With large data, traditional insurance industry wants to "roll over"

With the promotion of large data, BI (business Intelligence) and other concepts, the industry is beginning to realize the importance of large data and business intelligence to the development of enterprises, insurance (assured insurance) industry is no exception.

Our correspondent Wan Qi this January, the first ever negative growth in nearly 7 years has been seen as the "start" of life insurance. In the "2013 Insurance Confidence Survey", more than 50% of experts believe that the insurance industry is difficult to emerge from the downturn this year, chairman of the Circ Xiang simply said that 2013 may be the most difficult year for the development of the insurance industry. However, only six months, the industry and experts have thrown out optimistic forecasts-over the next 5 years, with the Internet and large data, the insurance industry will reach more than 500 billion yuan.

The change of channel is only the first step of the insurance industry entering the "blue Sea", the personalized custom service is the key to seize the market, and the application of large data plays a very important role in it.

How to break through the dilemma in traditional insurance industry

In view of the negative growth of life insurance premiums in the beginning of this year, the experts analyzed, the extensive development of macro-economy, uneven distribution of wealth, as well as the insurance industry products single, homogeneous competition, innovation difficult, the lack of information construction, marketing mechanism problems, etc. The mismatch between the supply and demand of insurance products and the inability of products to meet the needs of policyholders are regarded as the root cause of their predicament.

At the same time, with the gradual opening of the market and the further development of the Capital Management era and the financial Cross-border, the insurance industry is not only impacted by foreign insurance companies, but also challenged by banks, funds and brokerages. The vicious circle of business and the lack of competitiveness lead to the monopoly of the channel, which greatly increases the operating cost of the insurance company. At the same time, the agent system is also widely criticized by society. According to the insurance industry Zishi introduced, domestic insurance marketing mainly relying on agent channels, but agents can only deputy its subordinate insurance company products, in order to compete in the competitive insurance companies to achieve excellent performance, sales of false sales and fraud is inevitable. Moreover, the blind expansion of agent size, screening and training lag, resulting in more false sales this further hinder the market transformation.

Previously, IBM in its "Insurance core business System transformation: the challenges and opportunities faced by the Chinese insurance industry," the white paper mentioned that the old insurance system lacks a unified customer view, no complete customer information data, increase the difficulty of claims, especially cross-regional business. The lack of flexible product modeling tools and quick-release methods make it difficult to meet the customer's flexible insurance requirements. The company's internal data does not form a complete data system, resulting in decentralized operations, greatly increasing the operating costs, affecting the management and decision-making of enterprises.

At the annual meeting in 2013, Ping An group Chairman Ma said with concern that the future biggest competitor of Ping An is not a traditional financial enterprise, but a modern science and technology enterprise. As said, the traditional insurance industry in the face of its transformation dilemma, the Internet also from all aspects of its impact. With the growing number of emerging insurance companies, sales competition is undoubtedly more intense.

According to the "2012-2013 China Insurance Sales of electronic Commerce Research Report" Statistics, 2012 China Insurance E-commerce Market Online premium income of 3.96 billion yuan, compared with 2011 growth of 123.8%. E-commerce, internet payment and other related industries for nearly a decade of rapid development, has been for the insurance industry has laid the electronic business and user base.

With the promotion of large data, BI (business Intelligence) and other concepts, various industries are beginning to realize their importance to the development of enterprises, insurance industry is no exception.

Insurance industry is the first to establish a scientific and perfect data statistics system, and data statistics for the foundation of the industry. It has long been associated with large data-the nature of large data is based on the extraction, analysis, prediction and resolution of massive data, and the core of insurance business is similar to that of relying on powerful user information to predict and evade risk. But the research and advancement of the domestic insurance industry on large data is not very impressive, as Zishi laments-"We are on the eve of big data, but the insurance industry lags behind other traditional industries." ”

How important is big data to the insurance industry? "This society can not pay attention to the big data, but the insurance industry is not!" "At the Seventh China Insurance Management Information Summit Forum held in February this year, Rook, executive vice president of Chinese People's Property Insurance Co., said. In his view, the use of large data will bring great changes to the operation of the insurance industry, such as pricing factors will increase, many more closely related to life risk factors, such as living habits, medical, drug use and many other factors will be included in the development of new insurance products to provide more innovative basis.

"Big Data Calculus" drives innovation

Large data is so important, not only in its massive data, but also based on data analysis and insight, through the analysis of user information data, mining valuable information to gain insight into new business opportunities, most industries use large data common purpose. The insurance industry is the same, through the analysis of data mining, to find suitable people and market tools to promote the entire insurance industry innovation.

Zishi uses "Big Data calculus" to illustrate how such innovations are achieved: in the integral aspect, the insurance company may through to the big data analysis, excavates the consumer common demand, again through the product innovation and the channel optimization satisfies; differential, to individual consumer's difference demand, formulation "granular" Even customized products.

According to its introduction, the current domestic mainstream network social platform, including micro-blog, micro-letter and so on provide data interface, which can be used by third-party developers to obtain some user data and user authorization information. Using social media data for public opinion monitoring and precision marketing is a mature market with big data for channel innovation and brand building.

The use of large data is not limited to social platforms. Last year, China Land Property Insurance Corporation announced its collaboration with IBM to help build a new underwriting operations management system by deploying an enterprise Content management solution (ECM).

At that time, Haibin, director of the Insurance Department of China Land Property Insurance Co., said in an interview with the media IBM's ECM solution can help it effectively manage large amounts of structured and unstructured information, streamline the underwriting business process, improve the operational efficiency, accuracy, and cost-effectiveness of the underwriting system, and enhance the order, customer, The efficiency of information management such as employee and the effectiveness of enterprise decision.

May 20 this year, the Sino-Reinsurance Industry Data Analysis Center in Beijing's official listing, is considered by the industry as the domestic insurance industry chasing large data, one of the landmark events. Prior to this, the company has encountered most of the traditional insurance companies in the plight of blind competition, vicious competition brought about by the market dilemma. With the further opening of the domestic insurance market, foreign insurance companies compete for the market with their professional services and rich technical experience, which makes the company's development more difficult. The rapid breakout through large data has become a recognized solution for the major traditional insurance companies, including the middle-and-high risk.

Effective integration of resources into the biggest problem

Although many domestic insurance companies have begun to try to use large data, but the industry's current situation and the lack of in-depth data mining, it is now a difficult problem to avoid.

Massive data is the basis of large data analysis, but it is quite difficult for insurance companies. According to industry sources, although the insurance company has a large number of data resources, but the internal system is mostly relatively independent operation, fragmented, this virtually formed a data island, want to carry out effective integration, its difficulty can be imagined.

At the same time, the external data mining and integration also has a lot of problems. Although social platforms are an entry point, "The real difficulty lies in how insurers use these tools to effectively improve their marketing efficiency and customer satisfaction," Zishi said.

Xu Li, who attended the Summit Forum on Information Technology in the insurance industry this year, said in a speech that it is not too hot to chase large data, although large data is constantly mentioned, but large data technologies are still in the exploratory stage. "The focus should be more on the application of large data technology, focus on what it can do and how smart it will be for the sustainable development of the insurance industry," the IBM Financial industry's senior architect has sincerely suggested. ”