The Impact Of The Development Of Digital Financial Inclusion On The Resident Insurance Participation Rate

With the rapid development of economy and society,the social security system of our country is developing continuously,and the system is improved.People can enjoy the benefits of the social security system from many aspects.As an important part of the social security system,social insurance is closely related to every aspect of people’s life.The social insurance system aims to provide different types of insurance for the public,guarantee people’s lives,and play an irreplaceable role in improving people’s happiness and sense of security.Digital financial inclusion comes into being under the background of the development of digital technology.It has significant advantages such as a wide range of services,convenient service mode and almost zero marginal cost.To some extent,it promotes the digital development of the social insurance system,reduces the cost of residents’ participation in social insurance,and has a certain impact on improving the enthusiasm of residents to participate in social insurance.Based on the panel data of 270 prefecture-level cities in China from 2011 to 2020,this paper constructs a dual fixed-effect model to explore the relationship between digital financial inclusion and resident insurance participation rate and the specific mechanism between the two.The empirical results show that digital financial inclusion has a significant positive impact on the resident insurance participation rate,and the employment level is an important intermediary transmission channel.The level of human capital can regulate the impact of digital financial inclusion on residents’ insurance participation rate to some extent.From the heterogeneity test results of different segmentation levels of digital financial inclusion,the coverage breadth,usage depth and digitization degree all have a significant positive impact on the participation rate of residents in the three social insurances.In terms of impact effect,the promotion effect of the above three indicators on the participation rate of residents in different insurance types is that the coverage breadth has the strongest influence,the usage depth is the second,and the digitalization degree is the weakest.According to the heterogeneity test results of different regions,digital financial inclusion has a significant positive impact on the insurance participation rate of residents in eastern China,central China and western China.In terms of the impact effect,the promotion effect of digital financial inclusion on the insurance participation rate of residents of different insurance types is the strongest in eastern China,the second in western China and the weakest in central China.In order to promote digital financial inclusion to better exert its positive influence on residents’ insurance participation rate,based on the analysis of the above research conclusions,this paper respectively puts forward targeted countermeasures and suggestions for government departments and financial institutions: Government departments should actively optimize the environment and channels of social insurance,promote the balanced development of all dimensions of social insurance and promote the digital transformation of traditional industries.Financial institutions should further expand financial services for micro,small and medium-sized enterprises and actively promote the innovation of digital financial inclusion products.