"To provide professional services for managing social risks, it is absolutely impossible to lack blockchain. The insurance industry must actively embrace the wide application of blockchain technology." On September 25, Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, in 2020 Said this at the Bund Conference-Blockchain Summit.
Zhou Yanli likened the application of blockchain technology to "new technology infrastructure." He pointed out that blockchain technology is an important infrastructure and trust tool for the insurance industry. Distributed ledgers, asymmetric encryption and authorization technologies, and smart contracts are all indispensable technical links for insurance. Especially in the construction of credit mechanism, it provides a very valuable management tool for risk control and anti-fraud in the insurance industry.
"Blockchain technology based on distributed accounting, asymmetric encryption and authorization technology, smart contracts and other technologies can help solve the problem of trust mechanism in insurance. In particular, blockchain decentralization, tamper-proof and traceability The characteristics of flexibility and consistency have created some foundations and conditions for the insurance industry to solve the problem of credit mechanisms."
Zhou Yanli gave an example. "The UK pays about 150 million pounds for car insurance fraud every year. The UK has a population of less than 70 million and has far fewer vehicles than us. But the price paid for car insurance fraud and insurance fraud is huge. In this On the one hand, the application of blockchain technology can play an important role."
In addition, in the field of health, medical insurance also requires blockchain technology to connect to each of us. He pointed out, "Everyone knows that everyone has an ID card and a medical card, and the code is not tamperable, and a number is used for life. This provides a good foundation and conditions for the application of blockchain."
At the forum, Zhou Yanli further looked forward to the future breakthroughs in the application of blockchain in the insurance industry.
The first is blockchain-enabled products to help reduce product rates and design innovation . He said that blockchain-enabled products can reduce product pricing and miss rate, and achieve precise pricing. ,
The second is that blockchain technology can eliminate customers' worries about information security issues and make customers willing to authorize the use of insurance companies. Insurance companies can use blockchain technology to solve shortcomings in product development.
The third is to use blockchain technology to eliminate the worries of insurance companies about information sharing and security, so as to solve the problems of insufficient information accumulation caused by the non-circulation of industry information, and homogenization of product design. He explained, "After the block chain technology, we can encryption algorithm, data usage will be recorded, tracking, tracing, enable insurers to more complete and clear understanding of customers, strengthen risk management . Only makes Buyers can effectively grasp product performance, while sellers can also grasp risk points and better control risks."
The fourth is to use blockchain technology to better store and mine the value of customer information, and to achieve personalized and customized insurance. Zhou Yanli said, "Everyone knows that because we have customer information, we can design some related insurance products based on some of his characteristics . If a person encounters bad weather during a self-driving tour, he can temporarily increase the insurance limit to deal with the risk. When the weather turns better, the insurance conditions can be reduced . Blockchain technology can provide customers with this kind of protection in a timely manner by grasping the changes in the weather, which is very targeted and fair and reasonable. Our traditional insurance industry cannot do it. at this point."
In addition, the blockchain can also be used to empower the underwriting link to build a trusted and efficient underwriting mechanism ; in the claims process, the claim information can be linked to the chain to reduce the cost of the claims business.
In the future, a new round of technology (blockchain technology) will be widely used, especially the extensive promotion of "new infrastructure" represented by 5G networks and data center construction, which will help blockchain be applied to economic and social development. This will have an irreplaceable impact on people's food, clothing, housing and transportation. In this regard, the insurance industry to actively embrace a wide range of application block chain technology to achieve technological breakthrough in risk management, product development, customer experience and other dimensions which , for the risk management community to provide specialized services.