Study On The Impact Of Insurance Technology On The Efficiency Of Property Insurance Companies

The year 2021 is the first year of the 14th Five-Year Plan.During the two sessions that concluded a while ago,the word insurance was mentioned many times.Insurance will gradually become a necessity for production and life,and financial technology and insurance technology will also gradually enter the public perspective.Insurtech has penetrated into all aspects of the insurance business chain,affecting all links such as insurance product research and development,channel sales,underwriting and claims settlement.As the operating body of the insurance industry,property insurance companies keep up with the pace of The Times and use insurance technology to accelerate their digital transformation,hoping to improve the quality and efficiency of the company's operation and create more value for the society.Therefore,it is of practical significance to study the impact of insurance technology on the efficiency of property insurance companies.Firstly,this paper theoretically analyzes the impact of Insurtech on the efficiency of property insurance companies,and draws the influence mechanism diagram,and analyzes the impact of five technologies of Insurtech on each process of business operation of insurance companies.Secondly,DEA method is used to measure the efficiency of 24 property insurance companies in China from 2011 to 2018,and multidimensional efficiency analysis is conducted according to the size of the market and the type of the company.Finally,the overall comprehensive technical efficiency value,the pure technical efficiency value and the scale efficiency value calculated were taken as the explained variables,the insurance technology development level index was taken as the core explanatory variable,the employee's educational level and the company's size were taken as the secondary explanatory variables,and the operating expense ratio and return on assets were added as the control variables.Stata16 was used to conduct Tobit regression analysis to study the impact of insurtech on the efficiency of property insurance companies.The results show that the development level of insurance technology has a significant positive correlation with the comprehensive technical efficiency,pure technical efficiency and scale efficiency of property insurance companies,and the factors of employee education level and company size also have a certain positive influence.Finally,combined with the development of insurance technology and the actual situation of property insurance companies in China,this paper puts forward targeted countermeasures and suggestions from three aspects of insurance product innovation assisted by insurance technology,introduction and training of insurance technology talents,and sales channel reform assisted by insurance technology,to help improve the efficiency of property insurance companies.