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insurance memes it,s rolls and process

 Diversified business entities. In recent years, investment hotspots have been upgraded from "Internet insurance" to "Insurtech". Insurtech business entities include four major categories:

 professional Internet insurance companies, platform companies, technical service providers, and traditional insurance companies. Business models include three major categories: B2A, B2B/2G, and B2B2C.

2. B2A:

 From empowerment and realization to AI replacement. Agents' high shedding, low production capacity, low quality, low income, pyramid structure and other stubborn problems have led to difficulties in the kinetic energy conversion of life insurance business from volume growth to quality improvement. The difficulty in quality improvement is the difficulty in reaching and interacting with customers. At present, the main attempts include: traditional insurance company empowerment team, i Cloud Insurance combined flat architecture and empowerment project, Lemonade forms an AI replacement for standardized products.

3. B2B:

 Run through the whole chain of insurance, and focus on reducing costs and increasing efficiency. Precise pricing is suitable for standardized products (such as auto insurance, property insurance, etc.), personal insurance applications are limited, overseas UBI auto insurance, domestic sales group insurance scene docking/underwriting/risk control/operation/loss reduction/compensation reduction and other insurance business links The core technology application is very mature. At present, the main landing projects include: insurance geeks (scene), CPIC "Tai Ruibao" and Ping An "KYR" (pre-risk risk control), Ping An "good car owner APP" and PICC's Aibao Technology "chip limit" (afterwards standardized Loss settlement) and so on.

Fourth, a strong customer acquisition, auto insurance UBI,

 or a short-term improvement direction for insurance companies. In the face of the stubborn illness of the agent team, the commission benefits brought about by the flat structure are as important as the enhanced customer acquisition brought about by the multi-effect simultaneous empowerment, and the quality improvement effect brought by a single measure is relatively limited. Under the comprehensive reform of auto insurance, the pricing factors of “car” can be further refined, and driving mileage, behavior, and road conditions can all be gradually taken into consideration.

1. Diversified business entities

1.1 Industry panorama

1.2 Investment hotspots: from "Internet insurance" to "insurtech"

In recent years, investment hotspots have been upgraded from "Internet insurance" to "Insurtech". From 2012 to 2013, industry investment hotspots were mainly online customer acquisition start-ups such as To C's comprehensive sales platform and price-comparison sales platform (such as Hui Ze, Xiao Umbrella, etc.). Since 2014, the amount of insurtech financing and the number of financing has increased rapidly, but the overall early-stage venture capital has been mainly. Among them, To B's car networking technology services, corporate employee insurance, claims management (such as insurance geeks, stack strategy data, Aibao Technology, etc.) and To A's agent development tools (such as i cloud insurance, underwriters, etc.) details The frequency of financing by track has increased rapidly; in the To C field, multiple business entities such as network mutual assistance platforms and smart insurance have emerged (such as easy financing, micro insurance, etc.), and insurance technology has become a new outlet for capital attention.

1.3 Diversified business entities

Insurtech business entities include four major categories: professional Internet insurance companies, platform companies, technical service providers, and traditional insurance companies. Business models include three major categories: B2A, B2B/2G, and B2B2C. Specifically:

Professional Internet insurance companies:

 mainly B2C online sales; ZhongAn provides core insurance systems and scenario-based solutions to small and medium insurance companies in response to the pain points in the entire insurance business chain, and realizes B2B through technical output. As of 20H1, ZhongAn Insurance Technology has exported 120 million yuan in revenue (YoY+26%), and signed 29 insurance customers.

Platform companies:

 to achieve channel and product innovation. 1) In terms of channels, unlike traditional customer acquisition, customers come from mutual assistance platforms, e-commerce platforms and social platforms and other Internet traffic conversions, including B2A models that connect insurance agents, B2B models that connect scenarios, and B2B2C models that connect individuals. 2) In terms of products, platform companies embed low-frequency traditional products into high-frequency innovative products (such as online shopping return freight insurance) according to specific consumption fragmentation scenarios; and improve according to customer needs through big data accumulation Traditional insurance products (such as Million Medical) to improve product competitiveness. Due to the many pain points in the insurance sales link (especially the life insurance sales) and the many technology landing scenarios, insurance technology is currently the most widely used and the most mature.

Technical service providers:

 B2B is the main business entity, mainly exporting distributed core systems, insurance application middle stations, user operation platforms, intelligent risk control anti-fraud models and other online systems to insurance companies (especially small and medium-sized companies), as well as APIs and livestock Professional technical services such as identification and satellite remote sensing empower the entire chain of insurance business. On the whole, the front-end pricing empowerment under strict supervision is limited, mainly based on the auxiliary role of big data analysis and customized product development; mid-end sales are mainly based on the platform-style docking of group insurance; the back-end business empowerment aims to reduce This enhances efficiency and improves user experience.

Traditional insurance companies:

 Lead insurance companies are the main participants, with the goal of empowering their own business rather than making profits. The A-side covers agent recruitment, training, and exhibition industry, the B-side covers risk control, claims settlement, etc., and the C-side covers online sales platforms, building traffic platforms, etc., running through the entire chain of insurance business.

2. B2A: From empowerment and realization to AI replacement

2.1 End A: Improving quality and efficiency is the key, and the third party makes a profit with a commission

The difficulty of the life insurance business kinetic energy conversion lies in the chronic problem of the agent's increase from quantity to quality improvement, and the difficulty in quality improvement lies in the difficulty in reaching and interacting with customers.

Traditional insurance companies: Through AI recruitment, AI training, AI sparring, etc., they can quickly cultivate high performance, cultivate KOLs, and strengthen cooperation and drainage of Internet platforms. 





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