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Big data will recreate the insurance value chain.
Big data will recreate the insurance value chain.

In the era of big data, where is the value of data? The insurance company is giving the answer with its own exploration.

It is understood that Taikang Life Insurance and Xinhua E-commerce. It has taken the lead in opening data cooperation with Internet giants headed by BAT (Baidu, Ali, Tencent). The most common thing is to match the existing insurance customer data with the big data of Internet companies and improve the insurance customer portrait. At the same time, the information obtained from the head of Ali Finance and Insurance Division is that many insurance companies have shown interest in their own customer big data.

After these attempts, insurance e-commerce companies have carried out more targeted follow-up operations and initially tasted the "sweetness", not only in the marketing link, but also in the risk control link. These achievements include that precision marketing has increased the click-through rate of advertisements by more than 360%.

This is just the beginning. Yang Yi, vice president of Xinhua E-commerce, believes that big data will recreate the value chain of the insurance industry, covering almost all links from product research and development to marketing, to claims management, and then to asset management.

Under the traditional insurance model, insurance companies only evaluate consumers' risk factors in simple dimensions such as gender and age, which also leads to conservative pricing and homogenization of some insurance products. In the era of big data, insurance companies can explore more comprehensive risk characteristics through big data, make product segmentation and personalized design possible, and refine risk management and cost control.

The reporter recently learned from Xinhua Century E-Commerce Co., Ltd., a wholly-owned e-commerce subsidiary of Xinhua Life Insurance, that it is cooperating with Baidu Big Data; "Big Data Workshop" is one of the three major orientations of Xinhua e-commerce.

In the marketing stage, the cross-selling accuracy of insurance e-commerce is improved through big data solutions.

By cooperating with the big data of Internet giants with massive customer social data and transaction data, Taikang Life Insurance's Internet innovative products are moving towards accurate pricing, screening from multi-dimensional and even relatively chaotic data to determine whether insurance products are presented to users, that is, to achieve accurate marketing.

The "sweetness" brought by big data to insurance e-commerce is not limited to marketing. For the insurance industry with risk control as its core competitiveness, how to further develop the value of big data is also an important topic in claims management. The current experimental results show that big data can play the role of insurance credit reporting in claims management. Not only that, looking forward to the future, Yang Yi said that big data will recreate the insurance value chain. In addition to the above marketing stage and claims management, it will also affect important links such as product research and development and asset management.

The above is what Bian Xiao shared with you about how big data will recreate the insurance value chain. For more information, you can pay attention to Global Ivy and share more dry goods.