"Insurance + Technology" Improves Auto Insurance Service Level
Reporter Yu Yong
A few days ago, the Insurance Industry Association of China issued the "14th Five-Year Plan for Insurtech Development", which proposed to fully integrate internal and external data, establish an enterprise-level big data platform, and achieve unified management, centralized development, and integration and sharing of global data.
Further enhance data insight capabilities and scenario-based data mining capabilities, promote the in-depth application of big data technology in the entire value chain of insurance business, and drive continuous innovation of business models.
In the field of auto insurance, the heavy-duty truck insurance business has always been a love-hate relationship among insurance companies.
On the one hand, the average vehicle insurance premium is high, and underwriting helps insurance companies to rapidly expand their business scale; on the other hand, the operation of heavy-duty trucks is complicated and the risk of accidents is high.
In 2013, the national public supervision and service platform for road freight vehicles launched by the Ministry of Transport, the Ministry of Public Security and the Ministry of Emergency Management was launched.
According to Li Chengcai, general manager of the insurance business department of Beijing Zhongjiao Xing Road Information Technology Co., Ltd., Zhongjiao Xing Road is the construction and operator of the freight platform. By the end of 2021, the platform has more than 7 million vehicles connected to the network, and the cumulative track point data received exceeds 12. trillions.
Through the big data information of the Internet of Vehicles accumulated after the platform was launched, "insurance + technology" has produced a series of chemical reactions.
Aiming at the pain point that insurance companies generally lack effective risk assessment and control methods for heavy-duty truck insurance, the big data technology of the Internet of Vehicles provided by the platform provides insurance companies with a key starting point for risk management and helps the high-quality development of the industry.
It is worth mentioning that the platform sends safety reminders to vehicles through the Beidou in-vehicle intelligent terminal. The correction rate for speeding exceeds 96%, and the correction rate for fatigue driving is 41%.
Data from the Ministry of Public Security shows that from 2012 to 2019, major traffic accidents fell by 92%, the number of heavy-duty truck accidents per 10,000 vehicles fell by 36%, and the number of deaths per 10,000 vehicles fell by 40%.
The reporter learned in the interview that the freight platform provides technical guarantees for road traffic safety and the personal safety of freight drivers.
At the same time, the decline in the accident rate of road freight has also reduced the insurance company's compensation rate, which has provided a positive promotion for the healthy development of the truck insurance business.
Through the active application of insurance technology, the truck insurance business has formed a win-win situation for consumers and insurance companies.
In addition, after a traffic accident, the platform can also restore the scene based on the vehicle's driving trajectory before the accident and the driver's driving behavior, helping insurance companies to quickly settle claims.
In November 2018, Zhongjiao Xinglu and Bank of China Insurance Information Technology Management Co., Ltd. launched the heavy-duty truck IoV insurance risk control service based on the heavy-duty truck IoV data and the insurance industry's full auto insurance underwriting and claim data.
By the end of 2021, relying on the freight platform, Zhongjiao Xing Road has provided a total of 46 million inquiries to the industry, involving 6.4 million heavy-duty trucks, covering more than 90% of the industry's heavy-duty truck business, and has served PICC P&C, Ping An P&C, Pacific Ocean More than 20 insurance companies, including Property & Casualty Insurance, China Life Property & Casualty Insurance, and Continental Property & Casualty Insurance, have significantly improved their risk assessment and management capabilities for heavy-duty trucks.
According to Li Chengcai, the service can solve three problems in a centralized manner: first, through the verification of vehicle network access based on the big data technology of the Internet of Vehicles, to avoid the risk of counterfeit cars and modified cars; second, through the four major aspects of operation, road, driving behavior and business IoV-like risk factors can understand the source of vehicle risks and effectively improve the accuracy of pricing models; third, risk score queries can help insurance companies evaluate the risks of vehicles to be underwritten and accurately assess costs based on vehicle operating data within 12 months.
Li Chengcai said that the development of insurance technology has enabled the insurance business to achieve high-quality development.
After more than 3 years of exploration and practice, CCXing Road has accumulated rich application experience in the use of Internet of Vehicles big data, artificial intelligence and other technologies to improve the level of refined management and control of claims and anti-fraud in the large truck insurance business of insurance companies.
Zhongjiao Xinglu hopes to further integrate with insurance companies, actively meet actual needs in the optimization of operating truck models, reduce the proportion of personal injury cases and insurance actuarial, etc., and use data intelligence to drive insurance companies' decision-making, business structure adjustment, and service model adjustment. To achieve mutual benefit and win-win.