Insurance industry development trend

Epidemic Accelerates Internet Insurance Conversion Rate

With the booming development of the Internet, the insurance industry has continued to innovate its sales channels, and insurance companies have been actively developing new types of insurance products, as well as actively adjusting and standardizing their development in accordance with regulatory requirements. According to data from the Insurance Association of China, China's Internet insurance premium income reached 269.63 billion yuan in 2019, accounting for 6.35% of the industry's total premium, up from 2018.

In combination with the analysis of the epidemic situation, according to the "18 findings on China's insurance demand in the post-epidemic period" released by Fudan University in conjunction with Tencent Weibao, before the 2020 epidemic, the conversion rate of Internet insurance increased by 73% on average compared with the same period last year; during the epidemic, the conversion rate of Internet insurance increased by 232% on average compared with the same period last year. It can be predicted that the epidemic will continue to promote insurance also from offline business to online business transfer layout, promote the rapid development of the Internet insurance industry.

Insurance industry online and offline business integration will become a major trend

Consolidation of the foregoing, China's insurance industry, the offline sales model is still the mainstream way to the major insurance companies is the core competitive resources, but after the epidemic, the insurance industry's consumer behavior will gradually move towards online, mainly due to the online transaction of the The contact degree is small and convenient, but it is worth noting that the insurance industry's transaction mode to online shift does not mean that this give up offline resources, but to promote the integration of offline and online resources, simplify the insurance sales, claims and other processes, to provide customers with a higher level of service.

In addition, insurance companies' related product forms will be further innovated to meet residents' health needs, and finally, with the rapid development of China's Internet, 5G and other technologies, insurers will also continue to lay out data-based operations to improve operational efficiency.

--The above data and analysis please refer to China Insurance Industry Market Outlook and Investment Planning Analysis Report by Prospect Industry Research Institute.