Insurance industry under Internet background

下面为大家整理一篇优秀的assignment代写范文- Insurance industry under Internet background，供大家参考学习，这篇论文讨论了互联网背景下保险业。如今，互联网保险业发展的十分迅速，其依托于蓬勃发展的电子商务平台，而且社交媒体的影响也越来越大。随着中产阶级的崛起，大规模城市化，保险业放松管制还有年轻一代的消费者，这些都在互联网保险业的崛起中发挥了重要作用。互联网将显著提高保险市场的效率，通过降低交易和信息成本，使机构和利益受益。

Although China's modern commercial insurance market has a history of more than 200 years, the domestic insurance industry actually closed down from 1958 to 1979 due to the socialist planned economy. On November 19, 1979, the people's bank of China held a national insurance conference in Beijing and decided to develop domestic insurance business. Since 1980, China's insurance industry has developed rapidly and become one of the fastest growing industries in the economic system. Nominal premium income grew by more than 30 per cent, making China the world's second-largest insurance market by premiums, overtaking Japan in 2016. Due to favorable macroeconomic conditions and a population of 1.4 billion, China's insurance market is developing rapidly. Still, insurance penetration in China remains low compared with western measures. That leaves plenty of room for growth. Traditionally, the Internet constitutes the effective condition of disintermediation of traditional insurance distribution network. As the Internet lowers transaction costs, it will create opportunities for new intermediaries and existing institutions.

According to the data of national insurance business in 2016, the total business increased by 27.50%, property insurance by 9.12% and life insurance by 31.71%. Nearly two years insurance business is rising substantially, not be all jobs have five social insurance and one housing fund, often when accident happens, can regret why did not buy insurance. At present, the number of private insurance has also risen sharply, and more and more people believe that insurance is a kind of protection. However, it is quite controversial that some insurance programs have defects. To be precise, the insurance people buy does not conform to affordability or availability. Insurance gradually creates a stereotype of "fraud" on people, and the way to weaken this stereotype is the Internet insurance industry.

As a traditional industry, insurance industry needs to rely on agents and consume labor to sell. Most agree that the relative advances of the Internet and information technology have seriously affected the economic efficiency and characteristics of the financial services industry. The Internet constitutes a sufficient condition for the interruption of non-traditional insurance distribution network. While the Internet certainly has the potential to create distribution channel conflicts and incentive intermediaries, there is still success in reducing transaction costs, but it can facilitate incentives for intermediaries, the creation of new intermediaries, so the Internet will be a very small network, not a middleman. It will also affect product design, making it economically attractive to enable unbundling and repackaging of various forms of insurance. In addition to insurance costs, the Internet will also provide private market solutions for major insurance regulatory concerns, thereby improving the affordability and availability of insurance.

China's Internet insurance industry is developing rapidly, China has a booming e-commerce platform, and the influence of social media is increasing. China has more than 50 million smartphone users, and with the rise of the middle class, massive urbanization, deregulation of the insurance industry and a younger generation of consumers, all of these have played an important role in the rise of the Internet insurance industry.

The most representative is zhongan insurance co., LTD., which is the first Internet insurance company in China. Operating income increased by about 35% from 2015 to 2016. In 2016, zhongan reported online premium of more than 375 million dollars, up 49% from 2015. The company is a digital insurance company, supported by an open and scalable cloud-based core insurance platform, providing high-speed, high-volume services that consumers demand.

China's digital health is another innovation in the Internet insurance market. The healthcare market is expected to grow to $1 trillion by 2020. The opportunity to expand private health insurance has come as the government deregulates the market. Not surprisingly, private investment has brought new business models and technology-led innovation to China's digital health market.

Ping an is a very successful diversified financial services company. As one of the three largest private health insurance companies in China. It's very focused on the digital health market. As China's leading digital health platform, it has more than 120 million registered users. Consumers are rising and embracing the Internet of all things. China is a fast growing market, and the insurance industry has a lot of room to grow. Internet insurance companies and incumbents are thriving in China by adopting new technologies and pioneering innovations. Many entrepreneurs believe that going from zhongan technology to ping an good doctor will open a new business model for China's Internet insurance industry.

Since 2010, the development of the Internet through smart phones and the development of social networks have also contributed to the increased demand for available resources and the diversity of use of information technology and related services. In addition to data generated directly by users, government incentives for open data contribute to the increase and diversification of available data and to stakeholder development through its valuation.

The insurance industry was one of the first companies to make extensive use of information technology, an ideal tool for performing a large number of sequential and segmented tasks. Such adoption has greatly changed the relationship between insurance companies and customers. The optimization of management has gradually given way to the real commercial struggle, and insurance has gradually become a consumer product. The positioning of stakeholders will become crucial due to the increasingly fierce environmental competition.

The next few years are heading for an explosion of the Internet of things and artificial intelligence. Advanced insurance companies have invested heavily in these technologies, so some of them will gain a competitive advantage by improving the quality of customer relationships, increasing their profits, and providing their prospects and customer guarantees, as well as services better suited to their needs. Because of the adoption of advanced technology, the cost has been greatly reduced.

Since the emergence of information technology in the industry, data represents the fundamental assets of insurance companies. Data is the core of the relationship between policyholders and insurance companies, helping to create the conditions for their joint commitment. Insurance companies conduct business and manage the risks they face by predicting the likelihood of future claims. An understanding of risk and customer behavior is in fact a key part of ensuring the sustainability of the insurance business and the competitive positioning and market share maintenance and development of insurance companies. In terms of prevention and claims management, the ability to access more and more information and to process this data in real time or near real time can help better support policyholders and reduce the cost of claims.

China's rapidly developing insurance regulatory system is seen by some as inadequate and by others as excessive. The speed and direction of regulatory reform has responded to these imbalances and the economic and market conditions that have developed the industry. With the blind pursuit of market expansion and development, many related market problems have emerged. In addition, the change of international insurance market after the global financial crisis has changed the development goal of China's insurance industry. In recent years, the industry's financial strength and health have been highlighted, and the need for consumer protection has received increasing attention.

As far as the development of big data is concerned, although it is a good trend, there are still problems in the leakage of customer related data and network payment. Internet insurance should have more secure systems and strengthen risk management.

As far as products are concerned, insurance companies seldom have their own innovative products. They often borrow ideas from other companies and modify them slightly to become their own products. Product homogenization is serious, are cookie-cutter products, reduce customers' desire to buy. And there are immature products, claims services and insurance products do not match. There are many reasons why some people buy medical insurance, but are told that they cannot use it when they have an accident or cannot get a claim in time. These kinds of things lead to the loss of customers in the insurance industry.

The growing importance of e-commerce represents a watershed event for the insurance market. Therefore, it is very important to improve the computer system and improve the utilization rate of big data. Internet insurance, like most businesses. By reducing information costs, big data will enable insurance companies to classify, underwrite and price risks. Competitive market forces will force insurers to settle claims more accurately and efficiently. As a result, they save consumers money in the form of lower insurance premiums. E-commerce and big data have shifted insurance companies from a product-oriented approach to more ways to expand the overall availability of private insurance.

Improve product quality and optimize claims process. Propose innovative products that impact product design changes and expand the overall availability of insurance. The product has a detailed claims process and more transparent price and good attitude of customer service. Claims can be timely obtained through online operations. When customers buy products, they can consult customer service if they don't understand the detailed introduction on the Internet, which will be more convenient for customers and save the cost of insurance companies. By reducing transaction costs, e-commerce makes insurance products and services more highly intermediated. Through Internet insurance, consumers can easily compare the prices and product attributes of insurance companies.

The Internet insurance industry also brings opportunities and challenges for regulators. Internet insurance improves the information efficiency of the insurance market, which may weaken the situation of price and policy form regulation. Regulators need to focus on cyber theft and tighten regulation of the Internet.

Overall, the Internet will significantly improve the efficiency of insurance markets, benefiting institutions and interests by reducing transaction and information costs. These cost savings for consumers, insurance will better play its potential, as a mechanism to provide funds not only for accident costs, but also for society, to better prevent and mitigate losses.

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