金融科技在保险业的发展趋势（英文版）_46页-1mb

Summary of FinTech Developments in the Insurance Industry

Core Content

This document, published by the International Association of Insurance Supervisors (IAIS) on 21 February 2017, explores the impact of Financial Technology (FinTech) on the insurance industry, with a specific focus on InsurTech. It outlines the current state of technological innovations, their drivers, and potential future scenarios, offering insights for insurance supervisors and stakeholders.

Main Viewpoints

• FinTech and InsurTech: FinTech encompasses technologically enabled financial innovation that can change business models, applications, processes, or products in financial markets. InsurTech is a subset of FinTech that specifically targets the insurance industry, aiming to transform it through new technologies and business models.
• Technology Investment in Insurance: Historically, the insurance sector has lagged in technology investment compared to the banking sector. However, this is changing as innovators and investors look to disrupt the insurance industry.
• Scenario Analysis: The IAIS conducted a scenario-based analysis to understand the potential implications of InsurTech on the insurance landscape and regulatory approaches. Three main scenarios were considered:
  • Scenario 1: Incumbents successfully maintain customer relationships and use technology to their advantage.
  • Scenario 2: The insurance value chain becomes fragmented, with insurers relying on technology firms for premium income.
  • Scenario 3: Big technology firms leverage their technological and analytical advantages to dominate the insurance market.

Key Innovations in Insurance

The following are the key technological innovations impacting the insurance industry:

• Digital platforms: Internet and smartphone-based platforms that improve customer experience and service, such as pay-per-use and peer-to-peer (P2P) insurance models.
• Internet of Things (IoT): Enables connected devices to collect and exchange data, with applications in connected cars, health monitoring, and home monitoring.
• Telematics / Telemetry: Used to collect and process data related to driving behavior, health, and other factors, influencing risk assessment and pricing.
• Big Data and Data Analytics: Enhances risk selection, pricing, fraud detection, and claims prediction, enabling more personalized insurance products.
• Comparators and Robo advisors: Automated tools for product comparison and advice, reducing the need for human intervention.
• Machine Learning (ML) and Artificial Intelligence (AI): Enable real-time data analysis and predictive modeling, improving underwriting and fraud prevention.
• Distributed Ledger Technology (DLT): Includes blockchain and smart contracts, which offer new ways to manage transactions and agreements, potentially changing regulatory and operational frameworks.
• Peer-to-peer, Usage Based, and On Demand Insurance: New business models that allow for more flexible and personalized insurance offerings.

Impact on the Insurance Landscape

• Consumer choice: May decrease due to increased product customization and data control by insurers, limiting comparability.
• Interconnectedness: Increased use of common technology platforms (e.g., cloud storage) may lead to heightened interconnectedness and regulatory challenges.
• Regulatory oversight: More participants in the insurance value chain may reduce the ability of regulators to monitor the market effectively.
• Business model viability: Traditional business models may become less resilient as technology reduces average risk but increases exposure to extreme events.
• Conduct of business: Insurers and technology firms may offer more tailored products, but there is a risk that these products could reflect the firm’s objectives rather than the consumer’s needs.
• Data ownership and security: The rise of connected devices and data analytics increases data collection, necessitating stronger data protection and privacy measures.

Supervisory Considerations

• Encouraging competition: Supervisors should consider how to support new entrants and maintain market competitiveness.
• Data transferability: Regulations may need to address data transferability between insurers to ensure fair consumer choice.
• Regulatory perimeter: The regulatory framework may need to be re-evaluated to ensure adequate consumer protection and market oversight.
• Cybersecurity and IT management: Insurers must invest in IT security, data privacy, and internal controls to manage risks associated with Big Data and AI.
• DLT and smart contracts: These technologies may require new legal and liability frameworks, with close monitoring and stakeholder alignment being key in the short term.
• Regulatory sandboxes and innovation hubs: These mechanisms can help supervisors create an environment conducive to innovation while managing risks.

Conclusion

The insurance industry is undergoing significant transformation due to FinTech, particularly InsurTech. While the exact future impact is uncertain, the IAIS emphasizes the need for supervisors to understand these innovations, balance innovation with consumer protection, and adapt regulatory frameworks accordingly. The scenario analysis serves as a tool to guide future strategic discussions and work packages, ensuring that the insurance sector remains resilient and responsive to technological change.

Annexes

• Annex 1: Provides a detailed overview of current technological innovations in insurance.
• Annex 2: Describes and offers examples of InsurTech activities across all areas of the insurance value chain.

References

• CB Insights reported that InsurTech start-ups attracted over $1.7 billion in investment in 2016.
• Global FinTech investment reached over $50 billion since 2010, with significant growth in 2015 and 2016.
• The IAIS is a key international body involved in shaping global insurance standards and working with organizations like the Financial Stability Board (FSB) and the World Economic Forum (WEF).

Key Statistics

• 90% of insurers fear losing part of their business to InsurTech start-ups.
• InsurTech start-ups are targeting all areas of the insurance value chain, from marketing to claims settlement.
• The use of Big Data and AI is expected to improve risk selection and reduce risk premiums, but may also increase exposure to extreme events.