Digitalization is the "second half" of the competition in the insurance industry, and major insurance enterprises have increased their investment in insurance technology year by year. At the same time, the financing amount of insurance technology has reached a new high in recent years.
According to the 2022 China Insurance Development Report (hereinafter referred to as the "report") jointly released by Zhongnan University of economics and law and Yandao digital science and technology, 430 financing in the field of global insurance science and technology occurred in 2021, with a successful financing of US $13.722 billion, with a year-on-year increase of 92.89% and 43.8% respectively.
According to the report data, if the time is extended to the 10-year period from 2012 to 2021, it can be found that the financing amount and financing times of the global insurance technology market have increased steadily from US $606 million and 43 times respectively.
Since 2015, China's Insurance Technology Investment and financing has also been hot, keeping pace with the global market.
According to the report data, from 2015 to 2021, the number of insurance technology financing in China rose and fell, but the financing amount reached a new high. In 2020, China's insurance technology had 27 financing, with a financing amount of 3.916 billion yuan; It is estimated that there will be 31 times of financing and 4.661 billion yuan of financing in 2021.
The report believes that insurance companies take science and technology as an important strategy for development, and the investment continues to increase. Moreover, affected by covid-19 epidemic, the development of insurance technology in China has further accelerated. Scientific and technological innovation represented by big data, cloud computing and blockchain has rapidly penetrated into the insurance industry. With the rapid development of Intelligent Finance and the clearing of industrial chaos, it is expected that the investment in insurance technology will maintain a growth rate of about 20% and increase to 79.75 billion yuan by 2024.
Meanwhile, according to the report data, since 2015, the scale of China'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 insurance technology market fluctuated and decreased, with an annual compound growth rate of 12.45%. It is expected that the scale of insurance technology market will increase significantly in 2021.
In January 2022, the China Banking and Insurance Regulatory Commission issued the guidance on the digital transformation of the banking and insurance industry, which aims to achieve remarkable results in the digital transformation of the banking and insurance industry by 2025.
Looking ahead, the report said that the trend of digitization and low-carbon will be the core drivers that determine the medium and long-term development prospects of the global economy in the future. The digital transformation of the insurance industry will promote the high-quality development of the industry and give birth to new business forms and models.
But digitization also faces strict supervision. China's "data security law" and "personal information protection law" came into force one after another last year. Together with the "network security law" which has been in force for many years and the "measures of the China Banking and Insurance Regulatory Commission for the supervision of data security (for Trial Implementation)" and other documents officially issued at the beginning of last year, a strict data supervision network has been formed.
According to Lou daoyong, founder and CEO of Yandao digital technology, the legal framework in the field of information and data security in China 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 the insurance industry carries out risk management, because the risk has the characteristics of information asymmetry, it also needs to be cracked through a large amount of data. The advent of the era of strong data compliance supervision means that the whole industry is about to face the important task of compliance.
Last year, the life insurance industry witnessed the first negative premium growth in nearly 10 years, and the number of insurance agents also contracted sharply. According to the report data, the life insurance premium income has continued to grow in recent 10 years, but the growth rate has slowed down. In 2021, the life insurance premium income showed a negative growth of 0.3% for the first time in 10 years. According to the statistics of China first finance, the number of life insurance agents of six "a + H" listed insurance companies decreased by 1.65 million year-on-year by the end of last year.
Under the background of strong supervision superimposed on the transformation of life insurance industry, how can the life insurance industry better carry out digital transformation? Lou daoyong said that the advantages of the "customer-centered" sales model are beginning to appear. In the future, life insurance companies should pay more attention to the combination of data and technology, work hard to operate customers, improve efficiency, average parts and business quality, and focus on six core aspects: organization and management system optimization, sales process reengineering, system to ensure information security, effective and accurate data support for compliance, learning and training based on digital model and digital management view, Promote digital transformation.
