Wang Peng, Vice President of Mingya Insurance Brokerage: Technological development is expected to promote personalized insurance pricing

The “New Ten Insurance Policies” in the insurance industry focuses on continuously improving the insurance market system and promoting the standardized and high-quality development of insurance intermediaries. Wang Peng, Vice President of Mingya Insurance Brokerage, a leading insurance intermediary institution, recently interviewed by the Shanghai Securities News, stated that new technologies such as the Internet of Things, Metaverse, big data models, quantum computing, and generative AI are emerging endlessly, increasing the social uncertainty and risks more than ever before. However, for the insurance industry, this may not be a bad thing.

“Insurance deals with risk, and one of the main characteristics of risk is uncertainty. The intensification of social uncertainty means the intensification of risk, and the intensification of risk can better reflect the significance of insurance,” Wang Peng said.

He believes that when autonomous driving is widely used, car insurance may no longer exist; when cancer and more diseases are conquered, the definition of critical illness insurance may be completely updated; the huge changes in the life cycle table may bring about the reconstruction of life insurance and death insurance in form and significance; the development of artificial intelligence and robots will not only bring development opportunities for long-term care insurance, but also have a significant impact on the pension insurance market.

Wang Peng said that in the future, people’s insurance needs will be more diverse. With the advancement of technology, personalized insurance pricing is also expected to be realized. Accordingly, it can be analyzed that future insurance products will become increasingly diverse. A single insurance provider will no longer be able to offer all insurance services, and differentiation will become an important strategy for insurance company competition.

In this context, what should insurance brokerage firms do? Wang Peng believes that insurance brokerage firms should adhere to being providers of objective and diverse information, adhere to being more independent and professional consultants, and provide more diverse solutions for all uncertainties.

(Source: Shanghai Securities News · China Securities Network)

Source: Eastmoney.com

Author: Shanghai Securities News · China Securities Network