Internet insurance broke and legislation

When 20 years ago, when he started his agitated small town in Hangzhou, Jiangsu, Zhejiang Province, hard to promote his own China Yellow Pages, he might not even think that one day his e-commerce platform will be trillion yuan in transactions, he will One of the largest fund companies in the future or owning a bank ... When Ma decided to introduce ICQ into China in 1998, he should have never imagined that in a country of more than one billion, there would be more than two-thirds People use their own products ... This is the power of the Internet. It is changing many people, many industries, is also changing the society, and even change this era.

Insurance, a traditional financial industry with thousands of years of history, is now changing because of "netting." From the official website to sell insurance to Taobao flagship store, from the return of insurance to virtual property insurance, from "love" to "upgrade love" to "cash cow" ... ... the next insurance company, "life and death battle" may be here . This issue of "21st Century Insurance Roundtable" focuses on "internet insurance".

Rising strong, used to describe the current trend of the development of Internet finance, not enough.

Insurance, a traditional financial industry with thousands of years of history, is now changing because of "netting." According to the statistics of China Insurance Association, the premium of Internet insurance in 2011 was 3.199 billion yuan; in 2013, this figure reached 29.115 billion yuan. Although the share of the industry's total premiums is still limited, the growth rate of its geometric series can not be ignored, perhaps the next life insurance company "life and death battle" is here.

Indeed, the current development of Internet insurance is still in its infancy. The lack of Internet thinking, lack of awareness of national insurance, lack of customer data support, and even controversy over the development model are all manifestations of "immature" Internet insurance.

As Zhang Xianwei, deputy secretary general of China Insurance Association, said in the "21st Century Insurance Roundtable," the development of internet insurance needs more consensus within the industry. The China Insurance Regulatory Commission, Department of Personnel Insurance Supervision Department Deputy Director Wang Dewei also suggested that the China Insurance Regulatory Commission under the guidance of the whole industry concerted efforts to push several insurance products to jointly open the market influence.

Regardless of the power of the industry, or each insurance company's own force, the Internet age, user-centered new business thinking, Internet leaders in these areas have reached a consensus. The face of a new generation of 80,90 after the main focus of the new target customers, the future of real Internet insurance products, more likely to arise from their subdivision, specific scenarios of insurance needs. Of course, simplification, standardization, insurance products to adapt to Internet marketing must make changes. Due to the needs of insurance companies, the long-term complexity of insurance products will also be largely deconstructed, which may well be a good way to promote the development of Internet insurance.

In addition, insurers also need to learn how to live in harmony with this ecosystem and achieve win-win results. Perhaps just as some people worry, Internet insurance in the United States in the early 1990s would also be "short-lived" in China. However, what we can do now is "wait patiently, create an ecological environment, eliminate nature and protect our enthusiasm." This is Tian'an Life Insurance Bi Jian, deputy general manager of the company Limited sixteen words Proverbs.

Insurance "Internet thinking"

"21st Century": How should the insurance industry understand the hot "Internet thinking" nowadays?

Chen Yongjun (Sunshine Insurance Group Co., Ltd., deputy general manager of the Internet Finance Division): The core of Internet thinking is user-centric. I transferred from Internet companies to insurance companies Soon, insurance companies to develop products to have a breakthrough, we must first think about where the needs of users, the user's pain point where the user is an opportunity to unhappy innovation.

Bi Chuang (Tian An Life Insurance Co., Ltd., Deputy General Manager): I think the Internet thinking is not only reflected in the form of products, but also in the company's culture. Internet thinking is not only when you talk about the Internet simply, but fundamental changes in the whole idea. Internet companies, in order to rob a product, you can not sleep 24 hours a day, you can 2 minutes to do one thing, which financial institutions often can not do, this is not a question of efficiency, but the thinking gap.

Zhang Wenjie (Guohua Life Insurance Co., Ltd. Deputy General Manager): Internet thinking, I think the first is a platform for thinking, traffic thinking. We are now facing different Internet users, who are young, have a high level of knowledge, have some acceptance of insurance, and have access to emerging sales because they have the option of choosing them on the Internet Professional skills and knowledge structure. So the so-called gimmicks on WeChat, I think it is right, we should create some burst point and entertainment to stimulate their potential demand, thus activating the market.

"21st Century": Internet opportunities and changes brought to the insurance company?

Feng Shenggang (General Manager of China Pacific Insurance Group Innovation and Development Department, General Manager of Taiping E-Commerce Co., Ltd.): The key is to change the way of communication with customers, to reach customers more directly, to take customers as the center, and to get in the internet age strengthen. Second, many new needs are emerging. Now there are many new behaviors on the Internet, bringing about new uncertainties and generating many new protection needs.

Third, Internet technology provides great prospects and opportunities for company management and business operations. Including a personal insurance marketers exhibition tools, property insurance survey, claims, or the application of mobile technology to the internal office management, operations and so on.

The opportunities that the Internet brings to the insurance industry are not limited to providing insurance coverage. In the age of pan-wealth management, the insurance industry can meet customer needs in more ways, such as financial management.

Ding Junfeng (Deputy General Manager, Innovation Business Department, Taikang Life Insurance Co., Ltd.): Taikang Life Insurance has been conducting e-commerce since 2001 and has been exploring whether there is a border change in the traditional insurance on the Internet. Some time ago I said that the Internet will revolutionize the traditional channels. I do not think so. We should use the Internet to improve the efficiency and productivity of the traditional channels. For example, we should improve the access methods of traditional channels, improve the service experience and the claims process, This should be called improvement.

The second layer of Internet insurance should be added. In the past, due to the high sales cost of traditional channels, products that can not be done by the Internet now provide a more convenient and low-cost platform so that some simple, standardized and actively-needed products can be provided to consumers through the Internet channel and become the market Effective supplement.

Xu Xiangyang (General Manager of Xinhua E-Commerce Co., Ltd.): We are building a new online shopping mall experience. Recently, we conducted several user surveys and found that many people in our society actually have insurance purchase needs, especially young people, but they are very Tangled, worried about being taken. So how to use the Internet to play a game to build an application scenario so that these young people in the specific application or entertainment can be more profound understanding of the importance of insurance and the impulse to buy or to let them participate in the product development stage to participate, This is a topic that needs long-term research and practice. The face of a new generation of 80, 90 after the main Internet target customer base, the future of real Internet insurance products, more likely to arise from their subdivision, specific scenarios of insurance needs.

"21st Century": With the wave of the Internet and the advent of wealth management-based insurance products, is this going against the industry direction of "returning to security?"

Zhang Wenjie: protection type Ye Hao, financial management Ye Hao, choose what kind of product to the future A guarantee is the customer's power, not our seller's power. If you stand on the client's point of view, no matter what form to take, what kind of product to choose, the future performance is to give a wealth of support, are a guarantee.

"21st Century": Complex life insurance products are not suitable for the Internet?

Bi Chuang: There is the Internet so good technology why can not put complex life insurance products, the better technology should sell more complex products, but now we also need to eat more thoroughly through the Internet.

Zhang Wenjie: I think at this stage is still fostering the market process, everyone browsing the web is short-lived, also five or six seconds, which determines the second few seconds he has not accepted a product impulse. This process, the complex products get the Internet to sell, I think that does not currently have this environment.

This is also related to the characteristics of Internet users just mentioned. They are still very young. Especially after 80s and after 90s, the demand is still not great for some long-term guaranteed products. And some immediate easy to get the benefits of products, such as short-term financial management products, it is more in line with the needs of this age.

Hu Letian (Director of Insurance Division, Ali Micro Financial Services Group): I think the core competitiveness of insurance companies is not marketing but investment management. Of course, business risk, play the role of insurance protection is indeed very important, is the insurance company's job. But now most domestic insurance companies do a very bad job. From another perspective, insurance companies do not do today, investment management, you can guarantee that other agencies do not come to insurance it? In a mixed-use business more and more common background, both financial and security business development can not be neglected.

Product fragmentation, scene

"21st Century": What are the characteristics of Internet users' demand for insurance products? Where are the opportunities for insurance companies?

Li Dong (Tencent Tenpay Senior Business Manager): In recent years, the insurance industry thinks it is a fire-based social insurance product based on WeChat. To be honest, there are not many people outside the industry who are concerned about it.

Everyone is thinking about Internet. However, we all did not think too clearly, at least neglected to pay attention to consumer needs. In fact, many people nowadays have graduated with a sense of insurance and think they have to buy a guarantee for themselves, but they do not know what to buy, where to buy, what kind of products to buy.

Second, the biggest problem with insurance company net sales products is that too many terms are too complicated, originally want to buy, after reading suddenly hesitated, spend so much money it does not guarantee that is not guaranteed. So I suggest that the first can not let the user want, the second can not let the user wait, wait for no more than 3 seconds.

Hu Letian: In 2013, the online shopping market in China accounted for about 10% of the total retail sales of social consumer goods. However, in the United States, e-commerce does not have such a subversive effect on the traditional business model. This is because Chinese people's spending habits are relatively free and relatively fragmented. Therefore, the demand and consumption of Internet users in China are also fragmented, and accordingly the risk awareness is also fragmented. So, I think the insurance must be fragmented online in the future, at least for the moment, it certainly looks like this.

"21st Century": If from a narrow perspective of products, the development path of Internet insurance where to break through?

Xu Wei (Public Security Online COO COO): Public Security hopes to be more embedded in the Internet application scenarios, providing insurance services. With the Internet embedded in every aspect of people's lives, some new risks will gradually be exposed. For example, online medical care, the doctor in the end rely on not reliable; online transactions, how to help users and service providers to solve the problem of trust, these are where insurance can play a role.

Internet companies often do not have the insurance thinking, more often the insurance company is looking for some scene. But if it turns this into something that Internet companies are proactive about matching insurance needs, things can get a lot easier because they really know the Internet scenario and know what kind of in-built solution is the best and probably the operation of those scenarios The person itself.

Chen Yongjun: On the issue of entry point, I think some of the more simple products to move to the Internet, this is precisely the right choice.

Product innovation point of view, fragmentation is an irreversible direction. The second is simplification and standardization. The nature of Internet insurance is an e-commerce, must be standardized, such as accident insurance should be a unit a day how much a person, how much to protect the amount of insurance, automatic calculation, the more you buy the more discount, standardization, fragmentation, Simple, quantifiable, the future must be like this.

Bi Chuang: Another starting point is to deconstruct the existing insurance products, and then insurance companies sell life plans on the Internet to protect the portfolio.

However, why insurers are not so deconstructed at the moment because actuaries are not only considering internet insurance products but also traditional channel products. Traditional channels of products because of the insurance company's business needs, product pricing set a lot of assumptions, if these complex products on the Internet deconstruction, it may subvert the company's entire product system, a large burden.

"21st Century": How to be fragmented and scene-oriented?

Wang Dewei (Deputy Director of the Institutional Department of the Insurance and Insurance Department of China Insurance Regulatory Commission): The biggest difficulty is how to create a scene to stimulate customer demand. Why aviation insurance is not bad selling, many people suddenly remembered the plane may fall to the airport, that scene inspired his needs. Specific scenes stimulate the risk of death from illness and death concerns, the marketing process is also the truth, marketing, sales of words stimulate the customer, so that customers recognize their needs.

Li Dong: Insurance companies are asking, "What kind of insurance products do your users really want?" From our perspective, it is impossible for Internet users to have their own needs and satisfy everyone's needs. But on the other hand, the user's needs are quite simple. The key is whether you appear in front of him when he needs it most or not. What is in front of him is clear at a glance, which is what he wants.

Xu Xiangyang: how to build this scene? I personally think there are two ways: First, self-built ecosystems, such as to build a used car trading platform, this investment is relatively large, there are great risks. The second is the appropriate mergers and acquisitions or investment with some of the main industry is strongly related to the start-up period of Internet companies, on the one hand by tying innovative insurance to complete access, their flow into cash, to complete the closed loop of the entire ecosystem; the same time if this The company IPO in the future, but also bring considerable investment returns.

Do a virtual product with Tencent, for example, when users play online games to play mahjong, a good brand immediately to touch the touch, others suddenly Hu, the Q won all you win to win, this time the user will be very unhappy If you suddenly pop up a screen, you buy a what protection, after the other people touch you do not lose money, cheap, assuming three Q coins, we do not settle with the user, we settle directly with Tencent, which is called the scene.

The essence of insurance is to protect, but the form we face, the scene, the demand and the population are changing. We think about customer base, do not think a product sold 1.3 billion people, to shatter it, what 10-year-olds need, what 20-year-olds need, what the online game needs, what day-to- Thinking from the needs of segments. For example, by people, by industry, according to demand, demand is closely related with the scene.

Embedded in the Internet ecosystem

"21st Century": the development of Internet insurance, the main problems we face?

Xu Wei: for example, access to big data. Simple user name, ID number, phone number to obtain, not called big data, the data is not called two years ago. The data, equivalent to the money of the 21st century, has the common characteristic of both that it is necessary to flow and it does not make any sense if it does not flow. An ideal model, there is such a platform, the price tag or swap, so that data flow. This may be a more Utopian model, but everyone can work in this direction.

Before that, some may be easier for everyone to do. For example, blacklists should all be abhorrent, but their data volume is not large, but the significance of each company is very big. We can work together to do it first .

Xu Xiangyang: After the establishment of the E-commerce company, there is relatively little data accumulated so far. We hope to cooperate with the platform-based e-commerce providers or vertical e-commerce operators and mobile Internet companies that have business connections to solve product innovation problems.

Ding Junfeng: From these years of product promotion practice, some industries are very optimistic about the product did not arouse strong repercussions in the market, widely recognized by customers, probably because the entire consumer groups lack of trust in insurance companies. So we want to change not only the product, but the entire insurance integrated service system. From product design, display, sales process, to the customer life-long service, every aspect must be done in order to change the traditional insurance in the minds of customers in the impression.

Hu Yuetian: Next we will work with other third-party data providers for business cooperation. When it comes to data cooperation with insurance companies, we often encounter several obstacles. The first is the problem of various mechanisms. When talking to each insurance company about data cooperation, the people in the business are very positive, but there is a big hurdle when we come back to communicate and coordinate with other departments. I think it is necessary to establish a professional e-commerce company and set up an independent body.

In addition, I think it is not suitable for such an unknown market to be assessed under the traditional regulatory mechanism. For example, some well-done companies in the internet insurance business may need some fine-tuning of evaluation criteria. In the face of massive fragmentation policies, the complaint rates can not be compared on an equal footing.

"21st Century": Internet companies have created the first Internet ecosystem. Nowadays, they also start to enter the financial field. In the future, they may also become competitors of insurance companies. How should the two handle the relationship?

Zhao Dawei (Deputy General Manager of Ampang Insurance Group Mobile Internet): Perhaps the best idea is to establish a partnership with partners not only for Internet businesses, but also for cooperation with operators, health authorities and others.

Internet giant is entirely possible to set up their own insurance company, but each insurance company has its own core things, each insurance company positioning is not the same, full bloom, a hundred schools of thought, to meet the different needs of different clients, is the spirit of Internet insurance. In this way, we help them build their ecosystem and they also help us build our ecosystem. Internet giants big again, not everything has to be done, need to cooperate, if who violated the Internet's most essential open spirit, do not wait to become competitors, sooner or later will be defeated by themselves.

Hu Lotte: building their own ecosystem is actually a very painful process, because the original traditional commercial areas have no chance to build a system. In turn, there are many things we can not control when we build an ecosystem. A lot of demand is slowly growing out of their own, and then urgent no use. For example, foreign data show that most people will consider buying basic old-age insurance ten years before their basic retirement, not to mention China.

Therefore, insurance companies do Internet insurance, and its own ecological, not as good as the first look back at what their core competencies and characteristics, and then this ability in which ecosystem to take up a place, what can be done, not a big deal.

"21st Century": It seems there is a long way to Internet insurance, so what is the immediate business objectives, make money or accumulate customers?

Chen Yongjun: Everyone wants to make money immediately, but in fact impossible to make money immediately. Or first cultivate user habits up, with enough user base, enough traffic, enough stickiness and loyalty later, making money is a matter of minutes.

Ali Ye Hao, Tencent Ye Hao, they do more than a billion investment, often can not immediately see the return, at least not so much return now, this is the thinking of Internet companies. Now that we are determined to get into the realm of Internet insurance, we must also be prepared to fight protracted war. Now the Internet users, after 80 has 34 years old, 85 have been 30 years old, these people in the next five years, ten years, twenty years is the main consumer groups in society as a whole, not sure these people, the future will be Market out. They are with the Internet grew up, do not go to the agency consulting insurance, so the layout of the Internet channels in advance.

Give the internet insurance a little cold water

"21st Century": How to treat the future development of Internet insurance?

Zhang Lingwei (Deputy Secretary General, China Insurance Association): Internet insurance brings convenience to customers, reduces sales costs and promotes industry reform and innovation. While we are competing for the honorable mention, I may want to pour some cold water into the internet insurance. First, the Internet eliminates the asymmetry of information and also aggravates information asymmetry. Designing complex products through information technologies such as the internet requires higher costs and a cost for customer selection. Theoretically, we prefer to go offline if the cost of these two pieces exceeds the traditional cost. Second, the Internet to promote the integration of the industrial chain, in turn, more integration, confusion caused by confusion but not specialized, excellent and not excellent. So, the Internet is a double-edged sword.

Looking at the future development of internet insurance, we must base ourselves on the analysis of supply and demand in the insurance market. From the perspective of supply and demand in the market, the supply of insurance naturally has infinite magnification endowments and impulses, while the demand for insurance protection in our country is huge, but the release has a specific law and rhythm. At present, the supply and demand of insurance structure, rigidity, stage imbalance has become the basic characteristics of the market. Due to the characteristics of internet insurance, the insurance business can easily slide to short-term and short-term fast products with low performance and increase the imbalance between supply and demand in the insurance market, laying a hidden danger to the steady development in the future. Therefore, in the face of the Internet channel, it is recommended to be treated with a cautious strategic thinking.

Wang Dewei: Now China's internet insurance situation may be a bit like the United States in the late 1990s. In the 1990s, some people also predicted that the United States may usher in a great development of Internet insurance in the next step. However, after more than a decade of tests, the result so far was not predicted.

Later there was a special study to mention many reasons: From the perspective of insurance companies, the rise of the Internet has greatly subverted the traditional channels, and insurers have their own lack of motivation. If all companies are doing Internet, customers face a problem who choose. From a consumer perspective, research and analysis may face many factors: first, may not really have this demand, second, consumers are not very confident about their ability to choose, after all, the insurance product itself is very complex financial Products, many people still prefer to rely on the judgment of a professional. There are also such Internet insurance in the insurance, will inevitably face the problem of personal information input, the most basic name, ID number, and then a little more complex products, as well as your spending habits, history, consumers are not enough trust in the site .

Not optimistic about the United States does not mean that China is not optimistic, because the spending habits of different people, the Chinese may prefer to shop online. However, the development of Internet insurance may really require the subversion of traditional things. Like "seeking love", "love upgrade", which uses the characteristics of social networks, so that everyone after the spread of the insured increase, breaking the traditional mode of consumption. There are financial products, the rate of return of 6%, 7%, post-investment pressure is certainly very large. Therefore, such products can increase the company's reputation, but not to support the development of the model.

Regulatory authorities are more forgiving of Internet insurance, whether it is the competent department or in charge of leadership, are very supportive of innovation attitude, allowing mistakes, but this process also has a basic bottom line, can control the risk, give consumers a reasonable account , This process space is open. (Editor Zhao Ping)