With the development of science and technology, Internet insurance continues to grow rapidly around the world and has become the new darling of the times. As one of the world's largest internet insurance markets in the past decade, China's insurtech development has been particularly eye-catching, and the insurance industry is undergoing a digital and internet-led technological revolution.
In order to truly reflect the evolution and development of insurance technology in the past ten years, China Banking and Insurance News specially invited Zhou Yanli, former vice chairman and deputy secretary of the Party Committee of the China Insurance Regulatory Commission, Wei Chenyang, director of Tsinghua PBC Insurance and Pension Research Center, Zhang Jinhai, member of the Party Committee and vice president of PICC Group, Gu Wei, vice president of Sunshine Insurance Group, Li Xuejun, deputy secretary of the Party Committee and general manager of China Post Insurance, Jiang Xing, general manager of Zhongan Insurance, and the person in charge of Zhongan Xinke. Wang Min, Executive Deputy General Manager and Secretary of the Board of Directors of ZhongAn Insurance, Dou Yu, General Manager of the Financial Technology Department of Chinese Life Insurance, and many heavyweight guests participated in high-end interviews, telling the development process of insurance technology from their perspectives and experiences.
The historical collision of technology and insurance
Looking back on the past decade, InsurTech has become a shining star and has received widespread attention at home and abroad. According to incomplete statistics, among the more than 2,000 fintech investments in 63 countries around the world, the proportion of insurtech investment accounts for about 15%-20%.
China's regulatory authorities have issued policy documents such as the Medium- and Long-Term Plan for the Construction of Major National Science and Technology Infrastructure 2012-2030, the Guiding Opinions on the Digital Transformation of the Banking and Insurance Industries, and the 14th Five-Year Plan for the Development of Insurtech, which have opened a window for the integration of technology and insurance in the top-level design.
Explore a decade of chasing waves
In the past decade, under the wave of insurance technology, practitioners in China's insurance industry have also been tirelessly exploring the integration of insurance and technology.
In 2013, China's Internet users reached 56.4 billion, the country is taking off rapidly under the general trend of data interconnection. In this year, China's first Internet insurance company, Zhongan Insurance, was established. The emergence of Zhongan Insurance is the first real integration of insurance and the Internet, and technology has brought insurance into a new era of development - insurance consumers have begun to buy online, and insurance service channels have begun to change.
The online insurance has greatly improved the efficiency of insurance product marketing, and at the same time made the service response more timely, the user more simple to use, and improved customer satisfaction. These obvious features are starting to drive change across the industry at a rapid pace.
At the same time, the behavior of customers purchasing insurance puts forward higher requirements for the company's ability to use science and technology. Insurtech explorers have begun to transform their IT architecture, build a stronger technology platform, a flatter organizational structure, and build a better talent team, starting a series of changes. The gradual enrichment of insurance technology patent achievements, the steady improvement of data construction capabilities, the application of ChatGPT and other technologies, and the expansion of the circle of friends in the insurance ecosystem have brought more possibilities for the development of the insurance industry. The measures that benefit consumers, such as insurance light operation, first-class training, digital and intelligent customers, first-class sales, and straight-through claims, can be seen and felt by everyone. Combining cutting-edge technology, preventing natural disasters, deepening product design, achieving the "double carbon" goal, helping rural revitalization, and developing intelligent elderly care, let us enter the ranks of insurance powers.
The future is here for change
Throughout the course of human civilization, every leapfrog progress is backed by the continuous promotion of science and technology, and the scientific and technological revolution of insurance is on the way. With the blessing of technology, what will the insurance industry look like tomorrow?
Wei Chenyang, Director of Tsinghua PBC Insurance and Pension Research Center:"The process of technology and digitalization, in fact, it will produce a lot of challenges to some of the underlying logic of insurance, after you use data and numbers to better help this customer manage and identify risks, then this risk will actually slowly become smaller and smaller, and in turn it may have a weaker and weaker demand for insurance. Will you rely on selling insurance in the future, or selling this risk management means and tools, or a combination?For insurance companies, the ability and form of its products and services must be iterated. ”
Zhang Jinhai, member of the Party Committee and vice president of PICC Group"In the new decade of insurtech, it should be said that the prospects are very bright, the space is very huge, and it should be said that the entire industry is facing digital transformation and jointly promoting the changes in the industry. ”
Gu Wei, Vice President of Sunshine Insurance Group:"Science and technology must adhere to the principle of innovation, which has corresponding requirements for the organization, team, and talent mechanism. Therefore, we should say that first of all, science and technology should establish a culture of innovation and an atmosphere of innovation. ”
Li Xuejun, Deputy Secretary of the Party Committee and General Manager of China Post Insurance:"Technology used to be an enabler of industry change, and the next step will be to gradually become a leader in industry change. ”
Jiang Xing, General Manager of Zhongan Insurance:"We believe that the application of intelligent technologies such as AI and large models is accelerating the continuous reshaping of the user-centered insurance service driving chain, as well as the construction and improvement of the user-centered digital service system. ”
Dou Yu, General Manager of Fintech Department of Chinese Life Insurance:In the next decade, we believe that the development of the digital economy will accelerate, the value of data elements will be released at an accelerated pace, and we believe that the development of insurance technology will trigger more changes and innovations.
History has once again come to a crossroads, and the future has always been for change.
Ten years of innovation and innovation have made InsurTech an exciting theme in the new era.
Today, the changes brought about by the rapid development of technology are still beyond our imagination.
In the future, we will witness the great changes brought about by technology and insurance.
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