In contrast, the changes in the insurance industry are relatively lagging behind. Since 20 15, many innovative enterprises have entered the internet insurance industry. Today, Internet insurance is still in the first year of development.
According to the data of China Insurance Regulatory Commission, the premium scale of China reached 3. 1 trillion in 20 16, and the huge market space made the last virgin land of Internet insurance show great attraction. From the entrance of Internet giants to the participation of startups to the layout of investment institutions, the whole industry is bustling. However, the story of internet insurance has been told for so long, why hasn't it broken out yet?
We believe that there are still many problems to be solved in the insurance industry, from product design and pricing to sales and claims settlement. The telephone bombing of millions of agents has caused many users to talk about insurance, and the accumulation of the industry cannot be changed overnight. In the process of solving these problems, which enterprises have the opportunity to grow into giants in the insurance field?
Therefore, based on recent field research and analysis of domestic and foreign benchmark companies, like eyes released the second edition of like eyes China Internet Insurance Enterprise Valuation List every six months, providing reference for the industry and investors.
Internet insurance valuation list: which companies have the opportunity to become giants in the insurance field?
In the production of this list, Love Analysis selected typical insurance innovative enterprises, which are mainly reflected in three aspects:
First, technological innovation. With the rise of mobile Internet, big data, artificial intelligence, blockchain and other technologies, the insurance industry is also quietly changing. Technological innovation has improved sales efficiency, and underwriting claims and product design are also expected to change.
Second, product innovation. Product innovation comes from the change of user demand. With the development of society, users have new risk protection needs, among which the most typical case is return insurance, which meets the protection needs of users when returning goods.
Third, the sales model innovation. Traditional insurance sales, whether through professional insurance intermediaries or part-time agents, depend on people, and the personnel cost is high. Internet insurance broadens sales channels through 2C direct sales, scene sales and group insurance, eliminating the link of manual sales.
The following will take the insurance industry chain as the main context, supplemented by the classification of insurance types, and explain them to readers one by one.
Insurance company-the game of giants
This time, there are seven insurance companies on the list with a total valuation of 57.8 billion yuan. These seven companies are all famous families with prominent backgrounds, so insurance companies are really giants' games.
Internet insurance valuation list: which companies have the opportunity to become giants in the insurance field?
The entry threshold for insurance companies is very high, which is first reflected in the registered capital. The registered capital of listed companies is above 654.38+0 billion. Even if it meets the requirements, it is not easy to pass the examination and approval of the China Insurance Regulatory Commission. Up to now, more than 200 proposed insurance companies have queued up at the CIRC to apply for licenses, while only 22 companies were approved to be established in 20 16.
In the development of Internet insurance, BAT has entered the market one after another, with different progress. Ali strides forward, Tencent moves step by step, and Baidu struggles.
Ant Financial Holdings holds Cathay Property Insurance, shares in Mei Xin Life Insurance and Zhongan Insurance, and takes the lead in completing the layout of life insurance and property insurance licenses. In addition, Ali is also preparing to set up a health insurance company. In combination with Ant Financial's recently launched "auto insurance points" and Alipay's offline payment of health insurance, Ali has targeted the life insurance and auto insurance with the largest market space, and his ambition can be seen.
Tencent is one of the founders of Zhongan Insurance, and its subsidiary INK Bicheng has participated in Hetai Life Insurance. Compared with Ali, Tencent's insurance layout is slightly inferior, but Tencent has heavyweight portals such as WeChat, which can guide life insurance business, and can also conduct targeted push and accurate pricing of insurance products according to user portraits, which is worth looking forward to.
As early as the end of 20 15, Baidu cooperated with Allianz Insurance and Gaoyao Capital to build Baian Insurance, aiming to integrate into Baidu's own O2O and other scenarios. However, Baian Insurance has not been approved for a long time, and its own take-out and group buying scenarios have also lost their first-Mover advantage.
The entry of Internet giants has filled the insurance industry with imagination. Just as Tencent and Ali completely changed their offline payment habits, we expect the giants to enter and transform the insurance industry from the industrial chain.
The first is the product side. Traditional insurance products, especially life insurance clauses, are complicated and difficult to understand, and are not suitable for online sales. Ali and Tencent have strong product capabilities and are good at interacting with users, which is expected to make the design of insurance products more concise and easy to understand. In addition, the product design of traditional insurance companies is mostly based on the law of large numbers, starting from underwriting interests; Relying on big data, the design of Internet insurance products is expected to meet the needs of users.
Secondly, the sales link, traditional insurance sales rely on agents, part-time channels and so on. High commission rate and poor user experience. Internet insurance sales are facing the problem of obtaining customers, and the competition for traffic is still behind.
Tencent and Ali have mastered the main payment and social scenes of users. Wechat alone has more than 800 million users. In addition, they also laid out a large number of financial and consumption scenarios, mastered the trading scenarios, and easily attached insurance.
Finally, the claim was settled. Traditional insurance claims are cumbersome and have a long period. Many platforms still need users to provide and fill in a lot of paper materials when making claims, which cannot reflect the efficiency of Internet insurance. Tencent and Ali bring technology to the market and have the ability to improve the efficiency of claims.
Insurance intermediary-various models are still being tried.
The innovation of Internet insurance mainly focuses on the sales link, which can be divided into 2A, 2C, Scenario Insurance, Group Insurance and other modes. Internet insurance platforms use one or more of them.
2A refers to a platform for agents, which provides online billing tools for agents. The insurer on the list is a company that provides agency tools, and this model is also included in the businesses of companies such as Datebao, Best Insurance, Linxi Finance and Auto Insurance.
As 2A model can rapidly expand the trading volume of the platform, more and more Internet insurance intermediaries begin to adopt this model. At present, there are more than 7 million agents in China, and there is a certain market space for providing online invoicing tools for agents.
However, the shortcomings of 2A mode are also obvious. First, the platform needs to allocate commissions to agents, and the cost of sales links remains high, which has not improved the efficiency of the insurance industry chain. Secondly, agents lack loyalty to the platform and will be attracted by platforms with higher commission ratio. The platform lacks the control of agents and is easy to fall into the quagmire of price war.
2A model is a compromise and adaptation to the current situation of insurance industry, lacking the innovation and efficiency that Internet should have, and it is effective for improving insurance industry. We believe that the pure 2A model is of limited value.
2C is a direct mode, such as JD.COM Insurance, Kaixinbao and New Station. It can be regarded as an insurance e-commerce platform.
This model effectively simplifies the process of insurance products reaching users and reduces the sales cost of the platform, but it faces some problems such as users' weak awareness of actively purchasing insurance and limited trading volume of the platform.
The core of 2C mode is traffic. Platforms from Internet giants such as JD Finance will have great advantages. On the one hand, such platforms have traffic advantages. On the other hand, the customer acquisition cost of such platforms is lower than that of other companies.
Scene insurance can be divided into two types. One is its own scene, such as Ctrip in the list, which sells accident insurance and travel insurance on the basis of air tickets and travel business. The other is to rely on third-party scenarios, such as small umbrellas, sponge insurance and elephant insurance in the list, and provide insurance solutions for specific scenarios by customizing products to insurance companies.
In certain situations, users often have a strong demand for insurance, which stimulates users' desire to buy. Therefore, compared with 2C mode, embedded scenarios can effectively drain and solve the problem of insufficient transaction volume. Referring to the experience of consumption staging, scene insurance will be an important development direction of internet insurance.
To expand insurance business in its own scene, it is necessary to meet the characteristics of good development of main business and closed-loop payment. Take OTA platforms such as Ctrip as an example, the platform has huge traffic and strong bargaining power, and can obtain a higher commission rate; Moreover, most insurance users on the platform are naturally transformed, and the cost of obtaining customers is much lower than that of 2A and 2C models, which can obtain a high profit rate.
The cooperation between insurance intermediaries and third parties is based on the fact that the scene is in a highly decentralized market, and the degree of monopoly is not high, so the cooperation with giants can easily be replaced. Taking sponge insurance as an example, the cooperative driving school scene is highly dispersed, and there is no monopolistic large enterprise.
Cooperation with third-party scenarios requires a certain commission fee, and the customer acquisition cost will be higher than 2C, but lower than 2A. However, with the intensification of scene competition, the cost of obtaining customers will further increase and the profit space will be compressed.
As the name implies, group insurance is an overall solution for enterprise employees. The sales target is enterprises and enterprise HR, and the service target is enterprise employees. The list includes internet group insurance players such as insurance geeks, risk butlers, and bean bag networks. Different from the previous model, group insurance is aimed at B-end users, so it is greatly affected by resource capacity and sales capacity.
Group insurance mainly provides medical insurance for employees. The low profit rate of insurance companies and the low commission rate that insurance intermediaries can get will affect their profitability.
Service company-has begun to take shape.
Companies that provide services for the insurance industry can be divided into commercial services and technical services. In addition to the sales mentioned above, commercial services also include services such as assessment and claims settlement. Such companies are still in their infancy and have not entered the list this time. We will continue to pay attention to them in the future.
In terms of technical services, wITh the deepening of the internet process of insurance companies and insurance intermediaries, it system services and even the support of big data and AI technology are needed. This time * * * three technical service companies entered the list, namely Pingjia Technology, Panda Auto Insurance and Gecko Auto Insurance.
Among them, Pingjia Technology is a UBI data service provider, which provides driving behavior data analysis services for insurance companies, and insurance companies can price accordingly to reduce payout ratio. Panda Auto Insurance builds a trading and payment system for insurance companies and insurance intermediaries.
At present, the number and volume of technical service companies are limited, but we believe that such companies can occupy a place in the insurance industry in the future, and big data and AI technology are also expected to play a greater role in pricing, underwriting and compensation.
The degree of internetization of different types of insurance varies greatly.
Some new types of insurance have emerged in the process of insurance internetization, but their incremental effect on the insurance market space is limited. For example, the most explosive return insurance has an annual premium of only 2.2 billion, which is almost negligible compared with the industry's annual premium of 3 trillion. Therefore, the most important thing of insurance internetization is to internetize traditional insurance.
Internet insurance valuation list: which companies have the opportunity to become giants in the insurance field?
Among them, accident insurance and health insurance benefit from low premium, simple terms, many sales scenarios and high degree of internet. In the list, many intermediary platforms such as Huixuan. Com, everyone insurance, special insurance and Kaixinbao are mainly accident insurance and health insurance. In 20 16, the original premium income of health insurance increased by 68% year-on-year. This market segment is in the stage of rapid growth, and the Internet intermediary platform has the opportunity to grow rapidly.
Automobile insurance is the most important property insurance. It is estimated that the premium will exceed one trillion yuan in 2020, which is the most enthusiastic field of insurance entrepreneurship. This time, there are many auto insurance intermediary platforms such as Shi Sheng Dalian, Auto Insurance, Best Insurance, Linxi Finance and OK Auto Insurance. However, the online sales rate of auto insurance is not high, and most startups have embarked on the old road of attracting agents by rebates, and the industry innovation is weak.
Subject to factors such as high premium amount, long payment period and complicated terms, life insurance is the insurance with the lowest degree of internet, and life insurance is the biggest cake in the insurance field, so giants such as Ali are also eager to move. Wukongbao, who entered the list this time, is vigorously promoting life insurance. The process of internetization of life insurance is difficult and needs a pioneer to try.