金融科技在保险业的发展（英文版）_44页_1mb

FinTech Developments in the Insurance Industry Summary

Core Content

This document outlines the impact of financial technology (FinTech) innovations, particularly InsurTech, on the insurance industry. It provides an analysis of current and future trends, focusing on technological advancements and their implications for insurance business models, supervision, and regulatory frameworks.

Main Types of InsurTech Innovations

The following are the main types of innovations considered within the scope of InsurTech:

• Digital platforms (internet, smartphones)
• Internet of Things (IoT)
• Telematics / Telemetry
• Big Data and Data Analytics
• Comparators and Robo advisors
• Machine Learning (ML) and Artificial Intelligence (AI)
• Distributed Ledger Technology (DLT), Blockchain and Smart Contracts
• Peer-to-peer, Usage Based and On Demand Insurance

These innovations are expected to influence various aspects of the insurance value chain, including marketing, underwriting, and claims settlement.

Key Drivers of InsurTech Innovation

Push Factors

• Increased investment through leveraging the FinTech ecosystem: Technology investment is shifting from banking to insurance, driven by the FinTech boom.
• Increased intellectual firepower: Entrepreneurs are entering the insurance sector to exploit weaknesses in traditional business models, such as legacy IT systems and inertia in responding to consumer needs.
• Increased availability of data and analytical tools: The rise of IoT and wearables, combined with advanced analytics, allows for more accurate risk assessment and forecasting.

Pull Factors

• Societal changes: Younger generations, such as millennials, are driving demand for on-demand, simplified, and mobile-friendly insurance products.
• Competitive advantage: Insurers are using technology to enhance customer interaction, improve pricing, and detect fraud.
• Back-office efficiency: Technology is being used to reduce costs and automate processes in the back office.

Scenario Analysis

The report presents three main scenarios for the future of the insurance industry in the context of technological disruption:

Scenario 1: Incumbents Successfully Maintain Customer Relationships

• Impact on the market: Traditional insurers retain control over customer relationships.
• Implications: Technology is used to improve services and efficiency, but the core business model remains intact.

Scenario 2: Insurance Value Chain Becomes Fragmented

• Impact on the market: Insurers lose control of the customer relationship, relying on technology firms for premium income.
• Implications: This could lead to increased interconnectedness and challenges for regulatory oversight.

Scenario 3: Big Technology Firms Squeeze Out Traditional Insurers

• Impact on the market: Technology firms dominate the market due to their superior data and analytics capabilities.
• Implications: This scenario could significantly alter the insurance landscape, requiring regulatory adaptation.

Additional Technologies

• Distributed Ledger Technology (DLT): Still in its infancy in the insurance sector but has the potential to revolutionize the industry. Smart contracts and blockchain may require new regulatory frameworks.
• Big Data and AI: These technologies are reshaping insurance business processes, enabling real-time data processing and predictive analytics. They also raise concerns about data security and consumer privacy.

Supervisory Considerations

The report highlights several supervisory issues that need to be addressed as the insurance industry evolves with technology:

• Competitiveness: Technology may reduce the number of insurers over time, necessitating regulatory support for new entrants.
• Consumer choice: Customisation of products may limit comparability and consumer choice. Regulation on data transferability may be required.
• Interconnectedness: The use of common technology platforms may increase the risk of systemic interconnectedness.
• Regulatory oversight: A more fragmented value chain could reduce the ability of regulators to monitor market trends.
• Business model viability: Changes in risk profiles may require adjustments to prudential capital requirements.
• Conduct of business: Insurers and technology firms may offer products that reflect their own objectives rather than consumer needs, requiring transparency measures.
• Data ownership and security: Insurers and technology firms must ensure data security and privacy, with potential regulatory changes needed.

Investment Trends

• Global FinTech investment: Increased significantly since 2010, with over $50 billion invested in nearly 2,500 companies.
• InsurTech investment: Grew from less than $800 million in 2014 to $2.5 billion in 2015. In 2016, $1 billion was invested in InsurTech start-ups in the first half of the year.
• Top InsurTech deals: Oscar Health, Clover Health, Bright Health, and Justworks attracted significant funding.
• Top InsurTech cities: San Francisco and New York were the leading hubs for InsurTech investment in 2016.

Conclusions

• The insurance industry is undergoing significant transformation due to FinTech and InsurTech innovations.
• The impact of these innovations will depend on both technological developments and societal changes.
• Regulatory frameworks must evolve to ensure consumer protection and maintain the balance between innovation and stability.
• Supervisors need to develop the necessary technical knowledge and collaborate with stakeholders to monitor and respond to changes in the insurance landscape.

Challenges for Insurance Supervisors

• Understanding innovations: Supervisors must grasp how new technologies are applied to ensure effective supervision of new products and business models.
• Balancing risks and benefits: Regulatory sandboxes and innovation hubs may be necessary to foster a supportive environment for innovation.
• Adapting regulatory frameworks: Supervisors must adjust regulations to address new risks and business models.
• Building technical expertise: Investment in technical resources and collaboration with other stakeholders is essential for effective FinTech supervision.