Research On The Development Of Internet Of Vehicle Insurance In China

The enforcement of compulsory traffic insurance makes motor vehicle insurance always occupy the primary position in our country's property insurance.According to statistics,in recent years,the proportion of auto insurance in the property market is about70 %.However,throughout the whole insurance market in China,most of the insurance products introduced by the major insurance companies are not different,and the insurance products mainly rely on low prices to win.Because of the high rate of auto insurance itself,on the one hand,for the big insurance companies,its profit is low,for the small insurance companies,the cracks to survive;On the other hand,it will damage the interests of the owners with a low risk rate,because for the owners with a low risk rate,but in fact they are paying for high-risk customers,which will not only damage their own interests,but also improve the high risk rate of the owners of the number of risks.In view of this,on February 3,2015,the CIRC decided to separately from the terms and rates of two aspects of the new car insurance premium rate market reform,formulate new rate determination method,improve the property insurance company's independent pricing power.Therefore,for insurance companies,now,its competitive advantage in auto insurance products no longer lies in low prices,but is more effective to match the insurance needs of different owners,different customers,so as to achieve accurate pricing.How to realize accurate pricing effectively? With the development and maturity of internet of things and vehicle networking technology,the application of vehicle networking technology in the field of insurance has become a realistic possibility.In recent years,some developed countries have emerged a lot of insurance ideas and products based on the combination of internet and vehicle networking thinking and achieved remarkable results.vehicle networking insurance can solve the problems of risk identification,accurate pricing,claim settlement services and so on,thus promoting the development and improvement of China's auto insurance market.Taking the strategic cooperation framework agreement signed by sun property insurance and China mobile as an example,this paper introduces the concept of vehicle networking insurance,analyzes the necessity and feasibility of developing vehiclenetworking insurance in China in combination with the current situation of China's auto insurance market,and at the same time,draws on the development status and development experience of foreign vehicle networking insurance,analyzes the problems that may be encountered in the development of vehicle networking insurance in China,and puts forward some constructive suggestions and suggestions according to the problems.