The insurance industry uses data to talk in the big Data age

Large data allows us to standardize and digitize almost everything we create, it is then stored, dug, counted, analyzed and entered into various applications, thus creating almost limitless functions and business opportunities, helping us to accumulate the past, analyze the present, predict the future, and lead us to realize the transformation from data to knowledge. The leap from knowledge to action promotes the rapid development of society, economy and even the whole Earth civilization.

The author thinks that the essence of large data is the process and application of digitalization based on full standardization. The purpose of logging is to classify storage, so there is a data warehouse, the purpose of classified storage is to statistical analysis, so there is data mining, the purpose of statistical analysis is to discover laws, research countermeasures, to use and realize functions, so there are data visualization, business intelligence, government intelligence, also including cloud computing, Internet of Things, Mobile terminals, outsourcing/crowdsourcing, Internet finance/insurance and Industry vertical integration (longitudinal), Cross-border horizontal integration (lien) and other emerging concepts, which greatly accelerate the pace of development, improve management efficiency, facilitate the realization of consumption. Thus, it can be said that large data is the core asset and absolute capacity of any future organization. These organizations, can be government, enterprises, lack of such assets and capacity of organizations, especially large enterprises, it is difficult to survive in competition.

This is the trend, this is the tide.

On insurance, on insurance. The author thinks that the insurance principle and the characteristics of insurance management are in good agreement with large data. Big data is promising in the insurance industry and may be one of the best integrated industries.

What the big Data age brings to insurance

Accurate pricing. The basic condition for the sustainability of insurance services is the ability to accurately price them. If the price is not accurate, insurance services are destined to remain. And the basis of accurate pricing is to have a large number of subject to the same quality risk. With large data, insurance companies can carry out accurate screening, classification, calculation and analysis to provide accurate pricing of insurance products from both supply and demand angles to the subject of various risks, and to carry out corresponding pricing adjustments according to the changes in risk conditions, Can even be based on the past statistical analysis to carry out accurate disaster prevention and prevention work, in reducing their own risk-taking at the same time to provide customers with value-added services.

Precision marketing. With large data, can be implemented from two levels of precision marketing: First, the existing and potential insurance consumers in the conduct and needs of in-depth research, accurate analysis, to predict the real or possible consumer demand, accurate push insurance products and services information, improve the transaction success and customer retention probability. The second is to achieve the media, the large data based on the Internet to carry out accurate sales to the main channel of insurance marketing, and the current widely used in various types of intermediary marketing agencies to a certain extent marginalized, become the main channel of a supplement. This can greatly reduce the cost of policy acquisition, weaken the intermediary marketing agencies to the insurance company's channel monopoly, shielding consumers, service and other acts, reduce the link between supply and demand, significantly improve the information symmetry of both supply and demand, in order to improve service quality, and protect the interests of consumers to create conditions.

Fine management. With large data, the decision making of insurance companies, the deployment of work, the solution of problems, can be digitized, real-time, scientific, so as to achieve fine management. Moreover, the data processing system to carry out calculation, analysis and reminders, its efficiency is much higher than manual processing, the cost will be much lower, which will continue to reduce operating costs, focus on resources to serve customers to create positive conditions.

Exquisite service. Insurance companies in the precise pricing, precision marketing, fine management on the basis of the precious and limited energy and resources to focus as much as possible to grasp the trend of external trends, integration of internal operating efficiency, organization and improve the service system, at any time to provide customers with exquisite and thoughtful, meticulous service.

Into the big data age

Integration of the characteristics of the information industry, into the large data age of the insurance companies, not only with the main body, but also with the industry and may be outside the intruder competition, than what? is more clear than who business philosophy, who is more advanced business model, who master the customer information data more, the use of better, who's business more light assets, data-heavy; Whose service is better organized. Business organization is good, efficiency will be higher, service will be more excellent, customer experience can be the best, satisfaction will be promoted. Many services do not need insurance companies hands-on, pro-Pro, can be widely purchased through outsourcing or even crowdsourcing to achieve. Whether in the process of service or not outsourcing, regardless of the proportion of the outsourcing, who can use the highest cost-effectiveness to provide the best customer experience and satisfaction, who can win customers in the competition, win the market, win the future.

No rules, savages. From the point of view of supervision, overall, although the regulatory system of insurance regulation has been relatively sound and perfect, but with the economic and social development, the continuous progress of science and technology, all kinds of innovation, some rules and regulations can not be fully adapted to, and some still lack of phenomenon. The advent of the large data age and the electronic sales, the development and popularization of the net sales and even the mobile sales, the insurance industry is confronted with the difficult subjects such as how to adapt to the trend, perfect the whole service chain, improve the customer experience and satisfaction, and the insurance supervision is faced with the problem of further clarifying what to do, how to control and how to manage.

Therefore, the author thinks that in the background of the era of the insurance industry entering large data, it is necessary for the supervision Department to carefully judge the industry dynamics and market trends, to understand the problems and demands of the insurance consumers, and to tighten up and perfect the following two kinds of regulations: first, to protect the interests of insurance consumers To define the rights and obligations of each Party to provide and enjoy services, to stipulate specific measures to protect consumers and special regulations for relief channels; The second is to define the definition of Internet insurance, standardize the validity of Internet insurance contract, operating rules and regulation policy. At the same time, we must further promote the industry to actively carry out various types of insurance services, including Internet insurance Standards of standardization, institutionalization of construction work, speed up progress, strengthen, not only to facilitate the regulatory departments and industry organizations to carry out internal evaluation, more convenient for the social third-party agencies and consumers to implement external supervision.