On April 23, Yuanbao Group (hereinafter referred to as "Yuanbao") and the China Insurance and Pension Research Center of PBC School of Finance of Tsinghua University (hereinafter referred to as "Tsinghua PBC Insurance Center") jointly released the "2023 China Internet Insurance Consumer Insight Report" (hereinafter referred to as the "Report"). As a thematic report released for three consecutive years, the report continues to track and investigate the characteristics of Internet insurance consumers, analyze consumers' demand pain points and insurance purchase behaviors in the whole link, and study and judge new trends in the Internet insurance industry. In order to promote the high-quality development of the industry and welcome a new round of industrial innovation, suggestions and references from the consumer demand level are provided.
(Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, Huang Zhiqiang, secretary general of the Insurance Society of China, Wei Chenyang, director of Tsinghua PBC Insurance Center, and Fang Rui, founder and CEO of Yuanbao Group, jointly launched the release of the report)
The theme of the press conference is "Riding the Momentum", which means that in the context of new opportunities for China's insurance industry, we will focus on consumer demand and take advantage of the momentum to open a new round of industrial innovation. The press conference was presided over by Wei Chenyang, director of Tsinghua PBC Insurance Center, and Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, and Huang Zhiqiang, secretary general of the Insurance Society of China, attended the press conference and delivered speeches.
(Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, delivered a speech at the conference)
In his speech, Zhou Yanli said that in the current macro context, Internet insurance has become a new engine for innovation and development of the insurance industry. Internet insurance is of profound significance to meet the diversified needs of consumers, promote the digital transformation of the insurance industry, enhance the anti-risk ability of the insurance industry, and help improve the social security system. In the face of the new situation and new opportunities for the development of the insurance industry in the future, Internet insurance must stand at the forefront of the times, actively embrace change, drive development through innovation, improve service quality, strengthen risk management, protect consumer rights and interests, and make newer and greater contributions to promoting the high-quality development of the insurance industry.
(Huang Zhiqiang, Secretary-General of Insurance Institute of China, delivered a speech at the conference)
In his speech, Huang Zhiqiang said that the rapid rise of Internet insurance in just over 20 years has had a profound impact on the country's economy and people's lives. At present, the CPC Central Committee attaches unprecedented importance to financial work, and clearly puts forward the strategic direction of developing the "five major finances" of science and technology, green, inclusive, pension and digital, pointing out the direction for the sustainable development of Internet insurance business. With its convenient and efficient service process and powerful data computing advantages, Internet insurance has actively innovated in underwriting and claims settlement, and has successfully explored many effective solutions. These methods provide strong support for solving the inherent problems of traditional insurance, and demonstrate the great potential and broad prospects of Internet insurance in the development of the industry.
(Wei Chenyang, Director of Tsinghua PBC Insurance Center, delivered a speech)
Talking about the market potential of China's Internet insurance, Wei Chenyang, director of Tsinghua PBC Insurance Center, said that the development prospects of the insurance industry are promising. With the development of the insurtech empowerment industry, Internet insurance is in the ascendant. In the future, new outlets for household wealth management will emerge, technology will help health insurance business innovation, and the national strategic significance of serving "Healthy China" will be highlighted, and innovative insurance types will continue to emerge...... We have a very strong desire and confidence in the transformation and upgrading of the Internet insurance industry.
(Fang Rui, founder and CEO of Yuanbao Group, delivered a speech)
Talking about the consumption changes and future trends of Internet insurance, Fang Rui, founder and CEO of Yuanbao Group, said that we are standing at a new historical intersection, and the demand preferences of insurance consumers are changing with each passing day. Consumers' awareness of protection is more mature, consumer groups are more segmented, and consumption habits are more online, which means that refined risk management, precise customization of products, and the construction of online channels are new propositions faced by the insurance industry in the future. Looking forward to the future, Internet insurance will develop rapidly in the direction of diversification, age-appropriate and intelligent.
(Li Hong, head of the marketing department of Yuanbao Group, interprets the key points of the report)
At the press conference, Li Hong, head of the marketing department of Yuanbao Group, interpreted the content of the report. The report explains the current consumption characteristics and future trends of Internet insurance from four dimensions: consumer behavior insight, star and potential product analysis, consumption hotspot observation and industry trend research and judgment, and outlines the opportunities of Internet insurance and the insurance industry at present and even in the next decade. At the same time, he focused on the five major consumption hotspots of risk anxiety, pension anxiety, wealth management, emotional consumption, and online risk-touching.
(Zhu Junsheng, former research director of Tsinghua PBC Insurance Center, shares industry trends)
Zhu Junsheng, former research director of Tsinghua PBC Insurance Center, gave an in-depth analysis of the impact of demographic changes on the demand for elderly insurance and the multiple challenges faced by the current elderly insurance market with the theme of "Actively Expanding the Elderly Insurance Market". Zhu Junsheng said that in the future, the elderly insurance market should actively explore the organic combination of risk protection and savings functions, promote the deep integration of products and services, continuously expand market segments, and strengthen the integration and innovation of technology and business scenarios to better meet the diversified insurance needs of the elderly.
Miao Yanliang, Executive Head of Research and Managing Director of CICC, delivered an online speech, focusing on "Asset Allocation in the Era of Great Divergence" as the core theme, and deeply analyzed the fundamental drivers of the global macroeconomic paradigm transformation. It focuses on four aspects: growth differentiation, inflation differentiation, interest rate differentiation and private sector leverage ratio differentiation, and discusses the development trends and opportunities of the insurance industry in the context of the silver economy.
As one of the important parts of the conference, the roundtable forum on the theme of "Digital Intelligence of Insurance" invited experts in the industry to exchange experience and discuss trends. The roundtable forum was chaired by Chen Donghui, former President of Swiss Re China, and Wang Bo, Co-founder and CTO of Yuanbao Group, Wu Xiqian, General Manager of Zhipu AI Financial Division, Li Jin, Founder and CEO of Huali Intelligent Technology, and Du Xinkai, Chief Scientist of Artificial Intelligence of Sunshine Insurance Group, shared their views on the application of AI large models in the insurance industry, as well as the opportunities and challenges they face.
Talking about the future, Wei Chenyang said that we are full of confidence in the transformation and upgrading of China's insurance industry. As a research and cooperation platform for smart finance, Tsinghua PBC School of Finance will continue to establish connections with regulators, industries and academia, build an industry exchange platform, and promote the steady and long-term development of the insurance industry and achieve high-quality development.
Fang Rui said that in the future, Yuanbao will continue to be consumer-centric, adhere to the innovation and development of Internet insurance driven by science and technology, keenly grasp the pulse of the times, and continue to meet consumer needs with diversified, age-appropriate and intelligent products and services, transform the three potential energies of economy, population and science and technology into a strong driving force to promote the development of the insurance industry, and embrace the new era of unlimited potential of China's insurance industry.