Car networking hit traditional property insurance company burned eyebrows

Signal has been sent.

Following the introduction of Carbun CarApp system by Apple, Baidu launched the CarNet system, Tencent released the first car networking entry-level product "Lobo" in May ... ... Giant internet giants also posted the first year of the car network in 2014.

Now, OEMs, telecom operators and internet companies are hitting the banner of car networking to "the door of their home." China's property insurance industry, one of the protagonists that should have played a leading role, is still in a separate stage of research.

A property and casualty insurance company executives said frankly that those cross-border companies that under the banner of car networking sharpen their heads every day to "drill" the insurance industry for the "big cake."

In the face of Binglin city under the eye of the car networking concept of enterprise, guarding the piece of "cake" of the traditional property insurance company a bit anxious.

However, the reality is that "the model is not yet mature, and China's car networking insurance is still in its embryonic form and is still in the preliminary examination phase." On June 25, a property insurance company official said. There are several property insurance companies told Economic Observer, is still in the brewing and imagination stage.

It seems that as a big brother of China's PICC PICC Property Insurance took the first step. "We have completed preliminary testing of the internal car networking based on the Beijing area. If there are no accidents, we will launch a wider range and scale testing to our customers in July and August and we have completed the procurement of equipment." A PICC person revealed .

PICC

Two years ago this test laid a foreshadowing. PICC has mobilized and dispatched troops from various departments to set up a dedicated car networking research team and conducted close contacts with car networking manufacturers both at home and abroad.

The current situation is based on PICC's preliminary test of the car networking equipment has been completed, and will be expanded to expand from the inside out, using the principle of customer voluntariness, select five cities, enter the car networking insurance mode pilot phase.

In fact, PICC is trying to establish an insurance industry car networking platform. Through this platform, the modeling and verification based on domestic vehicles and driving behaviors are carried out. The core is to solve the relationship between driving behavior and risk as well as the relationship with the auto insurance pricing factor. UBI (Usage Based Insurance) ) Model in China's promotion and application of mathematical basis. "However, it is unlikely that the UBI business model will be fully realized in the first place, and more from the perspective of serving customers and increasing customer stickiness." The above PICC said: "The possible scenario is that according to the driving behavior rating system, Good habit of a certain reward for the driver. "

PICC Property and Casualty Data Research Office Feng Xiao said: "At present, the short-term data on the Internet of Vehicles is difficult to explain, but the direction is clear and quick. Especially the cooperation with the commercial transport fleet is a quick win and a win-win project. "

Feng Xiao said the project refers to the cooperation between PICC Property and a trucking fleet in Hebei Province. Judging from the past situation, the truck accident rate is high and has never been seen by insurance companies. Through the application of car networking, this situation can be fundamentally changed, the team's safe driving management level has been greatly improved, the accident rate and the loss ratio have been reduced, and the customer's recognition and support have been obtained.

The cooperation project started last year. In February this year, "Heyizo" (car networking equipment) was installed on dozens of cars of the above fleet. The operational process is: receive information through the sensor, and then use the device's SIM card to send the signal to the data platform, generate some visual charts: Which vehicles drive well? What are some irregularities? How to drive habits? At a glance; and a ranking table to the fleet to help manage the vehicle. After ex-ante management of the loss ratio will be significantly reduced. "The difference between pipe and pipe is that insurance companies have been reluctant to take high-risk fleets and are often price wars," said a property and casualty insurance company. At present, the most direct result of cooperation with the fleet is that they can be managed in advance and the accident rate reduced. This can be described as an innovative risk management and control model with a view to reducing costs.

Foreign data show that vehicles connected to the car networking system, the accident rate dropped by 50%.

In fact, the insurance industry may also establish an insurance car network. PICC just think so - the early go in accordance with this road, such as cooperation with Teng Xun is also an attempt. On May 5, PICC announced the establishment of "i-Car Living Platform" with Tencent, combining its online offline auto insurance service outlets and other resources with online resources such as Tencent's "Lobo" to try to provide a good car for the majority of car owners Experience.

Although the above cooperation is Tencent take the initiative to find PICC, because of its PICC PICC car platform resources, but PICC also optimistic about Tencent's social platform, hoping to attract customers in the future, both parties can be described as a hit. According to Wang He, vice president of PICC Property and Casualty, China's largest "human" platform and the "car" platform work hand in hand. The two are highly complementary to each other, enabling data interoperability and building a car-connected ecosystem.

Outside the circle

Compared to the PICC early layout, some other property insurance companies may still be in the "closed research, brewing stage", but most are fighting each other, to test the field of water truck networking.

This may also be a concern for the king and the rest. He worries that property and casualty insurance companies will be "infringed upon by swarms of bugs, fragmentation and duplication of construction.

"Insurance network needs to have a top-level design, clarify business models, to determine the technical standards," Wang and that the car network should also be with the ongoing reform of commercial auto insurance to explore and explore new models to achieve interaction and win-win situation.

In fact, according to the report of Essence Securities, the positive layout of the vehicle manufacturers and the Internet giants shows that the "money" scene of the car networking is attractive. With 80 million light vehicles sold each year worldwide, this is one of the last few industries that are closely linked to people's daily lives and have not been transformed by the mobile Internet.

A property insurance company executives admitted that some companies that under the banner of car networking always sharpen their minds in the insurance industry to "drill" for a glass of "wool on pigs."

Wang He said that the domestic insurance market is still in its infancy. Even from the perspective of developed countries, there have been many problems in the application of car networking in insurance. Therefore, the overall insurance industry should be more cautious and can not be quick success and should not speculate on the concept.

According to Xu Chengjun, general manager of Weixin Information Technology Co., Ltd. in Shanghai, China's car network already has: system basis, market basis, technology basis and application basis.

In the market base, the automobile-related industries (including insurance, public security, transportation, rescue, etc.) of government departments also need "car networking" to set up an innovative service platform for them. The social and economic effects brought by car networking will play an important role in the process of China's economic restructuring and the cultivation of new industries. Among these, the importance of insurance is self-evident.

However, the reality is "the model is not yet mature, the company's car networking is only a prototype, is still in the pilot phase." June 25, a property insurance company stakeholders said. There are several property insurance companies told Economic Observer, is still in the brewing and imagination stage.

Embarrassing insurance car networking

In fact, this is a gradual process. "Car networking may not be able to play an 80% role and influence on the auto insurance industry, as claimed by outsiders, but at least 10% ~ 15% is present," said a head of a property and casualty insurance company.

The reason why the property and casualty insurance company has something to say about the car network, but also because of this innovation is undoubtedly a revolution for the auto insurance industry. "In addition to UBI insurance, there are no other business or profit models that have become viable;" One chief assetist, a property and casualty insurance company, understood the Internet of Things. In his view, the current battle is to seize the OBD port (On Board Diagnostics is a universal on-board diagnostic system interface to facilitate maintenance personnel to quickly detect vehicle faults, so they can get a lot of key information of the vehicle); the fact that who has the data who Integrate others; insurance can only be followed at present, it is difficult to dominate; now, OEMs, telecom operators, Internet companies want to integrate this one.

As for the relationship with the reform of commercial auto insurance, the above actuary thinks UBI is feasible after the auto insurance market is marketized, otherwise, there is no room for floating rates. Second, small and medium property insurance companies are going to UBI one after another to pick up customers. In addition, UBI Resulting in product fragmentation, the development of the industry profitability is negative.

However, Yinzhao Nan, a senior manager of actuarial services at Ernst & Young, seems that large insurance companies want to put a lot of things in their own hands, but the opinions of small and medium-sized insurance companies are not the same.

"At first we think UBI this matter is the first big insurance companies go Imagination, but in China is precisely the small and medium-sized insurance companies are doing.China's insurance products, especially auto insurance products are facing the problem of homogeneity, small and medium-sized insurance companies To compete with all three is at a disadvantage, they hope to be the first to pass UBI and hope that a solution for packaging and integration will emerge. "Yin Zhao believes.

A property insurance company executives admitted that the insurance car network to do is a self-revolutionary thing, UBI is a vehicle usage and driving habits based pricing model, basically tailored. The future trend is with the improvement of driving behavior, auto insurance claims getting smaller and smaller, but the premium will be less and less. At the same time, excessive "personalization" will run counter to the principle of mutual assistance and mutual benefit of insurance.

In reality, there will also be adverse selection, such as good habits of drivers do not mind loading networked devices; bad driving habits are unwilling to load, because it will involve personal privacy. This means that the initial promotion and application still face great difficulty and no small challenge.

However, in the Internet age, it is not a matter of willingness or unwillingness for the traditional industries, but a matter that one has to face. The realistic choice is that "instead of being overthrown by the Internet companies - their own subversion, it is better to be self-revolutionary. The key is that insurance needs to be fully understood and valued enough in this regard, and top-level design to avoid fragmentation and duplication, "said a property and casualty insurance company executive.