Research On The Market Application Of Vehicle Network Technology In Vehicle Insurance

Undoubtedly, China has already become a country with the fastest growth of vehicle holdings in the world. In the near future, China will also become a country with the most vehicle holdings all over the world. While keeping rapid growth of vehicle holding, China is also confronted with numerous issues in the vehicle insurance market, including considerable participants, fierce competition, low service level, simple and laggard mode for formulation and calculation of premium rate and amount, long period of vehicle settlement of claims and loss assessment, poor viscosity and low satisfaction of client business, endless insurance fraud, and backward internal management method and low efficiency of enterprises. Through such severe issues, we should realize that vehicle insurance operation in China must enter the transitional stage with emphasis on upgraded management, technology and service. Insurance companies can make continuous improvement to risk recognition capability and internal control executive capability, adapt to insurance supervision requirements in the new age, and obtain greater development space in fierce competition only by persisting in three key points of professional management, service & technical innovation and big data analysis & application.With the development and maturity of Internet of Things and Internet of Vehicles(Telematics), the application of the technology of Telematics in the field of insurance becomes a practical probability. In recent years, many new insurance ideas and products based on the thought of Internet and the connection with the application of Telematics have emerged in developed countries. Besides, relatively favorable use effects have been achieved. Then, whether the application of Internet of Vehicles can bring forth new innovations to technology and service pattern of domestic insurance companies, offer better vehicle insurance products to vast consumers, and change the current status of industry that most safe drivers pay bills for few high-risk drivers? Which effects the technology of Telematics has for the marketization of commercial vehicle insurance rate? Which radial changes the technology of Internet of Vehicles will bring about for the vehicle insurance industry? What the technology of Telematics can do for the improvement to accurate pricing ability and overall competitiveness of insurance companies? All these questions will be discussed in this paper.Based on application research, the author takes relevant knowledge learnt during MBA as the basis, combines considerable surveys and investigations made by relevant insurance companies and those companies related to the technology of Internet of Vehicles, and recognizes and analyzes existing operation and development bottleneck issues of China’s vehicle insurance industry after ultra-conventional development for many years and with continuous changes in external environment and increasingly fierce industrial competition. Through the status analysis on the vehicle insurance industry in China and the learning from foreign advanced vehicle insurance companies in practical application experiences in the Telematics, the author attempts to explore for the realistic possibility of domestic vehicle insurance companies to make innovations to new management, technique and service pattern through the new technical means of Internet of Vehicles from the theoretical perspective of enterprise innovation management, so as to provide some thoughts and opinions for the improvement to accurate pricing ability, overall competitiveness and service level of insurance companies.