Reading guide:On December 6, under the guidance of the Digital Finance Research Center of Peking University, Tencent Research Institute and the Fintech 50 Forum were co-sponsored"2023 New Energy Vehicle Insurance Industry Development and Trend Seminar".It was successfully held at the National School of Development of Peking University. At the seminar, a blockbuster was released"2023 New Energy Vehicle Insurance Development Report".The report was jointly compiled by a joint research team composed of the Digital Finance Research Center of Peking University, Tencent Research Institute, Tencent Wesure, Samsung Property Insurance and other institutions, with academic support from LexisNexis Risk Information (hereinafter referred to as "LexisNexis Risk") and the National Big Data Alliance for New Energy Vehicles. Well-known experts from academic institutions, regulatory authorities and industry frontiers discussed the hot issues of the development of new energy vehicle insurance.
1 Opening Remarks
The first part of the meeting, consisting of:Professor Huang Yiping, Director of the Center for Digital Finance at Peking University, and Professor Yang Tao, Deputy Director of the National Finance and Development LaboratoryHe gave an opening speech successively. TencentDu Xiaoyu, vice president of the Institute and chief convener of the Fintech 50 Youth ForumChair the meeting. 
Du XiaoyuVice President of Tencent Research Institute and Chief Convener of Fintech 50 Youth Forum.
Huang YipingDirector of the Center for Digital Finance, Peking UniversityHuang Yiping, director of the Center for Digital Finance at Peking UniversityFirst of all, on behalf of the Digital Finance Center of Peking University, I would like to welcome all the guests. Professor Huang Yiping said in his speech that new energy vehicle insurance is at the overlap of the "five major articles", which is closely related to digital finance, technology finance, inclusive finance and green finance. In recent years, China's new energy vehicle industry has developed rapidly, and the demand for new energy vehicle insurance is also growing rapidly.
Yang TaoDeputy Director of the National Finance and Development LaboratoryYang Tao, deputy director of the National Finance and Development LaboratoryIn his speech, he said that the development of new energy vehicle insurance needs attentionTechnology, data, scenarios, risk control, and ecologyFive aspects of the question: what breakthroughs can technological innovation bring to new energy vehicle insurance;How to achieve a virtuous circle of industrial finance and technology through data standardization;How can new energy vehicle insurance be implemented in more scenarios with the blessing of digital finance?How regulation can prevent risks in a burgeoning and emerging sector;how the innovation and service ecology of new energy vehicle insurance will be built, and so on. Professor Yang Tao emphasized that it is of high value to combine five major articles to conduct in-depth research on the field of new energy vehicle insurance, and he looks forward to all parties working together to promote the development of new energy vehicle insurance.
2 Publication of results
The second part of the meeting, consisting ofXie Xuanli, a senior researcher at the Center for Digital Finance at Peking UniversityReleased the results of the "2023 New Energy Vehicle Insurance Development Report". The report analyzes the pain points and causes of the current new energy vehicle insurance market, and analyzes the value of the application of technology in the field of new energy vehicle insurance from the perspectives of product design, marketing, and claims, sorts out the cutting-edge case practices at home and abroad, and finally puts forward seven major development trends and ten development suggestions to provide suggestions for the development of the industry.
Xie XuanliSenior Research Fellow, Center for Digital Finance, Peking UniversityXie Xuanli, a senior researcher at the Center for Digital Finance at Peking UniversityIt is pointed out that both the industrial chain of new energy vehicles and the industrial chain of new energy vehicle insurance are very different from the traditional model, so the risk points, compensation costs, service methods, maintenance costs, etc. have also undergone great changes, and new energy vehicle insurance is still in the process of gradual exploration and improvement. The study finds that the circulation of data and the application of technology will play an important role in the optimization of new energy vehicle insurance, which requires the cooperation of regulators, insurance companies, car companies and other parties to better solve the "three highs" problem of high premium, high insurance rate and high loss ratio of new energy vehicle insurance.
3 Report reviews
The third part of the meetingWang He, President of the Chinese Association of Actuaries and former Vice President of PICC Property and Casualty Insurance, Guo Jinlong, Researcher of the Institute of Finance and Economics of the Chinese Academy of Social Sciences and Research Center for Insurance and Economic Development, and Li Jing, General Manager of Beijing Ideal Insurance Brokers, from the perspective of regulatory, academic, and industrial circles, the content of the report was commented.
Wang HePresident of the Chinese Association of Actuaries, former Vice President of PICC Property & CasualtyWang He, President of the Chinese Association of Actuaries and former Vice President of PICC Property & CasualtyFrom the perspectives of "new structure, new risk and new insurance", the key issues faced by the new energy vehicle insurance industry are proposed. First of all, in terms of structure, the structural differences between new energy vehicles and traditional vehicles have brought new challenges to insurance risk assessment and pricing. In addition, in terms of risks, new energy vehicles also bring new driving risks and new challenges of maintenance costs, and insurance companies need to pay attention to these new risks and make corresponding adjustments. Therefore, new energy vehicles need specialized new insurance products, which not only include the content of "exclusive clauses", but also realize the specialization of new energy vehicle risk management. Chairman Wang He emphasized that to solve these problems, it is necessary for the industry to work together to safeguard the rights and interests of consumers, promote fairness, and form a harmonious and symbiotic relationship between new energy vehicle insurance and new energy vehicle manufacturing industry.
Guo JinlongHe is a researcher at the Institute of Finance and Banking, Chinese Academy of Social Sciences, and director of the Research Center for Insurance and Economic Development.
Guo Jinlong, researcher of the Institute of Finance and Economics of the Chinese Academy of Social Sciences, director of the Center for Insurance and Economic DevelopmentIt is pointed out that the business model and product innovation of insurance companies have failed to keep up with the changes in the risk of new energy vehicles and the innovation of business models, and the "three highs" problems faced by new energy vehicle insurance may still exist in the future, and the problem of new energy vehicle insurance needs long-term tracking research and development. Director Guo JinlongIt is pointed out that it is possible to explore the insurance mechanism, expand the floating range of pricing coefficients, etc., to promote car companies to continuously improve technology, reduce risks and maintenance costs, and promote drivers to improve driving Xi, so as to achieve the effect of risk reduction. It is expected that through long-term research and reference of international experience, the industry will be promoted to solve the problems and pain points in the development process.
Li JingGeneral Manager of Beijing Ideal Insurance BrokersBeijing Ideal Insurance Brokers***General ManagerLi JingIt is believed that many challenges faced by the new energy vehicle insurance business, such as high loss ratio and zero integer ratio, need to be considered from the perspective of the entire automotive industry chain, and at the same time, it also requires the joint efforts of OEMs and insurance companies to develop new insurance pricing coefficients and derivative insurance products, including autonomous driving, charging piles and battery insurance. Li Jing, General ManagerIt is pointed out that more and more small and medium-sized insurance companies are taking the initiative to contact OEMs to seek market structure changes and policy structure adjustments, which will help promote the business development of the new energy vehicle industry. In the future, it is necessary for all parties to work together to promote the development and improvement of new energy vehicles and their insurance business from various aspects such as policy, theory and practice.
4. Industry exchanges
The fourth part of the meeting was industry exchanges, which were chaired by the President of Qihang Risk Research InstituteYang Shan, Director of Kuaishou FinanceLi Xinye, researcher of the National Big Data Alliance for New Energy VehiclesKang Yifei, Director of Affairs of RELX GroupGuo Xu, Director of Risk ProductsGao Wei, shared his views on the development of new energy vehicle insurance.
Yang ShanPresident of the Voyage Risk Research InstituteYang Shan, President of Qihang Risk Research InstituteHe pointed out that the development of the new energy vehicle insurance market is currently in a dilemma, that is, on the one hand, consumers complain about high premiums, and on the other hand, insurance companies have been losing money in the new energy vehicle insurance business as a whole, resulting in huge challenges for the sustainable development of the new energy vehicle insurance business. To break through this dilemma,It requires the joint efforts of consumers, insurance companies, insurance intermediaries, OEMs, maintenance companies, industry associations and regulatorsThe insurance brokerage company can play a very important role in it, it can use its own advantages and characteristics to effectively link and coordinate all parties, so as to systematically and integrally study and formulate solutions, which also has higher requirements for the professional level of the insurance brokerage company. At the same time, insurance companies should use insurance technology and big data to conduct personalized, scientific and accurate pricing and process risk control. In addition,Dean Yang ShanIt is believed that the short-term behavior of insurance companies and vicious competition in the market is also the main obstacle to the development of new energy vehicle insurance, and hopes that the managers of various insurance companies will pay attention to forward-looking and adhere to long-term doctrine in the development of their own enterprises, and believe that industry regulators will play a greater role in strengthening market macro management, creating a benign market environment, and promoting the healthy development of the insurance market.
Li Xinye, Director of Kuaishou Finance
Li Xinye, director of Kuaishou Finance**It is believed that the difference between new energy vehicles and traditional fuel vehicles is not limited to the difference in the drive system, but also includes the technological innovation and application in recent years, such as automatic driving, intelligent vehicle machine system and so on. Therefore, the exploration of new energy vehicle insurance should also refer to theseSoft technology changeBring similarities and differences to the driving and use of the vehicle. At the same time, at this stage, market participants should be more effective and create value under the current regulatory rules. As OEMs get involved in the insurance field, in the future, Internet platforms should consider how to coordinate their interests with OEMs to achieve a win-win situation.
Kang Yifei, researcher of the National Big Data Alliance for New Energy VehiclesKang Yifei, a researcher at the National Big Data Alliance for New Energy VehiclesThis paper introduces the data application exploration research carried out by the National Big Data Alliance for New Energy Vehicles in the field of insurance. At present, the alliance is carrying out research work in the field of scientific research based on the open laboratory of new energy vehicle big data. In the field of insurance, the alliance has carried out the exploration of pricing factors and risk rating systems of dynamic data. In addition, the alliance is also carrying out pilots in the field of commercial vehicles, how to empower battery banking and operation management through digital models and algorithms to ensure vehicle safety and operational efficiency. In the future, these applications will play a role in a wider range of applications, combined with digital technologies, to provide important support for the development of the industry.
Guo Xu, Director of Affairs of RELX GroupGuo Xu, Director of Affairs of RELX GroupIt is believed that the development of the new energy vehicle industry is of strategic significance for the upgrading of China's manufacturing industry, and although insurance companies are facing challenges in the field of new energy vehicle insurance, the opportunities are also significant. The flow of data can help insurers better understand the market and risks, which can improve their business. At the same time, it is also necessary to pay attention to the protection of personal privacy and ensure the compliant use of data. In addition,Director Guo XuIt is pointed out that the combination of digitalization and insurance will give rise to many new business formats, and we should pay attention to the development of these new business formats, and at the same time return to the essence of insurance, so that insurance companies can hand over more professional things to third parties to do to reduce costs and improve efficiency.
Gao Wei, Director of Risk ProductsGao Wei, Director of Risk Products at LexisNexisIt is pointed out that new energy vehicles have the characteristics of younger owners, the proportion of ADAS function assembly is higher than that of fuel vehicles, and the risk of battery electronic control is more complex. In order to better assess the risk, the risk assessment should be more accurately realized through the data analysis of "dynamic and static" through the scoring of new energy vehicles, vehicle ratings, and risk monitoring. At present, the above solutions have been applied in scenarios such as new energy online car-hailing identification, new energy battery efficiency analysis, and new energy off-site vehicle identification. Director Gao WeiHe said that in the future, he hopes to improve the risk identification efficiency and industry service capabilities of insurance companies and improve the insurance experience of consumers through the application of data and algorithms in four links (accurate customer acquisition, underwriting screening, actuarial modeling, and pricing optimization).
Research on digital finance in Weiming Lake"Weiminghu Digital Finance Research"** is the official WeChat account of the Institute of Digital Finance, Peking University***
Founded in 2015, the Center for Digital Finance at Peking University is dedicated to academic and policy research in the field of digital finance and fintech. The "Peking University Digital Inclusive Finance Index" released by the center has become the most cited index in the academic community to measure the development of China's digital finance. The research team of the center was approved as a major national social science project "Research on Innovation, Risk and Regulation of Digital Inclusive Finance". The center also actively promotes international academic exchanges and cooperation, and has set up joint research groups with the International Monetary Fund (IMF), the Bank for International Settlements (BIS) and the Brookings Institution to conduct in-depth research on China's digital finance issues.