The 23rd Peking University CCISSR Forum 2026 took place in Beijing on November 6-7, 2026, hosted by Peking University's School of Economics and the China Center for Insurance and Social Security Research (CCISSR).
Sun Qixiang, Honorary Director of the Research Center, Hu Xiaoyi, former Vice Minister of Human Resources and Social Security, Chen Wenhui, former Vice Chairman of the National Council for Social Security Fund, Liang Tao, former Vice Chairman of the China Banking and Insurance Regulatory Commission, Chen Jinfu, former Deputy Director of the National Healthcare Security Administration, Xue Feng, Vice President of the Beijing Financial Court, Bai Feipeng, Legal Director of PICC Group, and Jia Ruo, Deputy Secretary-General of the Research Center, were invited to attend and deliver keynote speeches. The sessions were chaired by Zheng Wei, Director of the Research Center, and Liu Xinli, Deputy Director.
Sun Qixiang Delivers Opening Remarks
Sun Qixiang delivered the opening address. She stated that the PKU CCISSR Forum has witnessed China's insurance and social security systems overcoming difficulties and steadily maturing. At this critical juncture, as Chinese-style modernization accelerates and the 2035 long-range goals are implemented, we should position insurance and social security systems within the broader national strategy, livelihood development, and evolving risk landscape to pursue high-quality development. First, direction should be set by national strategy, anchoring the top-level positioning of insurance and social security. Commercial insurance and social security are core components of a multi-tiered risk protection system, playing important roles in adjusting social distribution, stabilizing social expectations, promoting common prosperity, and serving the real economy. Second, demand should be defined by overall livelihood development, precisely responding to the diverse expectations of the people in the new era. For social insurance, it is necessary to adapt to population aging, shrinking family structures, and diversified employment forms, promoting iterative optimization of protection systems and upgrading service models. For commercial insurance, public demand has expanded to full-lifecycle risk management, personalized elderly care and health planning, high-quality supporting services, and long-term family wealth arrangements, placing higher demands on product precision, service professionalism, and claims adaptability. Third, bottom lines should be defined by evolving risk patterns, building risk barriers suited to the new era. Facing intertwined and cascading risks, as well as rigid growth in pension, medical, and long-term care expenditures, social security funds face challenges in value preservation and sustainable operation, and risk barriers adapted to the new era should be built swiftly. Finally, Sun Qixiang expressed hope that all parties from government, industry, academia, and research would contribute wisdom to improving China's multi-tiered risk protection system through exchanges of views, experience sharing, and consensus building.
Hu Xiaoyi Delivers Speech
Hu Xiaoyi spoke on "AI in Social Security: Accelerating Application, Meeting Challenges." He proposed that understanding AI's impact on social security requires grasping two perspectives: "near-end application" and "far-end response." Near-end application focuses on expanding application scenarios at present, while far-end response looks to the future and prepares in advance. The two mutually reinforce each other, jointly promoting AI to better enhance people's well-being. For near-end application, the social security field should focus on three directions: first, optimizing administration through intelligent consultation, digital employees, human-machine collaborative verification, and personalized calculations to improve service timeliness and accuracy; second, strict supervision by breaking information barriers, connecting pre-warning, in-process interception, and post-verification to enhance fund risk prevention capabilities; third, improving policies by assisting in identifying systemic difficulties and comparing policy options to raise decision-making scientific standards. Advancing application requires grasping four points: first, promoting AI from a quality and efficiency tool to an analyzable, advisory intelligent agent; second, recommending a nationally unified industry large model with "ministry-level training and provincial-level use"; third, delineating boundaries with final decision-making power remaining with humans; fourth, strengthening interdisciplinary talent cultivation. For far-end response, AI's rapid development brings new opportunities and challenges to social security, and the industry should adapt accordingly. The coexistence of challenges and opportunities has three characteristics. First, fundamental nature. AI can improve efficiency and create wealth, and social security institutional tools should be consciously used to promote benefits and avoid harms, advancing common prosperity. Second, progressive nature. AI first affects employment forms and total employment, then labor relations and labor standards, and subsequently transmits to social security system operations; social security adjustments should focus on coordination with front-end links such as employment, labor relations, and labor standards. Third, profound nature. Hu Xiaoyi proposed forward-looking issues from four aspects: institutional innovation, financing models, key parameter adjustments, and system restructuring, emphasizing the need to anticipate, plan, and guide accordingly.
Chen Wenhui Delivers Speech
Chen Wenhui spoke on "Future Industries and Technology Finance—Models, Capital, and Ecosystem." He pointed out that the technological revolution is accelerating, and future industries are the "day after tomorrow's" strategic emerging industries and "the day after that's" emerging pillar industries, crucial to national long-term competitiveness and national rejuvenation. To promote future industry development, financial service models need corresponding transformation. In terms of models, tech startups feature high failure rates and high returns. Equity investment funds diversify risks through portfolio investment, covering failure risks with high-multiple returns, suitable for "early-stage, small-scale, long-term, hard-tech" investment, providing institutional guarantees for encouraging innovation and tolerating failure. In terms of capital, addressing aging requires accumulating substantial pension funds. Pension funds invest in future industries, industries empower elderly services through technology, and investment returns feed back into pensions, forming a sustainable closed loop. Currently, patient capital supply in China's financial market remains limited. Pension funds and long-term life insurance should be vigorously developed to broaden long-term funding sources. Meanwhile, regulatory innovation should guide some bank funds into long-term patient capital, and the relationship between effective markets and proactive government should be properly handled. In terms of ecosystem, the equity investment market should be comprehensively optimized around "fundraising, investment, management, and exit," clearing exit channels, actively cultivating M&A exits, with central SOE acquisitions of tech enterprises serving as a second growth curve. The insurance industry should play roles in risk compensation and credit enhancement, forming hedges with other financial tools. Technology insurance faces pricing difficulties and data shortages, which can be addressed through government subsidies to facilitate transactions and cultivate markets. A "equity-loan-bond-insurance" integrated technology finance system should be built to provide full-cycle, full-chain services for future industries.
Liang Tao Delivers Speech
Liang Tao spoke on "Reflections on Longevity Risk in the Insurance Industry Amid Population Aging." He noted that longevity risk has become a systemic risk for China's life insurance industry. Improved medical standards have kept actual mortality rates of insured groups persistently below old actuarial assumptions, and products like whole-life annuities priced with old life tables have payout periods significantly longer than预设, creating mortality loss risks. Longevity risk cannot be naturally diluted by the law of large numbers, and combined with declining interest rates, asset-liability matching difficulties continue to increase. But behind the risk lies enormous livelihood protection demand, and commercial pension insurance, as the core carrier of the third pillar, continues to highlight its strategic value. Liang Tao believes that longevity risk management and high-quality development in the insurance industry are not mutually restrictive but dialectically unified and mutually reinforcing, and proposed four paths. First, solidifying the actuarial risk control foundation. Relying on the fourth life table, build a dynamic mortality database, refine risk stratification, conduct regular longevity stress tests, improve pricing, reserve evaluation, and capital management, and promote pension insurance products transitioning from single fund payouts to comprehensive protection. Second, deepening the "insurance + health + elderly care" ecosystem transformation. Embedding chronic disease screening, health follow-ups, and medical green channels throughout the policy lifecycle, extending home care, wellness communities, and professional care chains, replacing passive risk assumption with proactive risk management. Third, building a long-term risk mitigation system. Optimizing asset allocation, increasing long-duration assets, leveraging reinsurance risk diversification, and exploring market hedging tools like longevity indices. Fourth, building a multi-tiered pension product system. On one hand, deeply cultivating the inclusive market to expand pension coverage; on the other hand, precisely matching different customer needs with differentiated solutions to fill gaps in social pension protection.
Chen Jinfu Delivers Speech
Chen Jinfu spoke on "Enhancing Medical Insurance Support Capacity, Vigorously Developing Health Insurance." He pointed out that medical insurance support capacity is one of the six core pillars of Healthy China construction. Medical insurance support is not limited to basic medical insurance but should leverage the systematic roles of protection, payment, and price mechanisms in value guidance, leverage transmission, and ecosystem cultivation through building a multi-tiered medical security system, balancing and promoting a new pattern of health demand and pharmaceutical supply innovation, achieving safe fund operations, sound hospital operations, and reasonable public burdens. Entering the "15th Five-Year Plan" period, the medical insurance system faces multiple era propositions and governance challenges. In the common prosperity process, it is necessary to balance population benefits with regional fund equilibrium and sustainability; under the health priority development strategy, fund momentum and mechanism performance must be strengthened. Addressing these issues, medical insurance reform needs systematic breakthroughs and innovative transformation. First, breaking fund bottlenecks through provincial-level pooling, doing well in horizontal integration, vertical coordination, and outward operations, adjusting regional imbalances, and establishing governance coordination mechanisms for medical insurance fund balance and medical resource equilibrium. Second, vigorously developing commercial health insurance to build a new balanced system, enhancing its strategic positioning and pillar weight, promoting matching of differentiated demands, high-quality supply, and adaptive policies, achieving governance breakthroughs and functional transformation through social-commercial integration, and improving the multi-tiered medical security system. Third, improving medical insurance governance to deepen pharmaceutical service reform, advancing "three-dimensional coordination" of demand-side protection, supply-side development, and governance chain mechanisms, connecting medical insurance payment and pharmaceutical price mechanism transmission, and leveraging technological innovation and AI empowerment to promote three-medicine coordination and high-quality innovative development of pharmaceuticals.
Xue Feng Delivers Speech
Xue Feng spoke on "Upholding Integrity and Innovation, Mutual Risk Sharing—Safeguarding High-Quality Insurance Development with High-Quality Financial Justice." He pointed out that financial justice is not only about resolving disputes but also about balancing the essence of insurance protection with business innovation through the value guidance, behavioral direction, and ecosystem cultivation of adjudication rules, achieving standardized industry operations, reasonable risk sharing, and effective consumer rights protection. Currently, the insurance industry is at a critical stage of high-quality development, facing multiple era propositions and governance challenges. In serving the real economy and technological innovation, it is necessary to balance fair adjudication of traditional insurance disputes with rule supply for emerging business forms; in preventing and resolving financial risks, it is necessary to balance the boundaries and synergy between insurance protection functions and investment functions. Addressing these issues, financial justice safeguarding high-quality insurance development requires upholding integrity, innovation, and coordinated efforts. First, adhering to the utmost good faith principle to solidify the foundation of the insurance industry, regulating dishonest behaviors like policyholder fraud and insurance with pre-existing conditions, while strictly cracking down on insurance institution violations infringing consumer rights such as false advertising and delaying claims. Second, innovating judicial rules to adapt to new business form changes, adhering to the principles of upholding bottom lines and inclusive prudence. Introducing technical expert assistant systems for tech innovation insurance, restructuring evidence rules for intelligent connected vehicle insurance, breaking through traditional loss assessment models for new energy green insurance, providing precise judicial supply for emerging fields. Third, deepening coordinated governance to improve the modern insurance judicial system, deeply cultivating professional judicial construction to unify adjudication standards in emerging fields, strengthening rule pre-positioning, and linking financial regulators, the insurance industry, and tech enterprises to jointly solve industry pain points.
Bai Feipeng Delivers Speech
Bai Feipeng spoke on "Several Issues in the Amendment of the Insurance Law." Regarding the definition of insurance business, business forms like traffic safety mutual assistance and online mutual aid have sparked discussions on insurance business boundaries and regulatory applicability. He suggested grounding in the institutional functions of insurance in dispersing risk and sharing losses, distilling the essential characteristics of insurance business, clarifying legal definition standards, and providing a basis for identifying businesses with insurance nature and improving regulatory coverage. Regarding insurance group development, insurance groups have become important carriers integrating property insurance, life insurance, and insurance asset management resources to provide comprehensive financial services, but current regulations on insurance companies are difficult to adapt to insurance groups. He suggested authorizing regulatory authorities to formulate specific management rules. Meanwhile, exploring allowing individual insurance agents to accept commissions from multiple insurance companies within the same group, promoting business synergy under clear underwriting entities and service responsibilities, and coordinating personal information protection with group internal data sharing needs to regulate related behaviors. Regarding insurance risk securitization, he suggested improving relevant legal provisions, supporting insurance institutions in broadening risk diversification channels through capital markets, and enhancing catastrophe risk underwriting capacity. Specifically, clarifying the legal status of special purpose companies as insurance-linked securities issuers, defining adaptive regulatory requirements based on their business characteristics, and authorizing regulatory authorities to formulate specific issuance rules, providing institutional support for related business development. Regarding insurance contract systems, on the issue of including insured parties as subjects of truthful disclosure obligations, careful study should be conducted combining insurance contract formation relationships, business practices, and extraterritorial legislative experience, clarifying the insurer's inquiry obligations, the disclosure responsibilities of policyholders and insured parties, and corresponding legal consequences.
Jia Ruo Delivers Speech
Jia Ruo spoke on "Opportunities and Challenges AI Brings to the Insurance Industry." Based on a Geneva Association survey of insurance institutions, he analyzed technology application progress, operational impacts, and governance needs. As AI develops from generating content to autonomous planning and task execution, agentic AI can complete multi-step work around established goals, driving insurance business process restructuring. The survey shows that surveyed insurance institutions have applied AI in software development, employee knowledge assistants, and other areas, gradually expanding to core links like claims, customer service, and underwriting. Currently, application benefits mainly manifest as production efficiency improvements, not yet widely translated into cost reductions, revenue growth, or improved professional decision quality. While applications accelerate, data privacy, cybersecurity, and compliance risks receive widespread attention. Agentic continuous task execution may spread errors along agent chains, amplifying potential losses, and placing higher demands on decision explainability, responsibility allocation, and human oversight. Long-term reliance on automated processing may also weaken employee professional experience accumulation. Additionally, upfront system investments, ongoing operating costs, and dependence on specific technology suppliers should all be included in operational assessments. Addressing these challenges, insurance institutions should embed human oversight in workflow restructuring, conduct continuous evaluation and monitoring before deployment and during operation, and improve governance to support scaled application. Meanwhile, maintaining technical architecture adaptability to different models, strengthening cost management, and enhancing AI literacy through employee retraining. Insurance professional knowledge and technology application capabilities need synchronized accumulation, and interdisciplinary talent who understand business requirements and can deploy and supervise agents will become important support for insurance industry transformation.
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