Changes in the characteristics of insurance consumption in the big data environment
The arrival of the big data era has changed the way data are collected, transmitted, stored and processed, causing changes in lifestyles and socio-economics, and also bringing a comprehensive and profound impact on the insurance industry. Insurance companies have been using big data to make attempts and innovations in insurance marketing and insurance services. However, the current insurance big data environment is still immature, and the existing insurance consumption mode is still in a period of change from traditional to new, from passive to active, and insurance marketing in the big data environment needs to be adapted to the new characteristics of insurance consumption.
Diversification of Insurance Consumption Choices
Under the operation of the traditional insurance model, insurance companies are not strong in assessing consumers' risk level, consumption ability and willingness to consume, which leads to the overpricing of insurance products in some areas, and part of the area becomes a residual market. Under the big data environment, the insurance industry can obtain full, real-time, potential data for detailed analysis, insurance product segmentation and personalized design, insurance companies' risk management and cost control can be more refined, which brings a wide space for insurance product innovation, and the homogenization of products and services that has long plagued the insurance industry is expected to be fundamentally solved.
For example, insurance companies have discovered the insurance needs and risk characteristics of different consumer groups based on information such as consumers' website log-in traces, friends' circle messages, and loan credit records, and have provided insurance consumers with specialty insurance such as outdoor cycling insurance, medical plastic surgery insurance, and loan guarantee insurance for liquidation, making the choice of insurance consumption even more diversified.
Simplification of Insurance Consumption Process
The information asymmetry between insurance companies and policyholders is more prominent in the traditional insurance operation process. Insurance companies require policyholders to fulfill the obligation of truthfulness and honesty, and need to fill out a large number of insurance policies, and need to file claims and provide cumbersome supporting materials after an insurance accident. Under the big data environment, the data describing the risk characteristics are greatly enriched, and insurance companies can obtain more comprehensive risk information through various channels, use personal information, transaction records, weather information and other social data to analyze and master the customer's situation, and obtain information related to underwriting and claims, further reduce the policyholder's duty of notification under the premise of controlling the risk, effectively simplify the underwriting and claims procedures, and the insurance consumption The process of insurance consumption has become simpler.
For example, based on online transaction data, insurance companies study consumers' online shopping habits and the probability of returning goods, and provide return shipping insurance with different premiums for consumers with different risks, so that consumers only need to buy it with a single click; for consumers who have purchased flight delay insurance, there is no need to provide proof of meteorology, or even file a claim application, and insurance companies are able to proactively settle claims based on meteorological information and other big data resources. The insurance company will be able to adjust the claim on its own initiative based on big data resources such as meteorological information.
The concept of insurance consumption has become more cutting-edge
Under the big data environment, the traditional insurance industry's advantage in aggregating big numbers is gradually weakening, and the barriers of insurance technology services are gradually disintegrating. Through the use of various search engines and price comparison platforms, consumers' consumer insights are improving and their insurance consumption concepts are becoming more cutting-edge.
On the one hand, more and more insurance consumers have left the traditional counter business model and started to use various self-service terminals to purchase insurance business. Through cell phone APP application software, they can easily complete the inquiry and purchase of insurance products, and even self-service to complete the investigation of simple cases of auto insurance.
On the other hand, insurance consumers have a tendency to prefer fragmentation and seek capital gains. When choosing insurance products through transparent and open channels, consumers prefer insurance products with simple design, easy enrollment and lower rates. Insurance products with broken down coverage items, simpler terms and conditions, and much lower premiums are more adaptable to consumers' needs for self-selection. In addition, insurance consumers in the big data environment are more familiar with Internet finance, easy to compare between various types of financial products, and pay more attention to capital gains when purchasing investment-linked and universal insurance products sold online.
Extension of Insurance Consumption Experience
Traditional insurance services focus on financial compensation and payment, and the insurance consumption experience is limited to the insurance company's fulfillment of its responsibility to pay claims. Under the big data environment, the relationship between insurance companies and customers is no longer a one-to-one interaction and communication, but a multi-dimensional mesh interaction and communication mode, and customer relationship management based on customer data has become particularly important.
Insurance companies can leverage the accumulation of big data to integrate the supply chain of auto repair, spare parts supply, and medical and healthcare services, to further extend the boundaries of the insurance industry chain, to maintain customer relationships, and to continuously optimize the insurance consumer experience while reducing insurance operating costs. At present, insurance companies can regularly provide consumers with various services including vehicle risk inspection, maintenance and repair, transaction information, health management, etc. In the future, there is also the possibility of providing consumers with more comprehensive risk management innovative services based on big data.
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