"Internet +" and big data auto insurance_Data Analyst Exam
"Big data" provides more possibilities for the development of auto insurance industry. Through "big data", insurance companies can achieve differentiated pricing of auto insurance in multiple dimensions, further promoting a more scientific and reasonable matching of risks and premiums.
What is the position of China Insurance Guarantee (CIG) in the application scenario and market outlook of big data auto insurance in the era of "Internet Plus"?
In the banking industry, there is UnionPay (China Bankcard Association), in the securities industry there is China Securities Depository & Clearing Corporation (CSDC), and in the insurance industry there is China Insurance Information Technology Management Corporation (CITIC). In the era of "Internet Plus", the construction of information **** enjoyment platform has become a strong hand of the financial industry to pick the fruits of big data.
In fact, insurance is a financial industry that has a natural need for "big data". As the insurance industry enters an era of great development, including property insurance, life insurance and health insurance, it is increasingly urgent to integrate and utilize the data resources of each type of insurance, and establish a set of scientific pricing benchmarks and risk data indexes for the industry through the mining and ****sharing of data information.
Currently, the commercial auto insurance reform, auto insurance business model innovation, car networking application and exploration of the critical period, in the commercial auto insurance reform drama, how to realize the auto insurance products from the "car pricing" to "pricing", and finally The main purpose of the establishment is to unify the construction, operation and management of the insurance information **** enjoyment platform, to provide support for the information interaction between insurance companies and between the insurance industry and other industries, Wu Xiaojun, president of China Insurance Trust, was invited to express his authoritative views.
Automobile Insurance Reform and "Big Data" Strategy
Contemporary Financier: Recently, the CIRC issued the "Pilot Program for Deepening the Reform of Commercial Automobile Insurance Terms and Rates Management System" (hereinafter referred to as the "Program"), which puts forward the timetable and roadmap for the reform of commercial automobile insurance, and at the same time clarifies the division of responsibilities and work tasks of all relevant units. At the same time, it clearly defines the division of responsibilities and tasks of all relevant units: China Insurance Association is responsible for the formulation of model terms and premium industry benchmarks for commercial auto insurance, and the establishment of a new type of terms evaluation and protection mechanism for commercial auto insurance; property insurance companies are responsible for independently determining the terms and conditions of commercial auto insurance, scientifically determining the rates of commercial auto insurance, submitting and approving the terms and conditions of commercial auto insurance according to the law, and establishing the mechanism for monitoring and adjusting the terms and rates of commercial auto insurance. In this commercial auto insurance reform "drama", how should we look at the position and role of China Insurance Guarantee?
As far as we know, one of the first tasks of CIB during its preparation was to integrate its auto insurance platform. Now that it has been a year since the company was founded, all the preparations are basically ready, and the commercial reform platform will be officially launched on June 1st. Could you share with us the important role that the auto insurance information platform plays in the commercial auto insurance reform?
Wu Xiaojun: It is an obvious fact that in the era of "big data", the shape of the automobile industry is undergoing profound changes, and the changes in the auto insurance business linked to it are also beginning to appear. With the increasingly extensive application of "big data", it will affect and lead the auto insurance industry towards the marketization of rates, refinement of management and standardization of data, for which we should prepare for a rainy day and strive for excellence, and all parties **** together to promote the interaction and application of "big data" in the field of auto insurance and even in the field of insurance. The company's business is a very important part of the company's success.
In a sense, the biggest trend in the establishment of China Insurance Trust is to promote the integration of industry data, therefore, China Insurance Trust is to support the development of the industry, the service of insurance supervision, the protection of insurance consumption for the mission, not for profit as the purpose of the market-oriented company, the main responsibility is to build and operate a centralized and unified, scientific design, perfect function, security and efficiency of the insurance industry data and information*** enjoyment and external interaction platform.
CII is naturally endowed with the policy gene of "big data" and industry responsibility. According to the CIRC's work program on the integration of the national auto insurance platform, CII is the construction, operation and management unit of the national auto insurance platform, so we hope to listen to the opinions and suggestions of all parties in the industry on the construction of the auto insurance platform, and to explore the establishment of a centralized and unified platform with the same functions, security and high efficiency. Explore the establishment of an information platform ***sharing*** construction mechanism with the participation of all industry parties*** to realize industry ***commerce in platform demand analysis, management and decision-making, as well as network connection, interface standards, security construction and technical architecture, and to realize industry ***wins*** in support of innovation, service development, and protection of consumer interests.
The National Auto Insurance Information Platform is an industry public **** infrastructure built to implement the national "Regulations on Compulsory Insurance for Motor Vehicle Traffic Accident Liability" as well as the provisions of the regulatory policy on commercial auto insurance, in order to establish a mechanism for the **** enjoyment and interaction of auto insurance information, and to support the implementation of China's compulsory insurance system and the scientific development of the auto insurance market. As of the end of March 2015, the national auto insurance platform covers 35 provinces and cities, 59 insurance head offices and 820 provincial insurance branches, with two core systems for compulsory and commercial insurance, as well as a number of peripheral sub-systems and auxiliary systems, realizing the storage, ****enjoyment and real-time interaction of the industry's multi-year auto insurance underwriting and claims data.
The national auto insurance platform has experienced and accompanied the reform and development of the auto insurance market for nearly 10 years, from the industry's pilot exploration and national promotion to the continuous expansion and improvement of its functions. The auto insurance information *** enjoyment mechanism is of great strategic significance to the industry's implementation of the big data strategy and the promotion of the market-oriented reform of the tariff rates.
First of all, the auto insurance information platform is an important foundation and support for the industry's interactive application of data with the outside. At present, the national auto insurance platform has realized a certain range of information interaction and ****sharing with relevant external management units such as public security, traffic control and taxation. We also actively introduce authoritative identity, traffic and automobile production data from the Ministry of Public Security, the Ministry of Transportation, the China Automotive Research Center and other industry data management departments, relying on the advantages of industry data***sharing to broaden the overall data dimension of the industry. In the future, we will also actively introduce external data such as public security, meteorology, medical care, education, credit, mobile communications, etc., and take the initiative to interact with data from public *** management departments such as traffic control, taxation, investigation and social security, etc., to support the construction of the insurance's own credit system relying on the multi-dimensional data of automobile insurance and incorporate it into the national credit collection system, to give full play to the unique role of external data in the industry's internal governance, and to rely on the industry's information *** enjoyment mechanism Effectively extend the scope and contacts of insurance participation in social governance.
Secondly, the auto insurance information platform is an important technical support for the market-oriented auto insurance rate reform. The commercial auto insurance reform is market-oriented, and the existing pricing model, rate fluctuation mechanism, clause responsibility and body have been substantially adjusted. Since last year, the auto insurance platform has carried out a large number of system modifications in accordance with the new business rules and regulatory requirements, cooperated with the construction of industry models and pure risk premium pools, implemented the subrogation and settlement, and organized the insurance companies to carry out the system development and co-tuning test, through the system realizing the adjustment of relevant rules for commercial reform. Relying on the data, technology and resources of the platform, we cooperated with the CIRC to carry out data extraction and rate measurement, and in the future, we can rely on the platform to realize the normalization of rate measurement and the dynamization of rate monitoring. Meanwhile, in the face of the downward pressure of commercial reform rates, the platform is accelerating the construction of anti-fraud system, data analysis system and other application systems to promote the insurance company's anti-fraud level and cost control ability to improve the premium adequacy rate, squeeze the water of claims, improve the operating performance of insurance companies, and to promote the realization of the results of the reform of commercial automobile insurance and smooth transition.
Finally, the auto insurance information platform is an important data support for auto insurance product and service innovation. We hope to rely on the auto insurance information platform to provide technical support services for the innovation of auto insurance products and services as well as the application of "big data". On the one hand, we will actively explore and support the insurance industry's participation in the automobile aftermarket. China's second-hand car market is developing at a rapid pace and has a bright future. In areas such as Beijing and Zhengzhou, the trade in second-hand cars has exceeded that of new cars, but management confusion, lack of integrity and, in particular, the lack of a sound mechanism for assessing value and risk are fundamental constraints. This year, we have piloted risk assessment services for extended warranty liability insurance for automobile quality in Beijing. In the future, we will gradually build up a specialized platform for extended warranty business, explore risk assessment, data collection and ****sharing mechanisms for extended warranty business, and cultivate and promote the development of the market for extended warranty liability insurance. On the other hand, we are also actively exploring research on the application of Telematics technology. Currently, we have been commissioned by the CIRC to launch a research project on the application of Telematics insurance, which includes global experience in the application of Telematics technology and the insurance industry, the impact and challenges of Telematics technology on the auto insurance market, application scenarios and modes, product pricing and supervision, etc. We also hope to rely on the Telematics platform to provide services and support for the industry in terms of Telematics-based product innovations, business models as well as supervision and management.
"Customer-centered" Big Data Auto Insurance
Contemporary Financier: As we all know, auto insurance pricing methods mainly include coverage pricing, car model pricing and usage pricing. Our country is still in the stage of coverage pricing, without rate segregation. Model pricing is the auto insurance pricing model commonly used in European and American insurance markets, which has a higher accuracy in assessing vehicle risks. The demand for "massive" data and data processing for model pricing makes the construction of an auto insurance information platform indispensable. Accordingly, how do you see the application scenarios and outlook for "big data" in the auto insurance market?
Wu Xiaojun: First of all, "big data" will push auto insurance pricing into a new stage of development. Compared with the traditional data on which insurance pricing relies, "big data" has expanded from historical data to online data, from sample data to full-volume data, and from structured data to unstructured data. The basic principle of insurance pricing is the "Law of Large Numbers," a statistical law that ensures the fairness, reasonableness and adequacy of pure risk premiums. Big Data" is a new pricing concept and risk management support tool. Insurance companies can optimize actuarial pricing models, achieve pricing differentiation and optimize pricing by collecting and acquiring network data on customer behavior and transactions for correlation analysis and finding the matching law of risk, cost and benefit behind the data. Pricing model to achieve pricing differentiation and precision.
In my opinion, in the future competition in the auto insurance market, there are only two core elements, one is the channel, which is determined by the insurance industry's business management model of "channel is king", and the other is the pricing, which will be the core element for insurance companies to survive in the context of the market-oriented reform of the insurance premium rate. Whoever owns the data and data technology will have the pricing advantage, and will be able to win in the new rules of the game.
A typical example of the application of "big data" in auto insurance pricing is the UBI product (Usage Based Insurance), which transmits and stores data information on people, roads and vehicles, such as driving operations, automobile movement status and the environment around the vehicle, through the Internet of Vehicles (IVNET) technology. From the data, the insurance company mines the user's driving habits, thinking habits and behavioral patterns, and establishes a multi-dimensional pricing model focusing on "people". Through the practice of European and American Telematics insurance market, the pricing based on driving behavior is more scientific and effective than the traditional pricing model. After more than 15 years of research and promotion in the U.S., Telematics insurance products and technologies have become increasingly mature in the auto insurance market. In the U.S. personal auto insurance market, 9 of the top 10 insurance companies have launched UBI products. In China, Telematics insurance products are still in the initial exploration stage. In recent years, all parties have realized the potential of Telematics in the insurance market, and are actively exploring Telematics products for domestic cars. For example, PICC, Ping An and other companies have begun to map out the product form, build product processes and systems, and collect and study customer feedback. Of course, car networking in car insurance product pricing and innovative applications, should also be with the current market-oriented reform of China's auto insurance rate policy and practice to form a positive interaction.
Secondly, big data will boost precision marketing and customer segmentation, realizing a truly customer-centric approach. Since the reform and opening up, the insurance market premiums and asset size has expanded rapidly, but it is difficult to escape the external criticism of product homogenization, "horse racing", vicious price competition and poor service experience, which is ultimately due to the "product-centered" sloppy development model. model. However, "customer-centric" precision marketing, personalized service, if we lose the support of big data, it is like a small boat drifting in the sea without navigation, and ultimately can not reach the other side. "Big data" technology can be more objective, multi-dimensional analysis of customer research, will become a key element to improve the competitiveness of enterprises and create consumer demand.
With the popularization and rapid development of direct sales channels such as auto insurance online sales and electric sales, the Internet will become the "main battlefield" of the auto insurance market in the future. The Internet auto insurance market is characterized by a large amount of information, fast transmission speed, and a high degree of transparency, and insurance companies must make use of the Internet to understand the needs of customers accurately and determine the ways and means of channel investment. Insurance companies must take advantage of the Internet big data to accurately understand customer needs, determine the ways and means to invest in channels, i.e., "at the right time, for the right customers, to provide the right products", comprehensively improve the customer experience, establish a new type of network self-service system, so that customers can conveniently and quickly obtain insurance services without leaving home, such as insurance choices, electronic insurance policies, online customer service, reporting cases, claims, payment of compensation and other insurance services. By providing insurance services through the Internet, insurance companies can reduce workplace rents, agent commissions and salaries, underwriting and claims can be paperless and convenient, and expense costs can be significantly reduced. This all helps to realize the value of "customer-centric", therefore, the future auto insurance market will gradually form two platforms, online and offline.
Again, big data will boost insurance anti-fraud risk identification and control. According to the experience of the International Association of Insurance Supervisors (IAIS), insurance fraud accounts for 10% to 20% of the total amount of insurance claims, and auto insurance is the "hardest hit" area of insurance fraud. We found from the industry's anti-fraud practical work, the current auto insurance fraud cases present gangs, specialization, process characteristics, the entire insurance fraud case of all the formalities of counterfeiting is very meticulous, behind the operation of the interest groups already exist, the traditional risk control approach is facing a "bottleneck". "Big Data" era of information technology and innovative applications for insurance anti-fraud work has created a new way, on the basis of data refinement and historical accumulation, from the analysis of characteristics, factor analysis and network analysis, you can establish an efficient anti-fraud identification mechanism to improve the targeting of anti-fraud.
In recent years, Telematics technology has been successful in a number of industries, especially in logistics and transportation and fleet management, the use of Telematics technology, you can monitor the vehicles, goods on the way to where they are going; with the help of Telematics data, you can manage the driver's driving behavior, to achieve the purpose of fuel-efficiency, time-saving and safety, so as to improve the operational efficiency. In the future, these technologies will be more fully utilized to identify and control auto insurance fraud risks.
Finally, big data will boost the penetration and integration of insurance and the auto industry. In the "big data" era, insurance and automobile will be data as a medium to further realize the integration of industry and penetration, the car is now equipped with more and more intelligent equipment, the use of these devices was originally installed in the manufacturing process, the future is more likely to be based on the insurance perspective of the front or rear loaded. Due to the collection and application of vehicle data by insurance, the insurance company may be able to grasp the automobile production and sales, automobile safety hazards and accident handling, and the circulation and use of spare parts earlier, more comprehensively, and faster than the automobile manufacturers, because the former is closer to the automobile users and bears most of the vehicle maintenance costs. In the future, automakers will pay more attention to the opinions and suggestions of insurance companies to continuously improve vehicle performance and optimize automotive aftermarket services.
More critically, insurance companies have vehicle claims data, through the combination of vehicle data and insurance data, the future can be studied to establish a comprehensive set of vehicle risk rating standards, which can provide effective and accurate data support for vehicle insurance, automotive quality extended warranty, pricing of second-hand cars, etc., and analyze the safety of vehicles based on the insurance data and vehicle data to provide services to the traffic management department. The company also analyzes the safety status of vehicles based on insurance data and vehicle data to provide services to traffic management departments.
In addition, the penetration of other industries is also affecting the traditional insurance market, especially technology network companies, through the collection and analysis of customer data on the Internet and the ability to process "big data", will seize the opportunity in time for cross-industry operations, and a lot of innovations and even may subvert the local rules of the auto insurance market and the industry.
"Internet +" era of the second business
Contemporary Financier: At present, although most of the insurance companies have their own databases, PICC Property & Casualty [microblogging], life insurance, Ping An Property & Casualty and Pacific Property & Casualty and a number of other companies are trying to car networking, but the existing industry position of the China Assurance and future development prospects, but the market has not been able to find a solution to the problem. Future development prospects, but by all parties in the market is optimistic. Based on the background of the industry, what do you suggest for the development of auto insurance in the era of "big data"?
Wu Xiaojun: In today's world, data has penetrated into all areas of the economy and society, leading innovation and application in e-commerce, financial investment and other areas, and promoting the upgrading and transformation of related industries. "Big Data, Telematics and Cloud Computing have become the core driving force for the transformation and upgrading of the auto insurance market in the future, providing new opportunities and scenarios for the insurance industry to transform the "red ocean" and create the "blue ocean". The "big data" market has become the core driver for the transformation and upgrading of the auto insurance market in the future. In the era of "big data", how to construct a new type of auto insurance industry chain, realize the in-depth integration of traditional auto insurance with the development of information technology and the development of automobile industry, further enhance the intrinsic value of auto insurance, and then drive the development of other related industries is, in a sense, more like the "second start-up" of the insurance industry, which is of great significance and importance. The company's newest product is a new product, which will be launched at the end of this year.
It is necessary to study and formulate the industry's "big data" strategy and facilities framework. It is recommended that the insurance regulator improve the regulatory framework for the information **** enjoyment platform and policy registration to establish a favorable policy environment for the implementation of the industry's "big data" strategy. Strengthen the construction of industry-level "big data", focusing on promoting the standardized construction and effective implementation of industry data, and improving the overall quality of data. It will guide and optimize the process and technology of collecting, storing, processing and applying the results of the industry*** enjoyment database, study and establish the framework and model for industry data analysis, and support the processing of massive, multi-structured and high-frequency "big data" relying on data mining, cloud computing platforms and virtualization technology. Strengthen the construction of security system for industry information **** enjoyment, to ensure the continuity, security and stability of insurance organizations and **** enjoyment of information related to the production.
The second is to embed data thinking in insurance operations and customer service. Insurance companies should strengthen the integration and utilization of data within the company, across channels and product lines, actively collect online data such as mobile internet, social media, e-commerce, geographic location, OBD, etc. that comprehensively reflect customers' behavioral characteristics and transaction preferences, and introduce offline data such as identity, credit, vehicle, driving behavior, etc., to build a complete customer data map. Relying on data mining technology, we promote customer demand analysis and customer group segmentation, establish customer virtual accounts within the company, enrich the panoramic view of customers, strengthen customer retention and personalized recommendation, and promote customer acquisition, retention and persistence rates. Build a comprehensive customer self-service system to improve customer experience, enhance customer loyalty and increase overall customer value. Data analytics thinking should be embedded in insurance operations to identify the real causes of the toughest problems and predict future conditions, so as to identify opportunities for competitive differentiation and achieve business growth.
Thirdly, we should use data as a medium to build an "auto + insurance" ecosystem. The commercial auto insurance reform is the "second start-up" of China's insurance industry, and UBI auto insurance based on driving data of people, roads and cars will become the core in the future. By combining vehicle data and insurance data, insurance companies can further provide accurate and effective data support for automobile insurance and extended warranty, as well as pricing for used cars. Under such a trend, the insurance industry and the auto industry can use data as a medium to further realize the mutual penetration and integration of the industries.
The above is what I shared with you about "Internet +" and big data auto insurance, more information can be concerned about the Global Green Ivy to share more dry goods