"Big data" provides more possibilities for the development of the auto insurance industry. Through "big data", insurance companies can realize multi-dimensional differentiated pricing of auto insurance and further promote a more scientific and reasonable matching of risks and premiums. In the era of "internet plus", what position does China Baoxin occupy in the application scenario and market prospect of big data auto insurance?
There are UnionPay (China Bank Card Association) in the banking industry, China Securities Regulatory Commission (China Securities Depository and Clearing Co., Ltd.) in the securities industry and China Baoxin (China Insurance Information Technology Management Co., Ltd.) in the insurance industry. In the era of "internet plus", building an information sharing platform has become a powerful starting point for all financial industries to reap the fruits of big data.
In fact, insurance is a financial industry with a natural demand for "big data". With the insurance industry, including property insurance, life insurance and health insurance, entering the era of great development, it is increasingly urgent to integrate and utilize the data resources of various insurances and establish a set of scientific industry pricing benchmarks and risk data indicators through data information mining and sharing.
At present, it is in a critical period of commercial auto insurance reform, auto insurance business model innovation and car networking application exploration. In this commercial auto insurance reform drama, how to realize the transformation of auto insurance products from "car-based pricing" to "person-based pricing", and finally realize the differentiated pricing of brand models and users, the main purpose is to build, operate and manage the insurance information sharing platform in a unified way, and invite Wu Xiaojun, president of China Baoxin, who supports the information exchange among insurance companies and between insurance industry and other industries, to publish it.
Auto Insurance Reform and "Big Data" Strategy
"Contemporary financier": Recently, the China Insurance Regulatory Commission issued the "Pilot Work Plan for Deepening the Reform of Commercial Auto Insurance Clause Rate Management System" (hereinafter referred to as the "Plan"), which put forward the timetable and roadmap for the reform of commercial auto insurance, and at the same time clarified the responsibilities and tasks of all relevant units: insurance association of china is responsible for drafting the model clauses and premium industry benchmarks of commercial auto insurance, and establishing an evaluation and guarantee mechanism for new clauses of commercial auto insurance; Property insurance companies are responsible for independently determining commercial auto insurance clauses, scientifically determining commercial auto insurance rates, reporting commercial auto insurance clauses and rates for approval according to law, and establishing a monitoring and adjustment mechanism for commercial auto insurance clauses and rates. In this "drama" of commercial auto insurance reform, how should we treat the position and role of China Baoxin?
As far as we know, the first job of China Baoxin during the preparation period is to integrate the auto insurance platform. The company has been established for one year, and all preparations have been basically completed. On June 1 day, the commercial reform platform will be officially launched. Please share the important role of auto insurance information platform in the reform of commercial auto insurance?
Wu Xiaojun: In the era of "big data", the shape of the automobile industry is undergoing profound changes, and the related auto insurance business is also beginning to take shape. This is an obvious fact. With the increasingly widespread application of "big data", it will affect and lead the auto insurance industry to marketization of rates, refinement of management and standardization of data. Therefore, we should take precautions and fully promote the interaction and application of "big data" in the field of auto insurance and even insurance.
In a sense, the biggest trend of establishing China Baoxin is to promote the integration of industry data. Therefore, China Baoxin is a market-oriented company with the mission of supporting industry development, serving insurance supervision and ensuring insurance consumption. Its main responsibility is to build and operate a centralized, unified, scientifically designed, fully functional, safe and efficient platform for insurance data information sharing and external interaction.
China Baoxin has been endowed with the policy gene and industry responsibility of "Big Data". According to the work plan of the China Insurance Regulatory Commission on the integration of the national auto insurance platform, China Baoxin is the construction, operation and management unit of the national auto insurance platform. Therefore, we hope to listen to the opinions and suggestions of all parties in the industry on the construction of auto insurance platform, explore the establishment of an information platform in which all parties in the industry participate, and make a mechanism for platform demand analysis, management and decision-making. As well as network connection, interface standards, security construction and technical architecture, the industry will win in supporting innovation, service development and protecting consumers' interests.
The national auto insurance information platform is an industry public infrastructure to implement the National Regulations on Compulsory Insurance for Motor Vehicle Traffic Accident Liability and Regulations on Commercial Auto Insurance Supervision Policy, establish an interactive mechanism for auto insurance information sharing, and support the implementation of China's compulsory insurance system and the scientific development of auto insurance market. By the end of March, 20 15, the national auto insurance platform had covered 35 provinces and cities, 59 insurance companies and 820 provincial insurance branches. It had two core systems, compulsory insurance and commercial insurance, as well as several peripheral subsystems and auxiliary systems, and realized the storage, * * * sharing and real-time interaction of auto insurance underwriting and claims data for many years in the industry.
The national auto insurance platform has experienced and accompanied the reform and development of the auto insurance market for nearly 10 years, from the pilot exploration of the industry to the continuous expansion and improvement of its functions. The auto insurance information sharing mechanism is of great strategic significance for the industry to implement the big data strategy and promote the market-oriented reform of rates.
First of all, the auto insurance information platform is an important foundation and support for the interactive application of industry and external data. At present, the national auto insurance platform has achieved a certain range of information interaction and sharing with public security, traffic control, taxation and other related external management units. It also actively introduces the authoritative identity, traffic and automobile production data of industry data management departments such as the Ministry of Public Security, the Ministry of Communications and China Automobile Research Center, and broadens the overall data dimension of the industry by relying on the advantages enjoyed by industry data. In the future, we will actively introduce external data such as public security, meteorology, medical care, education, credit and mobile communication, actively interact with public management departments such as traffic control, taxation, economic investigation and social security, rely on multidimensional data of auto insurance to support the construction of insurance's own credit system, and incorporate it into the national credit information system, give play to the unique role of external data in the internal governance of the industry, and effectively extend the scope of insurance's participation in social governance by relying on the information sharing mechanism of the industry.
Secondly, the auto insurance information platform is an important technical support for the market-oriented reform of auto insurance rates. This commercial auto insurance reform is market-oriented, and the existing pricing model, rate floating mechanism, terms, responsibilities and styles have been greatly adjusted. Since last year, according to the new business rules and regulatory requirements, the auto insurance platform has carried out a lot of system reforms, implemented subrogation and claims settlement, organized insurance companies to carry out system development and joint debugging tests, and realized the adjustment of relevant rules of commercial reform through the system. Relying on the platform data, technology and resources, the company cooperated with the China Insurance Regulatory Commission to extract data and calculate the rate. In the future, we can rely on the platform to realize the normalization of rate calculation and dynamic rate monitoring. At the same time, in the face of the downward pressure of commercial reform rate, the platform is accelerating the construction of anti-fraud system, data analysis system and other application systems, promoting the anti-fraud level and cost control ability of insurance companies, improving the premium adequacy ratio, squeezing claims, improving the operating performance of insurance companies, and promoting the realization and smooth transition of commercial auto insurance reform results.
Finally, the auto insurance information platform is an important data support for the innovation of auto insurance products and services. We hope to provide technical support services for the innovation of auto insurance products and services and the application of "big data" based on the auto insurance information platform. On the one hand, actively explore and support the insurance industry to participate in the automotive aftermarket. The second-hand car market in China is developing at a high speed, with broad prospects. The second-hand car transactions in Beijing, Zhengzhou and other regions have surpassed the new car transactions, but the fundamental constraints are management confusion, lack of integrity, especially the imperfect value and risk assessment mechanism. This year, we piloted the risk assessment service of automobile quality extended liability insurance in Beijing. In the future, we will gradually build a special platform for extended warranty business, explore the risk assessment, data collection and * * * sharing mechanism of extended warranty business, and cultivate and promote the development of extended liability insurance market. On the other hand, we are also actively exploring the application research of vehicle networking technology. At present, entrusted by the China Insurance Regulatory Commission, we have carried out a research project on the application of car networking insurance, including the global experience of car networking technology and insurance application, the impact and challenges of car networking technology on the auto insurance market, application scenarios and models, product pricing and supervision, etc. We also hope to provide services and support for the product innovation, business model and supervision and management of the industry based on the car network based on the auto insurance platform.
"Customer-centric" Big Data Auto Insurance
Contemporary financier: As we all know, there are three kinds of auto insurance pricing methods: insurance amount pricing, vehicle pricing and use pricing. At present, China is still in the stage of insured amount pricing, and there is no rate difference. Vehicle pricing is a car insurance pricing model widely used in European and American insurance markets, which has high accuracy in evaluating vehicle risks. The demand for "massive" data and data processing in vehicle pricing makes the construction of auto insurance information platform essential. Based on this, what do you think of the application scenarios and prospects of the "big data" 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 depends, "big data" has expanded from historical data to online data, from sample data to total data, and from structured data to unstructured data. The basic principle of insurance pricing is the law of large numbers. Relying on this statistical law, the fairness, rationality and sufficiency of pure risk premium can be guaranteed. "Big Data" is a new pricing concept and an auxiliary tool for risk management. By collecting and obtaining the network data of customers' behaviors and transactions for correlation analysis, insurance companies can find the matching rules of risks, costs and benefits behind the data, which can promote insurance companies' customer segmentation, responsibility fragmentation and product customization, optimize actuarial pricing models, and realize pricing differentiation and accuracy.
In my opinion, in the future auto insurance market competition, there are nothing more than two core elements. One is the channel, which is determined by the insurance business model of "channel is king"; The other is pricing. Under the background of market-oriented reform of insurance premium rate, pricing will become the core element for insurance companies to settle down. Whoever owns data and data technology will have the pricing advantage, and whoever can win in the new rules of the game.
A typical case of the application of "big data" in auto insurance pricing is UBI (Usage Based Insurance), which transmits and stores the data information of people, roads and vehicles, such as driving operation, vehicle movement status, vehicle surrounding environment and so on. Insurance companies dig out users' driving habits, thinking habits and behavior patterns from the data, and establish a multi-dimensional pricing model based on "following people". Through the practice of car networking insurance market in Europe and America, the pricing based on driving behavior is more scientific and effective than the traditional pricing model. The United States has experienced more than 15 years of research and promotion, and the products and technologies of car networking insurance are becoming more and more mature in the auto insurance market. In the American personal auto insurance market, nine of the top ten insurance companies have launched UBI products. In China, car networking insurance products are still in the initial exploration stage. In recent years, all parties are aware of the application potential of the Internet of Vehicles in the insurance market and are actively exploring family-oriented products of the Internet of Vehicles. Companies such as PICC and Ping An have begun to explore product forms, build product processes and systems, and collect and study customer feedback. Of course, in terms of pricing and innovative application of auto insurance products, car networking should also form a benign interaction with China's current market-oriented reform policies and practices of auto insurance rates.
Secondly, big data will boost precision marketing and customer segmentation, and achieve true customer-centric. Since the reform and opening up, the insurance market premium and asset scale have expanded rapidly, but it is hard to escape the external criticism of product homogeneity, "staking", vicious price competition and poor service experience. In the final analysis, it still stems from the extensive development model of "product-centered". The "customer-centered" precision marketing and personalized service, if it loses the support of big data, is tantamount to the boat drifting in the sea without navigation, and finally can not reach the other side. "Big Data" technology can analyze and study customers more objectively and multi-dimensionally, and will surely become a key factor to improve the competitiveness of enterprises and create consumer demand.
With the popularization and rapid development of auto insurance online sales, electricity sales and other direct sales channels, the Internet will become the "main battlefield" of the future auto insurance market. The auto insurance market on the Internet has the characteristics of large amount of information, fast spread and high transparency. Insurance companies must use big data on the Internet to accurately understand customer needs, determine the ways and means of channel investment, that is, "provide the right products for the right customers at the right time", comprehensively improve customer experience and establish a new network self-service system. Insurance companies provide insurance services through the Internet, which can reduce workplace rent, agent commission and salary, realize paperless and convenient underwriting claims, and greatly reduce costs. All these will help to achieve "customer-centric" in value, so the future auto insurance market will gradually form two platforms, online and offline.
Thirdly, big data will promote the identification and control of insurance anti-fraud risks. According to the experience of the International Association of Insurance Supervisors, insurance fraud accounts for 10% ~ 20% of the total insurance claims, and auto insurance is the "hardest hit" of insurance fraud crimes. From the actual anti-fraud work in the industry, it is found that the current auto insurance fraud cases are characterized by gangs, specialization and process. All the procedures of the whole insurance fraud case are very detailed, with the operation of interest groups behind them, and the traditional risk control means are facing bottlenecks. The information technology and innovative application in the era of "big data" have created a new way of insurance anti-fraud. On the basis of data perfection and historical accumulation, starting with feature analysis, factor analysis and network analysis, we can establish an efficient anti-fraud identification mechanism and improve the anti-fraud pertinence.
In recent years, car networking technology has achieved success in some industries, especially in logistics and transportation and fleet management. Using vehicle networking technology, we can monitor the whereabouts of vehicles and goods in transportation. With the help of vehicle networking data, the driver's driving behavior can be managed to achieve the purpose of fuel saving, time saving and safety, thus improving operational efficiency. In the future, these technologies will be more fully applied to the identification and control of auto insurance fraud risks.
Finally, big data will promote the penetration and integration of the insurance and automobile industries. In the era of "big data", insurance and automobiles will take data as the medium to further realize industrial integration and penetration. Nowadays, more and more intelligent devices are installed in cars. These multifunctional devices were originally installed by manufacturers during the manufacturing process. It is more likely to be installed before or after the insurance perspective in the future. Due to the collection and application of vehicle data by insurance, insurance companies may grasp the production and sales of automobiles, the handling of automobile safety hazards and accidents, and the circulation and use of spare parts earlier, more comprehensively and faster than automobile manufacturers, because the former is closer to automobile users and bears most of the vehicle maintenance costs. In the future, automobile manufacturers will pay more attention to the opinions and suggestions of insurance companies, continuously improve vehicle performance and optimize automobile aftermarket services.
More importantly, insurance companies have claims data of vehicles. By combining vehicle data with insurance data, a set of perfect vehicle risk rating standards can be established in the future, which can provide effective and accurate data support for vehicle insurance, automobile quality extension and used car pricing, analyze vehicle safety status according to insurance data and vehicle data, and provide services for traffic management departments.
In addition, the penetration of other industries has also affected the traditional insurance market, especially the technology network companies. Through the collection and analysis of Internet customer data and the ability to handle "big data", they will seize the opportunity to conduct cross-industry operations in time, and many innovations may even subvert the local rules and formats of the auto insurance market.
The Second Pioneering in "internet plus" Era
Contemporary financiers: At present, although most insurance companies have their own databases, PICC P&C[ Weibo], China Life Insurance, Ping An Property Insurance and Pacific Property Insurance are also testing car networking, but China Baoxin's current industry position and future development prospects are optimistic by all parties in the market. Based on the industry background, what suggestions do you have for the development of auto insurance in the era of "big data"?
Wu Xiaojun: In today's world, data has penetrated into all fields of economy and society, leading the innovative application of e-commerce, financial investment and other aspects, and promoting the upgrading and transformation of related industries. "Big Data", Internet of Vehicles and cloud computing have become the core driving forces for the transformation and upgrading of the future auto insurance market, providing new opportunities and scenarios for the insurance industry to transform the "Red Sea" and create a "Blue Ocean". In the era of "big data", how to build a new auto insurance industry chain, realize the deep integration of traditional auto insurance with the development of information technology and automobile industry, further enhance the intrinsic value of auto insurance, and then drive the development of other related industries, in a sense, more like the "second venture" of the insurance industry, which has important and far-reaching significance.
First, we must study and formulate the industry's "big data" strategy and facility framework. It is suggested that the insurance regulatory authorities should improve the information sharing platform and the regulatory framework for policy registration, and establish a good policy environment for the implementation of the industry's "big data" strategy. Strengthen the construction of industry-level "big data", focus on promoting the standardization and effective landing of industry data, and improve the overall quality of data. Guide and optimize the process and technology of industrial database collection, storage, processing and result application, study and establish the framework and model of industrial data analysis, and support massive, multi-structure and high-frequency "big data" processing based on data mining, cloud computing platform and virtualization technology. Strengthen the construction of industry information sharing security system to ensure the continuity, safety and stability of information sharing related production of insurance institutions.
Second, data thinking is embedded in insurance management and customer service. Insurance companies should strengthen the data integration and utilization within the company, all channels and the whole product line, actively collect online data such as mobile Internet, social media, e-commerce, geographical location and OBD, introduce offline data such as identity, credit, vehicle and driving behavior, and build a complete customer data map. Relying on data mining technology, we will promote customer demand analysis and customer group segmentation, establish customer virtual accounts within the company, enrich customer panorama, strengthen customer retention and personalized recommendation, and improve customer acquisition rate, retention rate and retention rate. Build a perfect customer self-service system, improve customer experience, enhance customer loyalty and enhance the overall value of customers. Insurance management should embed data analysis thinking, find out the real causes of the most difficult problems and predict the future situation based on data analysis, so as to identify opportunities for differentiated competition and realize business growth.
Third, it is necessary to establish an "automobile+insurance" ecosystem with data as the medium. Commercial auto insurance reform is the "second venture" of China 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 with insurance data, insurance companies can further provide accurate and effective data support for automobile insurance and extended warranty, as well as used car pricing. Under such a trend, the insurance industry and the automobile industry can further realize the mutual penetration and integration of the industries with data as the medium.
The above is the related content of "internet plus" and big data auto insurance shared by Bian Xiao. For more information, you can pay attention to more dry goods sharing of Global Ivy.