Big data will become the core competitiveness of insurance companies_Data Analyst Exam
Industry experts believe that in the current comprehensive deepening of the insurance reform and the Internet wave of the "dual power" to promote, the insurance industry will enter a new period of rapid innovation and development, especially the Internet insurance, has a huge potential for development space. Internet insurance, in particular, has a huge potential for development. Whether it is to generate new insurance needs such as virtual property insurance, or to help realize channel networking and risk pricing of insurance products, the Internet is accelerating the transformation of the insurance industry, which presents a rare opportunity for development and investment.
"The Internet helps insurance and opens the next wind mouth of Internet finance" and "The Internet is accelerating the transformation of the insurance industry, presenting it with rare development and investment opportunities". A few days ago, the merger and reorganization of the successful and listed Shenwan Hongyuan Securities Company's Securities Research Institute in its release of a professional research report "the next ten times the big wind mouth - Internet insurance" to make such predictions.
Industry experts believe that in the current comprehensive deepening of the insurance reform and the Internet wave of "double power" to promote, the insurance industry will enter a new period of rapid innovation and development, especially the Internet insurance, has the potential for huge development space.
Internet economy breeds insurance "blue ocean" market
"The gradual deepening of the Internet has given rise to new Internet property and the corresponding insurance needs, such as virtual property insurance, thus breeding an insurance 'blue ocean' market full of imagination. Blue Ocean' market." Shenwan Hongyuan Securities Institute analyst Wen Xueshen told reporters.
Network games have long been a normal part of Internet users' lives. Virtual property insurance is property insurance that protects virtual property in the network. Its insurance is divided into loss insurance and liability insurance. The subject matter of the loss insurance is the game equipment, game currency and game accounts, etc., when the loss of these items, the insurance company is responsible for compensation. In addition, as in real life, there will be force majeure threats need to have other property insurance, virtual property insurance also has because of the system accidents derived from the type of insurance that is liability insurance.
In February 2013, Ali, Tencent and Ping An invested in the establishment of China's first Internet insurance company "Zhong An Online" was officially approved by the China Insurance Regulatory Commission (CIRC), allowing it to carry out Internet-related property insurance business, which marks a major breakthrough in the integration of China's insurance industry with the Internet. The new company carries out sales and claims services entirely through the Internet, and its products include virtual currency loss and theft insurance, network payment security protection liability insurance, etc., and its innovative business continues to make progress.
Compared with the general insurance sales Internet insurance companies, "Zhong'an Online" is able to design insurance products that serve the Internet economy by combining Internet thinking and big data in accordance with local conditions, and can submit claims applications and provide supporting documents online, realizing the "Insurance design - Insurance sales - Insurance claims". -The company also provides online submission of claims and other supporting documents, thus realizing an integrated and interconnected Internet insurance service of "insurance design", "insurance sales" and "insurance claims".
In addition to the virtual property insurance mentioned above, ZhongAn Online also has innovations in the field of e-commerce products that combine the Internet with the real economy. 2013 is the end of the year, ZhongAn released the "ZongLeBao" margin program, which is the first online margin program in China launched by ZhongAn in cooperation with Taobao.com. It is the first online margin insurance in China, which aims to insure the performance of sellers who have joined the Taobao Consumer Protection Agreement, help sellers reduce their burden, and ensure that buyers are provided with good shopping protection.
Channel Networking + Scenario: Making Insurance Grow by Leaps and Bounds
Insurance Networking is the process of communicating with customers through the Internet, utilizing digitized information and the interactivity of the online media to provide services in all aspects of insurance, so that the whole process of insurance, such as consulting on insurance information, designing protection plans, enrolling in a policy, underwriting, paying premiums, underwriting, inquiring about policy information, settling claims, and making payments, etc., is networked to achieve network. It is a new type of marketing channel that assists in achieving marketing objectives.
China's Internet insurance can be categorized into life insurance, property insurance and innovative insurance due to the Internet. Internet life insurance includes financial life insurance, health insurance, accident insurance, travel insurance and traditional life insurance, which are easier to network. Internet property insurance includes auto insurance and homeowners insurance. In addition, e-commerce, which was born because of the Internet, has conformed to produce a third type of insurance, that is, innovative insurance, such as Taobao shopping shipping insurance.
"Channel networking is the concentrated form of Internet insurance at this stage. These rich product forms reflect the vigorous development of Internet insurance today, and have a strong impact on traditional insurance channels, whether it is traditional life insurance or property insurance, can be networked through the Internet." In talking about the depth of the impact of the Internet on the insurance marketing channel, the Internet Finance Thousand Secretary-General Yi Huanhuan said this to reporters.
The current scale of Internet insurance is 29.115 billion yuan, accounting for about 1.7% of the industry's overall premium income. In terms of growth rate, its growth rate reached 232% in 2012, and realized a year-on-year growth of 174% in 2013, Internet insurance is showing a high-speed development trend.
In comparison with foreign countries, there is still a lot of room for the development of insurance networked sales in China. In terms of personal insurance, the proportion of online purchases in the United States reached 8% to 11% in
2012, four to seven times that of China. In the field of property sales, where the development of online sales is more mature, the development gap is even more enormous. Auto insurance sales, for example, China's auto insurance network sales ratio is only about 1%, while the United States has reached 30% to 50%, the United Kingdom reached 45% or so, Japan and South Korea reached 41% and 20%, is more than dozens of times our country. With this deduction, the future of China's Internet insurance sales space is huge.
Big data will become the core competitiveness of insurance companies
In terms of product design, the Internet is no better for insurance than to help insurance product risk pricing. Internet big data brings rich information data of the insured subject, combined with multi-dimensional data to describe the nature of the subject, and then analyze the risk of product pricing.
Taking auto insurance as an example, OBD and UBI products pry the Internet auto insurance.
The development of auto insurance generally goes through the three processes of coverage pricing, model pricing, and usage pricing. China's current auto insurance is still in the amount of coverage pricing stage, and in the future it is possible to directly across to the use of pricing, that is, based on each driver's specific driving behavior and driving conditions to the car insurance pricing. The development of Telematics provides precise and comprehensive driving big data information, which lays the foundation for the direct transition to usage pricing. It also helps to address moral hazard behavior in the insurance market to a certain extent, and helps to motivate and improve people's driving behavior.
UBI (UserBasedInsurance) and OBD (On-BoardDiagnostic) are two important pillars of Telematics. And the rise and gradual popularization of Telematics is the basis for the use of pricing in auto insurance.The UBI model consists of three main types: first, it relies on the mileage on the car; second, it is based on the mileage recorded by GPS or the driving time of the vehicle; and third, it is based on other data collected from the vehicle, such as the speed, driving time, driving behavior, distance traveled, and length of time, etc. The latter two are known as On-Board Diagnostic (OBD). The latter two are known as dosage insurance based on on-board information system.OBD mainly focuses on the driving conditions of the vehicle itself, and monitors and records the hardware and software carried by the car. Based on the above two points can have a better grasp of the risks that may occur in driving, providing a solid foundation for the realization of differentiated usage pricing.
And wearable devices and connected electronic medical records will help the innovative development of Internet life insurance, overcoming the serious information asymmetry that life insurance has.
The development of wearable devices helps to monitor human physiological indicators and behavioral patterns in an all-round, all-weather manner, and the big data formed by the long-term accumulation of relevant indicators has a strong guiding role in judging the physical condition of the insured and the chances of possible accidents, which will provide a solid data foundation for accurate life insurance pricing. Currently, most hospitals have electronic patient records, but the integration of medical records between hospitals is still sluggish, which leads to redundant and ineffective information. Connected electronic medical records are an important guide for insurance companies to comprehensively assess the physical health status of policyholders.
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