By Zhu Junsheng, Wang Min & Zhu Peibiao, Research Team on “China’s Financial Technology: Status-quo, Advance Trend and Development Strategy”, Research Institute of Finance, DRC

Research Report, Special Issue, No.34, 2019 (Total 1662) 2019-5-8

Abstract: A wide range of new technologies have exerted an extensive influence on the insurance industry, including cloud computing, big data, artificial intelligence, blockchain, Internet of Things and biological technology. In recent years, sci-tech has enhanced the advance of the insurance industry, propelled insurance product innovation and enabled insurance companies to develop new products on the basis of new market demand, and make dynamic and differentiated product pricing in light of the changing dimension and depth of data. Sci-tech is transforming the marketing model of the insurance industry from a product-based mode to a user-demand-oriented one. Sci-tech can boost the reform of business management models for insurance companies in the business links of underwriting and verification, loss assessment and claim settlement, customer service, risk aversion and anti-fraud service. Insurance technology also drives the innovation of business models to meet the ever-growing and dynamically-changing needs for insurance projects. Looking ahead, insurance technology will witness the following changes in terms of the business models. The in-depth integration between insurance and technology, between finance and service, between insurance sectoral connections and between online and offline businesses will make market factors become technology-based, customer experience become enriched, the cross-sectoral connections become ecologicalized and the insurance technology become human-based.

Key words: insurance technology, product innovation, managerial model, business model