Study On The Impact Of Insurance Technology On The Efficiency Of Insurance Enterprises

The arrival of insurtech has profoundly changed the competitive landscape of the insurance industry,aroused widespread concern in the industry,and has become a key factor leading the transformation of the insurance industry.Insurance is an important part of the financial industry,and the development of science and technology has promoted the inevitable trend of insurance and technology integration.In the past ten years,China’s insurance industry has also been closely seeking and using innovative technologies such as the Internet,big data,Internet of Things,artificial intelligence,and 5G to assist the operation and maintenance of the insurance industry and achieve precise product pricing,product innovation,and service upgrades As a result,insurance technology has also developed rapidly.With the deepening of China’s "14th Five-Year Plan",the application of insurance technology will inevitably establish a new "dual cycle" model,and at the same time promote the high-quality development of the insurance industry.Therefore,the status of insurance technology in insurance development has also changed.become more and more important.Under the trend of the insurance industry driving business development with technological innovation,this paper studies the impact of insurance technology on the operating efficiency of insurance companies,trying to provide a basis for my country’s insurance companies to provide more efficient operations and healthy development.Aiming at the relationship between insurance technology and the efficiency of insurance companies,this paper first puts forward the purpose and significance of the research,and analyzes the development status of related research fields.In addition,this paper also points out the research objects and the research methods adopted,and comprehensively combs and summarizes the research results of domestic and foreign insurance technology research and insurance enterprise operating efficiency,so as to deeply analyze the relationship between insurance technology and insurance enterprise efficiency.This paper introduces the development history and development status of insurance technology,and puts forward the research hypothesis of this paper in combination with the research on relevant theoretical basis and relevant measurement models.On the basis of theoretical research,this paper selects the relevant data of 15 life insurance companies and 15 property insurance companies in my country from 2017 to 2020,and uses qualitative and quantitative methods to demonstrate.Using data envelopment analysis techniques to study the impact of insurtech to understand its impact on the technical efficiency,pure technical efficiency and scale efficiency of insurance companies.This paper uses the Tobit model,selects insurance technology index,company size,human capital,operating expense ratio,market share,and brand premium as explanatory variables to systematically demonstrate the influencing factors of insurance technology on the efficiency of insurance companies,and based on this,conducts empirical research and analyzes And discuss the impact of various factors on the operating efficiency of insurance companies.And 15 life insurance companies and 15 property and casualty insurance companies are grouped for heterogeneity test to test the heterogeneity of the impact of insurance technology on life insurance companies and property and casualty insurance companies.According to the size of the company,it is divided into large insurance companies and small and medium insurance companies to test the impact of insurance technology on the operating efficiency of insurance companies of different sizes.Finally,the robustness test is carried out by replacing the explained variables and adding more control variables.The research results show that insurance technology has a significant impact on the operating efficiency of insurance companies,and the application of insurance technology can greatly improve the operating efficiency of insurance companies.Especially in the business models of property insurance companies and life insurance companies,the impact of insurance technology is very different.Property and casualty insurance companies are the ones that benefit the most,as the advancement of technology makes their operations more efficient and efficient.The impact of insurance technology on the operating efficiency of insurance companies of different sizes is different,and the impact of insurance companies on the operating efficiency of small and medium-sized insurance companies is more significant.Different factors have different impacts on the efficiency of insurance companies.Finally,based on the above theoretical and empirical research,put forward corresponding policy recommendations.