During the year, the regulatory sandbox project was updated, and the insurance technology innovation project

A few days ago, Fujian Province announced a new batch of innovative applications of financial technology innovation supervision tools. This innovative application involves technologies such as big data and artificial intelligence, focusing on financial application scenarios such as green credit, rural finance, and insurance services.
As of July 31, 17 provinces, municipalities and regions have announced the status of pilot application projects of financial technology innovation. Among them, the first batch of regulatory sandbox projects in many places were "into the box", and financial service applications accounted for 100%.

Innovation projects in the insurance field make another appearance
 
In recent years, the "regulatory sandbox" has become one of the important testing paths for the application of technological innovation in the financial industry, and has attracted much attention from the industry.
 
There are 3 “Supervisory Sandbox” projects announced by Fujian Province this time, namely “Green Credit Services for Small, Medium and Micro Enterprises Based on Big Data Technology”, “Rural Production Factors Circulation Financing Services Based on Artificial Intelligence Technology”, and “Big Data Technology-based Green Credit Services”. Scenario-based insurance brokerage services”.
 
Among them, the applicants for the "Scenario-based Insurance Brokerage Service Based on Big Data Technology" project are Baigebao Insurance Brokerage Co., Ltd. and Baige Online (Xiamen) Network Technology Co., Ltd. This is also the only project in this innovative application where no bank is involved in the applicant organization.
 
Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, told the "Securities Daily" reporter, "This project effectively combines products and scenarios through big data, which can effectively reduce costs on the basis of improving business efficiency, and has reference significance in the industry."
 
Since Beijing launched the "regulatory sandbox" pilot project in December 2019, so far, there have been more than 100 publicity projects of the Chinese version of the fintech "regulatory sandbox", but the frequency of "appearances" involving insurance projects is not high. In 2020, the "All the Way" mobile terminal claim settlement product project declared by China Life Property & Casualty Insurance Co., Ltd. and China Life Property & Casualty Insurance Co., Ltd. Beijing Branch is the first appearance of an insurance institution in the "regulatory sandbox". In March 2022, Zhongce Insurance Brokerage Co., Ltd. applied for the "Employer's Liability Insurance Brokerage Service Based on Big Data Technology" project.
 
In the view of Gan Yutao, executive director of Beijing Xinke Financial Development Research Institute, the biggest breakthrough of the insurance application projects declared this time is that the main body of the declaration has changed from the "insurance company + technology company" model to the "insurance brokerage company + technology company" model. Looking at the development path of the international insurance industry, insurance brokerage companies have always played an important role in the insurance business chain, and many innovations in the insurance industry come from brokerage companies. In the context of the wide application of big data technology, domestic insurance brokerage companies are also seeking to reshape and transform their own value and enhance competition barriers.
 
"In the era of big data, insurance companies will seek precise pricing based on the 'law of large numbers', combined with new technologies, and develop personalized insurance business with customers as the center. It is expected that the future insurance value chain will be from the underwriting end to the claims end to the service. On the other hand, more and more scientific and technological innovation achievements will emerge, and related insurance 'regulatory sandbox' projects will also increase." Gan Yutao said.
 
More than 90% of banks are involved
 
Since the beginning of this year, the financial technology "regulatory sandbox" project has been continuously expanded. As of July 31, 17 provinces, municipalities and regions have announced the pilot application of financial technology innovation supervision during the year.
 
In terms of specific application scenarios, green finance and rural finance application projects appear more frequently. For example, "blockchain-based rural land contractual management right mortgage loan service" "green financial service based on artificial intelligence technology" and so on.
 
From the perspective of reporting institutions, banking institutions have the highest participation, over 90%. Judging from the application types of the "Supervisory Sandbox" project announced in 2022, they are all financial service applications. Among the project application types announced in previous years, some of the project types are technology products. For example, among the 11 innovative applications announced in the Beijing Financial Technology Innovation Supervision Pilot Application (the second batch in 2020), there are 5 technology product applications.
 
"Since this year, the proportion of financial service pilot projects has increased significantly, which shows that the financial technology innovation supervision pilot has gradually shifted from the optimization of financial services and the research and development of technology products to focusing on enabling business optimization and improving financial services. From the perspective of specific scenarios, Financial services for agriculture, rural areas and farmers, dual carbon, supply chain finance and other areas that improve the efficiency of the real economy are many, reflecting the value of financial technology in empowering financial business." Yu Baicheng, president of the Zero One Research Institute, told Securities Daily. Reporter analysis said.
 
The above content comes from the Securities Daily