Research On The Innovation And Development Of Motor Vehicle Insurance In The Digital Economy Era

In recent years,major countries in the world have made the digital economy a national policy,and it is now a new economy engine.The digitalization has been accelerating around the world during the COVID-19.Insurance companies elevate the application and development of digital technology to corporate strategies,these companies also have increased their investment in digital technology.Moreover,motor vehicle insurance has always been the core field that property insurance companies are rivalling for.All motor vehicle insurance players pay much attention to boost advantages by using digital techniques.This study collectively refers to technologies such as artificial intelligence,big data,blockchain,auto electronics,and the Internet of Things adopted by the insurance industry as digital technologies;this research systematically studies the innovation and development of motor vehicle insurance in the digital economy era by using documentary analysis and other methods.In addition,this research discusses the current situation of Chinese motor vehicle insurance in digital economy era,brings opportunities and challenges,relevant foreign experience,and gives correlative solutions for challenges.At present,after several rounds of reforms in motor vehicle insurance,the profit of the industry has fallen sharply,and motor vehicle insurance business of most companies is in a state of loss.The digitization of motor vehicles,the digitization of motor vehicle insurance policies,and the current state of the motor vehicle insurance market have all pushed motor vehicle insurance into the digital age.The digital economy has brought development opportunities to motor vehicle insurance,changing the pricing,design,marketing,claims,service,and anti-fraud.Motor vehicle insurance also faces risks and challenges in the era of digital economy: various digital technologies have security and stability problems,digital security risk will become the main risk of motor vehicle insurance business;investment in digital technology,data reliability and accuracy is at risk;the digital divide makes it difficult to apply UBI on a large scale in China;insurance companies face increased competition and motor vehicle insurance confronts new regulatory issues.Dealing with these problems,the research summarizes the development experience of foreign motor vehicle insurance in the digital economy era from motor vehicle insurance companies,motor vehicle insurance technology companies and motor vehicle manufacturers,then make suggestions for China motor vehicle insurance in the era of digital economy.Firstly,distinguish digital risk into systemic and non-systematic digital technology risks,make relevant suggestions from the government and motor vehicle insurance company levels.Secondly,carry out national motor vehicle insurance digital integration,establish a national digital standard agreement of motor vehicle insurance,create a new UBI model.Thirdly,reshape motor vehicle insurance business strategies.Lastly,make suggestions on motor vehicle insurance market supervision from motor vehicle insurance business compliance,motor vehicle insurance technology and personal privacy.