Big data and accurate pricing of Internet of Things “subversion” Insurance

Jogging integral can be replaced critical illness insurance premiums, diabetes, just upload daily blood testing data bran can buy critical illness insurance, car fitted with the tachograph on a possible auto insurance car for a price. This is not a dream, China’s first Internet of Things Public Security Insurance Company Insurance has launched a critical illness insurance in the country, through a variety of recording devices worn jogging every day and then upload the data to generate micro-channel points, points can be converted into premium discounts .

Explore said Zhong An insurance tells us that in the era of Internet +, big data, networking, smart phones will profoundly change the insurance formats. Allow consumers to benefit more accurate pricing of insurance products of the times has been exposed buds. Real-time underwriting, real-time pricing and other new technologies will enable a car for a price of auto insurance, sick insured health insurance, flexible sum insured critical illness insurance, anti misleading sales feasible.

Optional network Hui, deputy general manager Jane Zhihao said actuarial biggest difficulty is unable to obtain accurate and comprehensive risk data, in particular the risk of a data sub-groups, and therefore can not do accurate pricing. For example, suppose speeding dangerous condition not lose, does not appear in front of Internet of Things, not exactly determines whether the vehicle is speeding dangerous condition. With tachograph This is no longer a problem. Zhong An Insurance public relations staff told reporters that the country has hundreds of thousands of the auto insurance via the Internet of Things insurance products. Zhong An Insurance are six pilot provinces for auto insurance customers free installation driving behavior recorder. Zhong An Insurance in cooperation with Tencent, has chosen a retirement community for people with diabetes launched a critical illness insurance, provided that the insured daily blood glucose testing regulations required to upload data.

Auto insurance will not be big data, subvert Internet of Things, new technologies, property insurance will also undergo fundamental change aid. Optional network Hui, deputy general manager Jane Zhihao example, insurance companies can give customers to install home monitoring gas leak sensor, which can be early detection and prevention, but also can greatly reduce the incidence of fire, property insurance premiums can also come down. With the advent of similar applications of smart city, smart home, property insurance form will change significantly.

Big data, networking and the impact on the insurance pricing is not only accurate, it will change the actuarial tradition.

Zhong An actuarial Leader Teng-hui told reporters, big data, the application of Internet of Things that can make the insurance company underwriting dynamic, real-time pricing, while the traditional actuarial rely mainly on historical data. For example, look at the life cycle of the life insurance actuarial tables. Underwriting insurance company usually provide a form to allow customers to fill out. In order to provide customers, gender, medical history and so is the simple historical information. Usually the same sex and age, the premium is the same. Big Data, the situation after the introduction of the Internet of Things will be very different. For example, insurance companies can get before the insured customers a ten-day blood pressure, heart rate, and rest and other information, and with the above client data speculation whether the same year, same-sex customers the optimal population, thus providing the most accurate premium prices.

Big data, networking and management tools to provide the dynamic monitoring of health, but also to create conditions for the chronically ill insured. Zhong An Insurance in cooperation with Tencent to launch a special insurance coverage against Tangniao patient population. It requires the insured daily blood glucose tester (Tencent wisdom of developing a medical device) Measure data upload micro letter, the insurance company can monitor the patient’s health status. The above data to the insurance company offers a guarantee of complications caused by diabetes based. If the insured glucose control well, Zhong An Insurance also part of giving the sum insured or part of the premium reduction.

Now, some people every day, jogging, brisk walking record sun circle of friends. This data is working with the insurance hooks to hang. Zhong An Insurance introduced a daily jogging based critical illness insurance products, standard case is to jog every day and premium discounts together. This seemingly simple change, but traditional actuarial a major breakthrough. It breaks through the traditional insurance products, fixed rate, fixed protection can not be broken down old patterns of the crowd.