任王蕊认为，保险渠道难以在短期内对银行形成冲击。

"If the insurance company to join fund sales ranks,Can help to break the bank of the status of large alone,As for industry is a good thing."The morning star, director of the center for Chinese studies WangRui think,Insurance channels in the short term is difficult to form the impact on Banks.

　　金融机构互相开放销售渠道，固然带来更多销售机会，但是，不同金融产品具有一定的替代性，也容易带来利益冲突。有业内人士认为，由于基金的低端风险产品与保险产品具有替代性，保险公司代售基金的积极性可能不如银行；而券商权衡产品销售时，可能更倾向于销售基金，因为基金还能带来分仓收入。

Each other financial institutions open sales channels,Is bring more sales opportunities,but,Different financial products have a certain alternative,Also easy to bring conflict of interest.The personage inside course of study thinks,Due to the low end of fund risk products and insurance products have alternative,The insurance company booking the enthusiasm of the fund may be inferior to the bank;But brokers weigh the product sales,May be more inclined to sales fund,Because fund will also can bring points warehouse income.