Report: Technology Empowers Business Scenario Innovation "Insurance+" will become the growth engine of the insurance industry

People's Daily Network Beijing, September 5 (Reporter Du Yanfei) During the 2023 China International Fair for Trade in Services, Beijing Think Financial Development Research Institute released the "2023 Insurtech Insight Report" (hereinafter referred to as the "Report"). By combing and integrating domestic and foreign industry data and application case studies, the report analyzes the information core of multiple fields such as industry environmental changes, market trends, technological innovation, and integration and empowerment, reveals the key evolution direction of the future insurtech industry, and looks forward to the development path of industry technology. 

"The global insurtech market remains optimistic in 2023, and the power of technology and digitalization remains deeply rooted. With the continuous exploration of insurance application scenarios, insurtech is of great significance to help the insurance industry, the financial industry and even the real economy. With vast space and great market opportunity potential for technology-enabled insurance, China remains one of the most important and dynamic core insurance markets in the world. 

Gan Yutao, executive director of Beijing Think Financial Development Research Institute, said. Zhao Weijiu, member of the leading party group and deputy director of the Beijing Municipal Financial Regulatory Bureau, said at the press conference that the report is based on the observation of the global insurtech market in the past year, analyzes the opportunities and challenges faced by the digital transformation of the insurance industry around policy orientation and market changes, and puts forward the future insurtech evolution direction and the digital development trend of the insurance industry. The "Report" pointed out that the future evolution direction of the insurtech industry mainly has six aspects: the emergence of a comprehensive risk management pattern of "insurance increment and risk reduction", and the gradual construction of a "big insurance" ecosystem; Multimodal "big model", "technology +" and "insurance information innovation" will change the existing insurance industry pattern; 

The "dual carbon" capability of insurance services has been further enhanced, and ESG is of great significance to promote the development of the insurance industry. Policy guidance is further tilted towards "inclusive insurance" and "rural revitalization", and a long-term social risk management and control mechanism is constructed; Under the background of "consumption upgrading" and "aging population", China's life insurance market has entered a period of strategic opportunities. Internet "natives" have forced the insurance industry to become completely online. The report believes that in the context of the Internet of Everything, the incremental insurance business is "insurance +", which aims to reach and link all walks of life through the medium of insurance, and the corresponding insurtech provides technical empowerment for the integration of the insurance industry and all walks of life. 

Under the general trend of insurance industry innovation and business transformation, insurance services rely on scientific and technological means to embed in various industries, use insurance pricing and risk control capabilities to give full play to the role of protection, improve the operational efficiency of business activities and social life, and create more abundant products and services, which has become an important direction for the high-quality development of the domestic insurance industry, and "insurance +" will become an important growth engine for the insurance industry.