锘?!DOCTYPE html> Technology Reshapes the Value Chain in Every Aspect of Insurance
  • 2020 China鈥檚 Insurance Technology Industry Report

    Source:iResearchApril 10,20205:47 PM Overview

    Technology Reshapes the Value Chain in Every Aspect of Insurance

    The applications of four core technologies in various links of insurance

    The increasingly mature key technologies such as cloud computing, big data, artificial intelligence, and block chain have brought opportunities for the reshaping of the value chains in all aspects of the insurance industry. The application of insurance technology in the product research and development area is not deep. The main application is to assist actuaries in risk pricing and customized product development based on big data analysis. The insurance marketing area is where the insurance technology is most applied since it has many pain points and business scenarios are more conducive to the implementation of technologies such as AI big data. In the area of underwriting and claims, insurance technology can help companies improve capabilities and efficiency of risk control and user experience. These two factors will be the core competitiveness of insurance companies.

    Contents

    Driving factor: Although China's insurance industry is developing rapidly, the situation of most insurance companies is bleak. The long-term extensive mode of economic development has resulted in many industry pain points. Therefore, it is inevitable that technology will serve as the factor driving the industry to achieve high-quality development.
    Strategy: The traditional insurance companies actively promote the development of insurance technologies. Large insurance companies represented by Pingan, China Life, CPIC and PICC have attached strategic importance to 鈥渋nsurance + technology鈥?in recent years. Insurance institutions鈥?investment in technology reached 31.9 billion yuan in 2019 and it is expected to reach 53.4 billion yuan in 2022.
    Capital: the financing amount of China's Insurance technology startups reached 3.98 billion yuan in the primary market in 2019. Compared with payment, credit and other financial technology fields, the development of insurance technology has been more steady. It is expected that the industry will experience a listing window phase in the next three to five years.
    5 years ago, insurance technology was still in the conceptual stage. Now the insurance institutions have applied various technologies to the links of the insurance value chain and achieved economic benefits. iResearch estimates that a medium-sized property insurance company which actively uses insurance technologies can achieve a comprehensive cost rate optimization of 6.6%-8.9% in 2025, thereby improving its competitiveness in the industry.
    The second chapter mainly analyze the application of the four technologies, namely cloud computing, Big data, AI and Blockchain, in the insurance value chain.
    Cloud computing: As big data, artificial intelligence and other technologies require the support of underlying computing power, cloud computing is the first step for companies to develop insurance technology. Concerns about data security have limited the current development of the public cloud for insurance. This problem will be solved with the improvement of regulations and the establishment of industry standards.
    Big data: Big data technology find valuable information from massive data, thereby changing the traditional pricing, marketing, and underwriting methods.
    Artificial Intelligence: In 2019, the Insurance institutions' investment in artificial intelligence reached 4.29 billion yuan. Artificial intelligence help enterprises reduce costs and improve efficiency. The labor-intensive business has become the main scenarios of artificial intelligence applications. Based on a conservative prediction, artificial intelligence will save the industry about 35 billion yuan labor costs in 2022.
    Blockchain: Blockchain solves the problem of mutual trust in the insurance industry and breaks down information barriers on the premise of data privacy protection. At present, block chain is still in the pilot implementation stage in the insurance industry. The industry invested about 300 million in 2019 in block chain. Led by the supervisors, the application value of block chain will be great in the future.
    Trend 1: In the future development of insurance technology, the connections between supervisors, insurance companies, and insurance technology companies will be closer.
    Trend 2: More emerging technologies will be applied in the insurance sector to change the industry form. The insurance institutions need to remain sensitive to technologies to be prepared for the challenges and opportunities brought by technological development.

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