Research On The Development Of Internet Insurance In China

Scientific and technological revolutions will definitely have an impact on every aspect of society. The application of Internet emerged from1990s have brought profound changes to people’s lives, especially their consumer’s behavior patterns. Since the Internet became accessible to American households in the early1990s, experts and scholars have started to study the application of the Internet and made some speculations. But even in the United States which was the first country to use the Internet, the amount of Internet users was small. On the other hand, the application of Internet in commerce and industry was also in its infancy while it exists everywhere today. Thus, it can be seen that at that time the Internet was primarily used to improve working efficiency instead of pushing the personal consumption.The20th century has witnessed the he widespread use of of the Internet, which has become an indispensable tool in people’s daily lives. Apart from shopping in mall, people can shop on the Internet, which gives birth to E-commerce. Nowadays, with the popularity of the Internet, especially the emergence of the mobile Internet consumption, more and more people tends to make a purchase online. The change of consumer patterns will inevitably bring about new business models."Internet thinking", the most popular one currently, focuses on using the Internet to transform the traditional business model. Internet continues to influence traditional industries, and has now spread to the financial sector. Therefore, it can be seen that the development of insurance networking is an irresistible trend.The popularity of the Internet affects the insurance industry from two aspects. Firstly, by using the Internet to transform the traditional business model of insurance, insurance companies can get more customers from the Internet, reduce operating costs and improve efficiency. Secondly, since people tend to purchase online, traditional insurance products cannot meet current demand for insurance, especially for e-commerce. So the widespread of the Internet have created new demand for insurance.Though China is still a developing country which has great potential in popularizing the Internet, its Internet banking and innovation is in line with that of developed countries or even leads the world based on its large number of users and special conditions. Due to the change of people’s consumer behaviour patterns as the popularity of the Internet, which transforms traditional industries, business models have revolved and gave birth to online insurance. However, online insurance in China does not develop well and needs to expand its customer base as a result of features and regulatory requirements of the insurance industry, and innovation capacity of insurance companies.This paper aims to study the impact of the Internet on consumer behaviors and how changes in consumer behaviors influence demand for online insurance. Then it will conduct case study on business models of online insurance, come up with the development trend, and find problems and give suggestions of online insurance. This paper is divided into the following sections.Chapter1:Introduction. It includes the introduction of background, purpose and significance of this research, and content and innovative ideas of this paper.Chapter2:Online insurance theory. It includes definition, specific business and features of online insurance, and theoretical analysis of advantages of it over traditional insurance so as to give the research point.Chapter3:Analysis on demand for online insurance. It includes economic environment and macro analysis on the demand for online insurance, and conditions of online insurance domestically and abroad, aiming at supporting the following hypothesis.Chapter4:Case analysis of online insurance. It includes case analysis of online insurance based on above theoretical analysis and demand analysis, and come up with development trends of online insurance.Chapter5:Problems in online insurance. It includes case studies of problems in online insurance to prepare for the research findings and policy adjustments.Chapter6:Strategies and suggestions to and inspirations from online insurance. It includes conclusions and based on theoretical analysis, demand analysis, case studies and problem analysis.