20 19 internet advanced edition

China Insurance Association released the analysis report of Internet property insurance market in 2020: the premium income of Internet credit guarantee insurance was 6.252 billion yuan-Gongbao.com.

At present, the digital economy is booming and digital technology is constantly innovating and breaking through, which provides a good foundation for the digital online development of the insurance industry and promotes the rapid growth of the Internet insurance market in recent years. In 2020, driven by the epidemic situation and regulatory policies, the property insurance industry accelerated the online transformation process. On the one hand, the outbreak of the epidemic has changed the insurance habits of residents to a certain extent, forcing institutions to improve the level of online exhibition industry and digital capabilities, and improve quality and efficiency. On the other hand, the CBRC proposed that "by 2022, the online rate of auto insurance, agricultural insurance, accident insurance, short-term health insurance, family property insurance and other business areas will reach over 80%", encouraging institutions to provide consumers with safe and convenient online insurance services. Driven by the epidemic situation and regulatory policies, the Internet property insurance market is facing new opportunities and challenges.

1. Overview of Internet Property Insurance Market

1. Internet property insurance business entities continue to expand.

In recent years, with the development of Internet economy and the expansion of netizens, insurance companies have laid out Internet channels. According to the statistics of the insurance industry association, in the past six years, the operating entities of the Internet property insurance market have doubled; In 20 14, 33 insurance companies will carry out internet property insurance business, and by 2020, 73 insurance companies will carry out internet property insurance business.

2. The scale of Internet property insurance business contracted year-on-year.

In 2020, due to the comprehensive influence of COVID-19 epidemic, comprehensive reform of auto insurance, accident insurance reform and new regulations of credit guarantee insurance, the accumulated premium income of Internet property insurance was 79.795 billion yuan, down 4.85% year-on-year, which was nearly 9 percentage points lower than the growth rate of the property insurance market in the same period. The cumulative number of Internet property insurance policies was 27.95 1 100 million, down 0.92% year-on-year.

3. The development of Internet non-auto insurance business is better than auto insurance business, and the scale of non-auto insurance premiums accounts for more than 70%.

In 2020, the accumulated premium income of internet auto insurance was 22.06 billion yuan, down 19.64% year-on-year, accounting for 27.65%, down 5.09 percentage points from 20 19; The accumulated premium income of internet non-auto insurance was 57.735 billion yuan, up 2.35% year-on-year, accounting for 72.35%, which was more than 65,438+05 times higher than the share of 4.465,438+0% in 2065,438+04. With the rapid growth of non-auto insurance, especially the hot sales of products such as return insurance and accident insurance, the average premium of Internet property insurance has been declining year by year, from 25.14 to 2.07 yuan/piece in 2020. In addition, although the penetration rate of Internet property insurance business has declined, from the peak of 9. 12% in 20 15 to 5.87% in 2020, the penetration rate of Internet non-auto insurance has continued to increase, from1.14.

4. The Internet property insurance industry responded positively and took a number of measures to fight the epidemic.

Since the outbreak of COVID-19 epidemic in 2020, the insurance industry has responded quickly, not only donating money and materials, but also based on the insurance business itself, giving full play to the role of economic stabilizer. On the one hand, upgrade products and services for the epidemic situation, and provide insurance protection for customers at the first time; On the other hand, sales, services and operations will be launched to reduce the adverse impact of the epidemic on underwriting, claims and other customer operations. At the same time, the epidemic situation has also continuously raised customers' attention to the Internet insurance market and health insurance protection awareness, which has brought certain positive significance and development momentum to the development of the industry.

5. Regulatory policies have been introduced one after another to ensure a good and healthy business environment for the industry.

The combination of technology and insurance has spawned a brand-new market, and many companies have begun to explore the construction of an internet insurance ecosystem. While actively encouraging the innovation and development of Internet insurance, regulators also attach great importance to the regulation of Internet insurance business behavior and the prevention and control of related risks, effectively deploy and promote the transformation and upgrading of industry structure through various regulatory measures, and promote the development of Internet insurance in a higher quality direction. In 2020, clarify the traceability management requirements of Internet insurance sales behavior and strengthen the protection of consumer rights and interests; Issue the Guiding Opinions on Promoting the Online Development of Property Insurance Business, promote online work, and improve the availability and service convenience of insurance business; The Measures for the Supervision of Internet Insurance Business was issued to strictly regulate the behavior of Internet insurance business and strengthen the prevention and control of Internet insurance risks.

2. Sub-channels of Internet property insurance market.

1. Internet property insurance business mainly comes from third parties.

In 2020, in the Internet property insurance business, the total premium income of third parties (including third-party network platforms and insurance professional intermediaries) was 59.323 billion yuan, accounting for 74.34%, up 5.45 percentage points year-on-year; Among them, the premium income of third-party network platforms was 33.528 billion yuan, accounting for 42.02%, down 3.76 percentage points year-on-year; The premium income of insurance professional intermediaries was 25.795 billion yuan, accounting for 32.33%, up 9.2 1 percentage point year-on-year. The premium income of self-operated network platform was 65.438+08.785 billion yuan, accounting for 23.54%, down 5.68 percentage points year-on-year.

2. The number and activity of self-operated network platform channel customers have increased, but the overall business volume has fallen sharply, and the sales insurance is mainly auto insurance.

In 2020, the channel premium income of self-operated network platform was 65.438+08.785 billion yuan, a year-on-year decrease of 23.35%. From the perspective of insurance, this channel mainly focuses on auto insurance business, with auto insurance premium income accounting for 70.82%. With the shrinking of Internet auto insurance business, the contribution of self-operated network platform channels in Internet property insurance business is also declining. From the perspective of sub-channels, official website, the mobile terminal, has increased the number of customers and activity, while realizing the growth of premium scale; Although the number and activity of customers in other channels have increased, the scale of premiums has dropped significantly. In 2020, the number of independent customer visits and mobile visits in official website increased by over 300% year-on-year, and the premium income was 980 million yuan, up by 22.96% year-on-year. The cumulative installed volume of mobile apps is about 5 1 10,000, up by 3.25% year-on-year, and the number of independent visitors and visits has increased by more than 25% year-on-year. Premium income was 9.722 billion yuan, a year-on-year decrease of 28.99%. The official account of WeChat WeChat paid attention to 280 million people, a year-on-year increase of14.19%; Premium income was 4.225 billion yuan, down 65,438+05.99% year-on-year. In addition, the cumulative number of registered customers of PC in official website is about 47.56 million, up by 54.40% year-on-year. However, the number of independent visitors and the number of browsing pages of the website have decreased year-on-year, which shows that users' behavior habits have evolved from PC to mobile.

3. The scale of channel premiums of third-party network platforms has shrunk for the first time, mainly for non-auto insurance, with return freight insurance accounting for the majority.

In 2020, the channel premium income of the third-party network platform was 33.528 billion yuan, down 12.66% year-on-year. From the breakdown of insurance, compared with other channels, the insurance structure of the third-party network platform is more diversified, and the premium income of other insurance (mainly return freight insurance), Italian health insurance and credit guarantee insurance is higher, accounting for 32.6 1%, 3 1.88% and 13.57% respectively. From the perspective of specific platforms, according to the data of the main cooperative institutions of the insurance industry association, the top four third-party network platforms are Taobao, Alipay, Tmall and Meituan, and the accumulated premium income of the four institutions accounts for 57. 15% of the total premium of the third-party network platforms.

4. The channel business of insurance professional intermediaries is growing rapidly, with the focus on Italian health insurance.

In 2020, the channel premium income of insurance professional intermediaries was 25.795 billion yuan, a year-on-year increase of 33.07%. From the breakdown of insurance types, the main sales insurance types are Italian health insurance and auto insurance, and the premium income accounts for 64.03% and 24. 13% respectively. According to the statistics of the insurance industry association, the Internet premium income of Fan Hua Group and Mingya Brokers both accounted for more than 99%.

3. Types of insurance in the Internet property insurance market

The development of different types of insurance presents a differentiated pattern, and the business structure is quite different from the overall distribution of insurance products of property insurance companies. In 2020, the top three types of Internet property insurance business are Italian health insurance, auto insurance and other insurance (mainly including return freight insurance), with accumulated premium income of 65.67 billion yuan, accounting for 82.30%. Among them, the share of internet auto insurance is lower than the overall market of property insurance companies by 33.05 percentage points; Italian health insurance, on the other hand, showed higher Internet adaptability, accounting for 27.93 percentage points higher than the overall market of property insurance companies (12.18%).

(1) Internet auto insurance business

1. Internet auto insurance business continued to experience negative growth.

In 2020, the accumulated premium income of Internet auto insurance was 22.06 billion yuan, which continued the negative growth trend of 20 19, with a year-on-year decrease of 19.64%.

2. The development of internet auto insurance business is positively related to the level of population and economic development, mainly concentrated in the developed areas in southeast China.

In 2020, Shandong, Guangdong, Jiangsu, Zhejiang and Henan are the top five regions in terms of Internet auto insurance premium scale, with a cumulative premium income of 8.8365438 billion yuan, accounting for 40. 17%, which is consistent with the regional distribution trend of the overall auto insurance market. Although the scale of internet auto insurance in the western region is small, the local internet auto insurance penetration rate is generally high due to the weak laying of offline institutions.

3. The concentration of the Internet auto insurance market has further declined.

In 2020, the top five companies in terms of Internet auto insurance premium scale are Dida Insurance, Ping An Property Insurance, Taibao Property Insurance, PICC P&C Insurance and Taikang Online, with accumulated premium income of1218 million yuan, and CR5 is 54.93%, namely/kloc-0 1449.50000000006.

4. Self-operated network platform is the main business source of internet auto insurance, but its business contribution is gradually declining.

In 2020, the premium income of self-operated online platforms accounted for 60.3 1% of the internet auto insurance business, which was 7.9 1 percentage point lower than that of 20 19. The premium income of insurance professional intermediaries accounted for 28.22%, up 7.78 percentage points year-on-year, and the premium income of third-party network platforms accounted for 9.23%, down 0.50 percentage points year-on-year.

(2) Internet non-auto insurance business.

1. Internet non-auto insurance business maintained positive growth, but the year-on-year growth rate declined.

In 2020, the accumulated premium income of Internet non-auto insurance was 57.735 billion yuan, up 2.35% year-on-year. From the perspective of specific types of insurance, except for credit guarantee insurance, the accumulated premium income of other internet non-auto insurance types has achieved positive growth year-on-year. From the perspective of the growth rate of the main body, more than half of the insurance companies' Internet non-auto insurance premiums achieved positive growth year-on-year.

2. Internet health insurance business maintained a relatively high growth rate, and the premium scale jumped to the top of Internet property insurance; The scale of credit guarantee insurance premiums has shrunk dramatically.

In 2020, the accumulated premium income of Internet health insurance was 32.005 billion yuan, a year-on-year increase of 19.70%. From June 5438+ 10, 2020, the premium income of internet health insurance began to exceed that of auto insurance, and the gap continued to widen. By the end of the year, it has exceeded Internet auto insurance 12.46 percentage points. It is mainly because the short-term health insurance on the Internet captures the needs of users, and the products are simple and transparent, cost-effective, and the insurance is intelligent and efficient. At the same time, the awareness of health protection has been greatly improved under the epidemic situation, and the aggregation effect of social graphics has been highlighted. In terms of credit guarantee insurance, in view of the different default risks of individual online lending platforms, credit guarantee insurance ushered in new regulations, and various insurance companies tightened the financing credit guarantee insurance business, standardized business processes and improved the risk control level. In 2020, the accumulated premium income of Internet credit guarantee insurance was 6.252 billion yuan, down 52. 18% year-on-year.

3. The concentration of Internet non-auto insurance market is much higher than that of Internet auto insurance, and professional Internet insurance companies have a strong development momentum.

In 2020, the top five companies in the scale of Internet non-auto insurance premiums are Zhongan Insurance, Taikang Online, Cathay Property Insurance, PICC P&C Insurance and CPIC Property Insurance. The accumulated premium income was 377 14 billion yuan, accounting for 65.32%, which was 0.75 percentage points lower than that of 20 19, but still higher than that of internet auto insurance Cr5/kloc-0.0 percentage points. From the perspective of specific companies, professional Internet insurance companies perform well in the Internet non-auto insurance business, with a total premium of 2,565,438+86 million yuan in 2020, accounting for 43.62%.

4. Internet non-auto insurance business mainly comes from third-party network platforms, followed by professional intermediary channels.

In 2020, the premium income of third-party network platforms accounted for 54.55% of Internet non-auto insurance business, down 8.77 percentage points year-on-year, the premium income of insurance professional intermediaries accounted for 33.90%, up 9.48 percentage points year-on-year, and the self-operated insurance network platforms accounted for 9.49%, down 0.75 percentage points year-on-year.

5. Short-term health insurance and return freight insurance of Internet non-auto insurance hot-selling products are outstanding.

The rapid development of various scientific and technological applications and the emergence of various Internet platforms provide opportunities for scene innovation, accurate marketing reach and optimization of user experience of non-auto insurance products and services on the Internet, such as fast iterative million medical care, return freight insurance for e-commerce scenes, flight delay insurance for travel platforms, and account security insurance for mobile payment. According to the insurance industry association's monitoring of the top 60 hot-selling products in 2020, there are 27 short-term health insurance products, accounting for 48. 12% of the accumulated premium income, mainly millions of medical products; There are 7 accident insurance products, and the accumulated premium income accounts for 6.6 1%, mainly aviation accident insurance and personal accident insurance. In addition, among all kinds of hot-selling products, the return freight insurance covers the largest number of policies, and the premium income shows a sustained and rapid growth trend. The top three premium scales are Cathay Property Insurance, Zhongan Insurance and Dida Insurance.

4. Internet property insurance market.

1. The Internet property insurance market is less concentrated and the competition is more intense.

In 2020, the top ten insurance companies in the scale of Internet property insurance premiums are Zhongan Insurance, Taikang Online, PICC P&C Insurance, CPIC Property Insurance, Guotai Property Insurance, Dida Insurance, Taiping Property Insurance, Ping An Property Insurance, JD.COM Allianz Insurance and Sunshine Property Insurance, with a cumulative premium income of 622 12 billion yuan, accounting for 77.96%, compared with 20/kloc-0.

2. The premium scale of professional internet insurance companies accounts for more than one third, and the non-auto insurance business develops strongly, among which Italian health insurance is more prominent.

Affected by the epidemic, consumers pay more and more attention to the zero-contact consumption pattern, which also provides a good opportunity for professional Internet companies to expand their business. In 2020, the accumulated premium income of the four major Internet insurance companies was 28.06 billion yuan, up by 65.438+09.27% year-on-year, accounting for 35. 17%, up by 7.1percentage point compared with 20 19; The total insured amount of policies was 9.649 billion, up 4.46% year-on-year, accounting for 34.52%, up 65,438+0.78 percentage points compared with 2065,438+09. In terms of Internet non-auto insurance business, the accumulated premium income of four professional Internet insurance companies was 25186 million yuan, accounting for 89.76% of their total business, which was 26.84 percentage points higher than that of traditional property insurance companies. On the one hand, professional internet insurance companies do not have comparative advantages in the field of auto insurance services, prompting them to focus on non-car development; On the other hand, online celebrity products, such as Million Healthcare, have high Internet adaptability and high requirements for technical iteration and product innovation, which is also the advantage of professional Internet insurance companies. From the perspective of specific types of insurance, the premium income of professional Internet insurance companies accounts for more than 60% of their total premium income and half of the total premium of Internet health insurance.

3. Traditional insurance companies have comparative advantages in Internet auto insurance business.

In 2020, the accumulated premium income of traditional insurance companies was 51.73.5 billion yuan, down 14.25% year-on-year, accounting for 64.83%; The cumulative number of policies insured was 65.438+08.303 billion, down 3.54% year-on-year, accounting for 65.48%. From the perspective of insurance, traditional insurance companies have more advantages in the development of Internet business, mainly because auto insurance has higher requirements for offline services, and professional Internet insurance companies need to further strengthen the ability to combine online sales and offline services. In 2020, the premium income of traditional insurance companies' Internet auto insurance business totaled19186 million yuan, accounting for 86.97% of the total Internet auto insurance business.

5. Thoughts and suggestions on the network property insurance market.

With the development of the mobile Internet era, the "new middle class" people, mainly born after 1980s and 1990s, as the mainstream of current consumption, are gradually developing online consumption habits. This group is young, adaptable to new things, highly educated, and has a strong sense of active protection. It is the main target group of Internet insurance. According to the data of the 47th Statistical Report on China's Internet Development released by China Internet Network Information Center (CNNIC), by the end of 65438+February 2020, the number of netizens in China had reached 989 million, the Internet penetration rate reached 70.4%, and the proportion of mobile phones accessing the Internet reached 99.7%. Compared with this, there are more than 200 million Internet insurance users in China, which shows that there is still a large potential growth space for Internet insurance.

(A) the current risks and problems

1. Economic risk pressure in the post-epidemic era

In 2020, under the influence of the global spread of the COVID-19 Black Swan incident and the escalation of Sino-US friction, China and major economies suffered a huge impact. At present, the domestic epidemic situation has been controlled, but it still faces uncontrollable factors such as imported epidemic pressure from abroad. It is expected that the domestic economic impact will continue to a certain extent. The domestic insurance market is facing a new situation, and the risk management of insurance stock users and new users is a big challenge in the industry.

2. Information asymmetry leads to adverse selection and dispute risk.

Internet insurance business is different from traditional offline business. Because insurance companies and policyholders can't contact face to face, there are some communication restrictions and information asymmetry, which may lead to adverse selection and dispute risks that can't be ignored. On the one hand, risk monitoring, early warning and early intervention mechanisms need to be further improved, and the ability to improve risk identification and disposal by using digital technologies such as big data and cloud computing needs to be further improved. On the other hand, some insurance companies have problems such as incomplete information disclosure, which damages the legitimate rights and interests of insurance consumers. Due to the lack of active communication between the insurer and the insured, the insured may misunderstand the terms of the insurance product, which may lead to compensation disputes such as the difficulty in confirming the insurance interests.

3. The new technology magnifies the potential risks, and it is urgent to establish the coping ability.

The wide application of new technology in internet insurance business has greatly improved social productivity, but also brought many problems such as privacy protection and information security. With the application of new technology in the insurance industry, such risks also enter the insurance field accordingly. For example, the personalized underwriting process based on big data means the embedding, collection and application of more dimensional data. Once the information is leaked, the consequences will be more serious. Risks such as these require the active investment of the insurance industry, and the ability of risk management is also improving.

4. Internet innovative product design and scientific pricing are difficult.

At present, the vast majority of innovative Internet insurance products are the first. Product design needs to take into account the product's own attributes and network operation requirements, that is, online consultation, insurance, claims settlement and after-sales service, which not only improves the adaptability of product design, but also brings corresponding risks. In addition, because the development of Internet insurance business is not long, and there is not much historical data accumulated, consumer behavior habits are more difficult to predict and control than traditional products, which also poses a certain challenge to the scientific pricing of Internet insurance products.

(B) the next stage of thinking and suggestions

1. Promote online property insurance business and strengthen the integration of online and offline development.

In order to better serve the structural reform of the financial supply side and provide consumers with more convenient and efficient insurance services, property insurance companies should actively improve the online level of business and optimize and enrich the "non-contact service" channels; At the same time, through the online empowerment of traditional offline services, we will explore the digital transformation of offline services, strengthen the effective linkage between online and offline services, make excellent stocks, make big increments and provide good services, and improve consumers' satisfaction with digital, networked and intelligent insurance products and services.

2. Strengthen the application of science and technology to stimulate new kinetic energy for the development of the industry.

The characteristics of Internet insurance scenarios, such as fragmentation, high interaction frequency, strong transaction timeliness and large fluctuations in business peaks and valleys, have promoted the application of emerging technologies such as big data, cloud computing, artificial intelligence and blockchain in the industry, enabling insurance companies to establish a more comprehensive business process and a more perfect business monitoring system, thus realizing the intelligent operation of business processes. Insurance companies need to rely on the powerful computing resources and big data analysis and processing capabilities brought by emerging technologies to deeply analyze and quickly adapt user data, insurance business scenario data and external big data, and establish an intelligent insurance operation system that meets the requirements of diversified scenarios, diversified product types, multi-level product operation and multi-dimensional risk monitoring.

3. Insist on integration and innovation to enhance the value of online insurance products and services.

At present, in the Internet property insurance market, insurance companies have weak control over Internet channels, so they need to establish Internet thinking, move from value transfer to value creation, and use online technology to form differentiation capabilities. Iteratively innovate insurance products around key areas such as scientific and technological innovation, social services and household consumption, such as expanding UBI, online car rental and other innovative products. At the same time, form a richer and more perfect insurance service supply, enhance the value of insurance services, and strengthen core competitiveness.

4. Adhere to compliance management, and ensure that risks are controllable while protecting the legitimate rights and interests of insurance consumers.

With the rapid development of internet insurance business, some new situations and problems have emerged, which not only plague insurance consumers, but also affect the healthy development of internet insurance. The insurance industry should adhere to the concept of "customer-centered" and further standardize its business behavior on the basis of better meeting the growing multi-level and diversified needs of consumers. From the perspective of protecting consumers' legitimate rights and interests, we can improve online consumer satisfaction by perfecting information disclosure, formulating online service standards, building online sales traceability system, and protecting customer information security. At the same time, we will further improve the risk prevention and control system of insurance online business, and use technologies such as data mining and machine learning to improve the accuracy of risk identification and disposal of insurance business and prevent cross-infection of risks. Improve risk monitoring, early warning and early intervention mechanisms to improve the timeliness of risk prevention and control.