1. Changes in the Auto Insurance Industry
At present, my country's insurance industry is in a period of rapid growth. It can be seen from the development trend in the past two years that the overall insurance industry has shown huge market potential. But at the same time, a series of problems such as low market penetration, bloated organizational structures, low overall efficiency, and low information transparency still need to be improved. At the same time, relying on the overall good development trend of the insurance industry, as well as the popularization of the Internet, the increase in the number of mobile Internet users, the cultivation of online payment habits, and the intervention of the capital market, have become favorable factors for the development of Internet insurance.
For the insurance industry, auto insurance is the type of insurance with the strongest demand and huge premiums. However, the comprehensive cost remains high, the service experience of traditional channels has declined, the transparency of information is low, and the business process is lengthy, which has deeply affected auto insurance consumers. This has given consumers a strong demand for convenient and efficient services.
With the implementation of auto insurance premium reform in recent years, Internet auto insurance has ushered in new development opportunities - the continuous extension of online sales products, the mature application of Internet of Vehicles technology, and the refinement and individualization of auto insurance pricing in the big data era. change. In recent years, the insurance industry, automobile industry, automobile aftermarket and other related industries have paid close attention to the Internetization of auto insurance services, and thinking about Internet auto insurance has also entered the practical level.
2. Thoughts brought by UBI + mobile APP
In the field of auto insurance, auto insurance pricing should take into account the owner’s actual use of the vehicle, and should no longer be based on simple factors such as driving age, car model, and historical claims. Depends. Insurance companies should use big data technology processing to evaluate the risk level of car owners' driving behavior, and provide each car owner with a customized insurance policy through the risk level index, that is, UBI auto insurance model (Usage Based Insurance): based on the car owner's driving behavior and vehicle usage-related data Combined personalized insurance products.
Looking at China’s macro market, the factors that are conducive to the development of the UBI auto insurance model can be roughly divided into four points: policy guarantees for China’s auto insurance rates; the scale of the billion-level auto insurance market; huge car ownership and driving number of people; the rapid development of China’s mobile Internet. ?
The collection of driving data through Internet of Vehicles technology to introduce auto insurance risk control has become a hot topic and development trend in the global auto insurance industry. The author believes that compared with the main UBI+OBD car networking mode currently on the market, the UBI+mobile APP mobile car networking mode is the simplest and most convenient experience in current car networking technology. It has obvious advantages in terms of stability, security and data accuracy. It does not require on-board hardware, but only acquires and collects data based on the built-in module of the mobile phone, and makes intelligent identification through algorithms.
The advent of the mobile Internet of Vehicles will definitely change the entire auto insurance industry. From an economic perspective, in the insurance industry where sales occur first based on costs, accurate risk pricing models are the core business competitiveness of insurance companies. Mobile phone Internet of Vehicles technology relies on car owners’ driving behavior data and uses risk assessment algorithms to screen high-quality car owners and carry out differentiated pricing for auto insurance, which can further control costs and indirectly reduce insurance companies’ compensation costs. This makes the originally complicated and vague auto insurance sales process more convenient and transparent.
Due to the continuous maturity of hardware technology and software algorithms, as well as the zero-cost advantage of mobile Internet of Vehicles, mobile Internet of Vehicles has achieved rapid development in the European and American markets in recent years, and many innovative companies in developed countries have laid out. Looking at the country, such mobile phone connected car products are emerging and developing. For example, OK Auto Insurance has pioneered the country's first patented "mobile phone Internet of Vehicles" technology - "OK Drive", which uses mobile phones as smart terminals to monitor users' driving behavior. Through the "trip management" function in the OK Auto Insurance APP, it can display the user's historical trip information and drive. Based on behavioral scores, car owners with higher driving scores will enjoy higher refueling discounts. Currently, this product has obtained a national patent. Maverick Driving Assistant has launched a safe driving scoring system to help car owners drive safely.
OK car insurance app "trip management" interface