This year, two words are the hottest fire, one is FinTech, the other is TechFin. Fin (finance) and technology (Tech) different successive combinations, there are two business models. FinTech is to use technology to drive the financial, made of the financial industry, technology is used to enhance productivity. This is the hottest concept. And TechFin is not long ago ant gold service in describing its own positioning put forward the concept of providing technology support for financial enterprises.
InsurTech evolved from FinTech, and initially InsurTech was just a small part of the FinTech framework. But after the financial crisis in 2008, some venture capitalists were keen to capture the market, and they found that many of FinTech's innovations could be used in InsurTech. In recent years for InsurTech's capital financing as a whole continues to rise, the overall amount of financing growth ratio has risen sharply.
InsurTech is technology first and insurance second. It is centered on technologies including blockchain, artificial intelligence, big data, cloud computing, Internet of Things, biotechnology, and so on, and is expressed around all aspects of insurance, and is widely used in product innovation, insurance marketing, and the internal management of insurance companies, and so on, through the creation of new platforms and the use of new technologies to serve insurance consumers.
InsurTech is able to provide new forms of insurance products with low cost of new technologies, high-frequency online transactions, embedded in other transaction scenarios, and highly integrated and automated underwriting and claims processing. It is currently a highly VC-involved start-up and tends to target markets not served by traditional insurance.
The digital transformation of the insurance industry is being driven by mobile applications, the use of new technologies (e.g., wearable devices), telematics and technologies such as artificial intelligence, cloud computing, blockchain, VR, intelligent investment advisors, and precision computing series, even leading to "proactive" protection based on the integration of information systems.
InsurTech is the use of technology to penetrate into the transformation of insurance services, the life insurance field is more concerned about medical care, education, health, pension, early childhood, travel, etc., and the property insurance field is more concerned about the after-automobile market, logistics and transportation, engineering and construction, liability guarantee, agriculture, environmental protection, etc.
The following is a list of technologies that can be used to transform the insurance industry into a digital one.
The following is Taikang Online's PPT:
As a continuous hot force, the strong penetration of science and technology into the financial "muscle" is giving rise to an unprecedented magnificent landscape - traditional financial business model and business processes are being rapidly re-engineered, and the new financial business model and business processes are being rapidly re-engineered, and the new financial business model and business processes are being rapidly re-engineered.
However, while tearing down the industrial boundaries and causing financial reconstruction and fission, the risk of creative destruction is also rapidly accumulating and spreading, thus forcing financial regulation to keep up with the beat of change and embrace the traction and transformation of science and technology with an open mind.