The insurance IT market is developing rapidly
Financial IT is an important sub-industry of financial technology. According to different types of downstream customers, financial IT can be roughly divided into banking IT, securities IT and insurance IT.
In recent years, under the impact of interest rate liberalization and Internet finance, banks have put forward higher requirements for their refined management, risk control capabilities and service levels to meet the increasing personalization and needs of customers. Differentiated needs have become the future development direction of the banking industry. Against this background, my country's banking industry has increased investment in informatization to maintain service efficiency, and the bank IT market has maintained a steady growth trend.
According to IDC data, in 2017, the overall IT investment scale of my country's banking industry reached 101.40 billion yuan, a year-on-year increase of 9.8%. Among them, investment in hardware accounted for 52.1% of the total investment, and investment in software and services accounted for 9.0% and 38.9% of the total IT investment in the banking industry.
As investment continues to increase, the size of the banking IT market has expanded significantly. Data show that in 2017, the overall size of the banking industry IT solutions market reached 33.96 billion yuan, a year-on-year increase of 22.5%. The market size is expected to exceed 40 billion yuan in 2018, with a year-on-year growth rate of more than 20%.
Looking at the securities IT market, the securities industry is essentially an information-intensive industry. Quickly and accurately obtaining various information and utilizing it has become the key to the success of all market parties, while information technology is the key to management and processing. Information technology. The use of information technology can improve the way information is disseminated, improve the quality of financial analysis, and speed up information processing and communication between participants. Every leap in information technology, especially the latest technological inventions that quickly process and transmit information, will always be quickly applied by the securities industry, thus bringing about changes in the industry.
For this reason, the "Guidelines for Information Technology Governance of Securities and Futures Business Institutions (Trial)" issued by the Securities Association in 2008 stipulates that in principle, the average amount of IT investment by securities and futures business institutions in the past three fiscal years shall be It should be no less than 6% of the average net profit for the last three fiscal years or no less than 3% of the average operating income for the last three fiscal years. At present, the average proportion of total IT expenditures of my country's securities companies in the average operating income of the last three fiscal years is around 3.16%.
Compared with securities IT and bank IT, insurance IT started slightly later. At the end of the "Eleventh Five-Year Plan", the informatization work of the entire insurance industry only started in an all-round way. However, benefiting from the rapid development of the domestic insurance industry, insurance companies have increased their investment in information technology while increasing their business volume, and the insurance IT market has developed rapidly. According to IDC data, my country's insurance industry IT expenditures in 2017 were approximately 22.4 billion yuan, and the solution market size was approximately 6.5 billion yuan; it is expected that by 2022, the insurance industry IT expenditures will reach 42.3 billion yuan, and the solution market size is approximately 17.8 billion yuan Yuan.
Emerging technologies boost industry development
With the in-depth application of emerging technologies such as cloud computing, big data, artificial intelligence and blockchain in the financial industry, the role of technology in finance has been With continuous strengthening and innovative financial solutions emerging one after another, the development of the financial IT industry will enter a new stage.
Among them, cloud computing technology can provide a unified platform for financial institutions, effectively integrate multiple information systems in the financial structure, eliminate information islands, and fully consider information security, regulatory compliance, data isolation and neutrality, etc. When required, it provides strong support for organizations to handle unexpected business needs, deploy services to quickly go online, and realize business innovation and reform.
Big data technology has brought a large number of data types and formats to the financial industry, and a large amount of data in different fields. Analysis based on big data can extract valuable information for accurate assessment, forecasting, and product development. Model innovation and improvement of operating efficiency provide new means.
Artificial intelligence can replace repetitive human work, improve work efficiency and user experience, and expand sales and service capabilities. From the perspective of application fields, application scenarios such as intelligent risk control, intelligent investment advisory and intelligent investment research are the areas with the greatest potential for artificial intelligence applications in the financial industry. They are also the areas with the highest technical requirements and the most difficulty in application. They will surely become the most promising areas in the future. The core direction of artificial intelligence applications.
Blockchain technology can effectively save clearing costs among financial institutions, improve transaction processing efficiency, and enhance data security. Currently, the application of blockchain technology in the financial field is gradually being implemented. Many financial institutions have gradually begun to adopt blockchain technology to implement applications in multiple business fields such as cross-border payments, smart contracts, and credit management.
For more data, please refer to the "Analysis Report on Innovation Trends and Enterprise Development Strategies of China's Financial Industry" released by the Qianzhan Industry Research Institute.