Research On Internet Insurance Product Pricing

In recent years,the development of Internet insurance has been booming,and all major insurance companies hope to take advantage of the Internet's wave to gain a foothold in the market.Therefore,in order to meet the increasingly diverse insurance needs of insurance consumers,insurance companies are constantly introducing new insurance products.Due to the characteristics of Internet insurance,there are many differences compared to traditional insurance.For example,the pricing of Internet insurance products is one of them.Based on the relevant research literatures at home and abroad,this article combs and researches the definitions of Internet insurance and the development status of Internet insurance both at home and abroad,sums up the characteristics and advantages of current Internet insurance.In order to have a general understanding of Internet insurance,so as to help the next study of the article to help and guidance.The main part of the article is the research on the pricing of Internet insurance products.First of all,through the research on the pricing principles and strategies of insurance products,we should understand the principles that need to be followed in the pricing process of insurance products and what pricing strategies the insurance company will adopt for the market.Next,taking auto insurance as an example,it analyzes the commonly used pricing methods of traditional auto insurance,including the method of determining the total average rate,the method of determining the classification risk rate,and the method of determining the individual risk rate.By studying these pricing methods,we can clearly understand the advantages and disadvantages of these types of pricing methods.Through the above research on the traditional insurance industry,the impact of the Internet on the insurance industry will follow.With the development of Internet technology,the concept of insurance technology has been proposed.Insurance technology has an important impact on the Internetization of insurance.Car networking technology is a member of insurance technology.In order to study the pricing of internet insurance products more intuitively,the article next uses the online car insurance as an example to show the pricing process of internet insurance.First of all,it has a preliminary introduction and understanding of car networking technology,and understands the development foundation and prospects of car networking insurance in the insurance industry.The typical insurance product in Vehicular Interline Insurance is UBI Auto Insurance,which is a insurance based on the driver's various driving behaviors.By introducing the related theory of UBI auto insurance,it shows the theoretical feasibility of UBI auto insurance.Afterwards,the UBI auto insurance pricing model found that the UBI auto insurance pricing model not only included the “from man” and “from car” factors in the traditional auto insurance,but also added an analysis of the driver's driving behavior.This is the core of UBI auto insurance.Then,based on the above research,the article will use the user driving behavior scoring model to determine the driver's risk.The driving influence factors selected in this article include the driver's mileage and time,driving conditions,speed,and personal credit.Then using AHP-EW algorithm to calculate the driving behavior scoring index weights,to get the user driving behavior scoring model.Finally,the auto insurance rate adjustment coefficient is obtained through this model.By studying the pricing of UBI auto insurance,it can be recognized that internet technology has a major impact on the insurance industry.The Internet has not only changed the way consumers purchase insurance,but also influenced how insurance companies calculate premiums for policyholders through the establishment of data networks.Through the study of this article,we hope to inspire the pricing of Internet insurance products.