Digitalization is the "second half" of competition in the insurance industry, and major insurance companies have increased their investment in insurance technology year by year.
At the same time, the financing amount of insurance technology has also hit a new high in recent years.
According to the data of the "2022 China Insurance Development Report" (hereinafter referred to as the "Report") jointly released by Zhongnan University of Economics and Law and Yandao Digital Technology, there will be 430 financings in the global insurance technology field in 2021, successfully raising 13.722 billion US dollars, and the financing amount And the number of financing increased by 92.89% and 43.8% respectively year-on-year.
The report data shows that if the time is extended to the 10-year period from 2012 to 2021, it can be found that the global insurance technology market financing amount and financing times have increased steadily from US$606 million and 43 times, respectively.
Since 2015, my country's insurtech investment and financing has also maintained its popularity, keeping pace with the global market.
Report data shows that from 2015 to 2021, the number of insurtech financings in my country has risen and fallen, but the amount of financing has hit a new high.
In 2020, my country's insurance technology has 27 financings, with a financing amount of 3.916 billion yuan; it is expected to reach 31 financings and a financing amount of 4.661 billion yuan in 2021.
The report believes that insurance companies regard technology as an important strategy for development, and their investment continues to increase.
And affected by the new crown epidemic, the pace of my country's insurance technology development has further accelerated.
Technological innovations represented by big data, cloud computing, and blockchain are rapidly infiltrating the insurance industry.
With the rapid development of smart finance and the clearing of industry chaos, it is expected that the investment in insurance technology will maintain a growth rate of around 20%, and will increase to 79.75 billion yuan by 2024.
At the same time, the report data shows that since 2015, the scale of my country's insurance technology market has also increased year by year, from 44.15 billion yuan in 2015 to 79.38 billion yuan in 2020.
According to the report, the growth rate of the insurance technology market has fluctuated down, with a compound annual growth rate of 12.45%. It is expected that the insurance technology market will increase significantly in 2021.
In January 2022, the China Banking and Insurance Regulatory Commission issued the "Guiding Opinions on the Digital Transformation of the Banking and Insurance Industry", aiming to achieve remarkable results in the digital transformation of the banking and insurance industry by 2025.
Looking ahead, the report said, digitalization and decarbonization trends will be the core drivers that will determine the future medium and long-term development prospects of the global economy.
The digital transformation of the insurance industry will promote the high-quality development of the industry and give birth to new business forms and new models.
But digitization also faces strict regulation.
my country's "Data Security Law" and "Personal Information Protection Law" came into effect last year, together with the "Cybersecurity Law" that has been in effect for many years and the "China Banking and Insurance Regulatory Commission Supervision Data Security Management Measures (Trial)" and other documents. Weave a strict data supervision network.
In the opinion of Lou Daoyong, founder and CEO of Yandao Digital, the legal framework for China's information and data security has been fully constructed, and the country has completed the top-level design of data security governance.
The insurance industry is a typical "personal information" industry. Behind the law of large numbers is a collection of a large number of individual information.
When conducting risk management in the insurance industry, since risks have the characteristics of information asymmetry, they also need to be deciphered through a large amount of data.
The advent of the era of data compliance and strong supervision means that the entire industry is about to face the heavy responsibility of compliance.
Last year, the life insurance industry experienced negative growth in premiums for the first time in nearly 10 years, and the team of insurance agents also shrunk sharply.
The report data shows that in the past 10 years, life insurance premium income has continued to grow, but the growth rate has slowed down. In 2021, life insurance premium income will experience a negative growth of 0.3% for the first time in 10 years.
According to Yicai statistics, the number of life insurance agents of the six "A+H" listed insurance companies has dropped by 1.65 million year-on-year by the end of last year.
Under the background of strong supervision and transformation of the life insurance industry, how can the life insurance industry better carry out digital transformation?
Lou Daoyong said that the advantages of the "customer-centric" sales model are beginning to emerge. In the future, life insurance companies should pay more attention to the combination of data and technology, and work hard to manage customers, improve efficiency, average piece and business quality, and optimize the organization and management system. Process reengineering, systems to ensure information security, compliant, effective and accurate data support, learning and training based on digital models, and digital management views are six core aspects to promote digital transformation.
Author: Yang QianwenKeywords: