It is worth mentioning that Zhonghui Mutual Insurance and Mei Xin Mutual Insurance belong to two fields of finance and life insurance in business, but in terms of business development ideas, they both choose to rely on the Internet and focus on subdividing people in the field.
"The Internet is a new productivity tool, and the deeper essence is Internet thinking." Insiders told the National Business Daily that the concepts of Internet openness, * * enjoyment, customer first and mutual insurance are the same in spirit. This new technology can also help the other party solve some shortcomings and improve governance capacity and efficiency.
Relying on the internet to focus on segmentation
As an ancient form of insurance organization, mutual insurance was formed under certain historical conditions and developed with the continuous upgrading of the world economy. In the early mutual insurance, there was basically no clear legal constraint, but the relationship between the insured and the company was established through the articles of association or contract terms of the mutual insurance organization.
From the beginning of the 20th century to the middle of the 20th century, mutual insurance entered the golden age. Germany, Japan, Britain and other countries successively determined the legal status of mutual insurance, and the number of institutions employed was increasing. After a century of glory, at the end of the 20th century, mutual insurance companies gradually declined, and even there was a wave of non-mutualization. Many large mutual insurance companies were transformed into joint-stock insurance companies.
There are many reasons for this change, such as the demand of large-scale operation of insurance companies for capital market, the emergence of new technologies, the change of consumer demand, the craze of mergers and acquisitions, the change of business behavior mode of enterprises, and the encouragement to management.
Now, this model has been introduced into China, and institutions have made some innovations accordingly. Judging from the information publicly released by the two mutual insurance institutions, both of them not only focus on the segmentation field, but also determine the mode of relying on the Internet to conduct business.
First, focus on segmentation. According to public information, Zhonghui's main business is credit insurance, guarantee insurance, short-term health and accident insurance; The mutual business scope of Mei Xin is general insurance, including life insurance, annuity insurance, health insurance and accident insurance.
Both of them put their business in their familiar fields and focus on specific people. For example, China Exchange Mutual Insurance is to carry out specific businesses such as credit guarantee insurance for the financing needs of small and medium-sized enterprises and individual industrial and commercial households in a specific industrial chain. For example, Zhonghui Mutual Aid Co., Ltd. launched the "Mutual Insurance Plan for Accident Injuries of Truck Drivers" in view of the high risk of large truck drivers.
Secondly, relying on the internet to carry out business. Both of them introduce big data risk control means and big data platform, and analyze member data and risk preferences through Internet technology. For example, Mei Xin Mutual chose the light asset model from the initial stage of preparation, and chose to cooperate with Alibaba Cloud instead of building its own IDC computer room. Almost all core systems, including finance and actuarial, are deployed in Ali Financial Cloud Platform.
"The Internet is a new productivity tool." A related person from the United States and China Business Daily told reporters that the concepts of Internet openness, * * * enjoyment, customer first and mutual insurance are consistent in the spiritual core. In addition, modern information technology can make mutual insurance explore homogeneous risk groups in a wider range and more conveniently, reduce operating costs, improve operating efficiency, reduce moral hazard, and make insurance product design more personalized and pricing more scientific. At the same time, new technologies can also help each other solve some inherent shortcomings, improve governance capacity and improve operational efficiency.
Will interact with joint-stock insurance.
It is worth noting that the business carried out by these two mutual insurance companies and the way they use the Internet for actuarial and data accumulation have long existed in traditional institutions in the insurance market. With the rapid development of the Internet, the enthusiasm of traditional joint-stock insurance institutions to "touch the net" is also rising.
Then, will the joining of mutual insurance institutions have an impact on the business of the original joint-stock insurance institutions? What kind of development model will the two form?
From the historical vertical track, in the past 100 years, there have been at least three obvious changes in the joint-stock system and joint-stock system. These processes have their specific and profound background reasons, and they are all natural choices of the insurance industry under the background of certain social and economic development, representing people's understanding and cognition of the development trend of the insurance industry at that time.
Judging from the current horizontal distribution, mutual insurance is still the mainstream in some areas. For example, Finland's mutual insurance share accounts for more than 70%; Austria accounts for 60%; Major countries such as Germany and France also exceeded 40%. In some specific risk areas, such as agricultural insurance, mutual insurance is still in an absolute dominant position. In Japan, 100% of agricultural insurance is carried out in the form of mutual assistance, while in France, this ratio exceeds 70%, while in the United States, this ratio is 47%.
It can be seen that the relationship between mutual insurance and joint-stock insurance is not just a simple market competition and consumption substitution relationship like Coca-Cola and Pepsi. They transform, compete and learn from each other, which objectively promotes the continuous development of insurance management and product forms.
"As far as China is concerned, mutual insurance is still a new thing, and it is more useful in many fields, especially in areas where the services of joint-stock insurance companies have not yet reached." Relevant persons of Zhonghui told the reporter of National Business Daily that from this perspective, mutual insurance is indeed a useful supplement to China's existing insurance service system. Therefore, it is more scientific to interpret the relationship between them with mutual promotion, development and mutual benefit.
The China Insurance Regulatory Commission has also said that from the perspective of the development of the global insurance market, joint-stock insurance and mutual insurance promote and compete with each other. Mutual insurance can promote joint-stock insurance to pay more attention to long-term interests, and joint-stock insurance can drive mutual insurance to pay more attention to operational efficiency. Both of them have promoted the continuous development of the insurance industry. The introduction and development of mutual insurance can further promote the international integration of China's insurance market, reverse the current situation of single insurance organization form, and promote the professional, differentiated, characteristic and diversified development of the insurance market.