A Study On Chinese Insurance Informationization

The whole insurance industry has reached a new high level in the latest years with the rapidly development. This is because the economy has grown tremendously, and also, the transformation of China’s economic structure and aging of population have improved the insurance awareness of common people.As a intensive industry in data, information and funds, the development of the insurance industry has a high degree of dependence to information. Informationization is not only the important embodiment of competitiveness of insurance companies, but also essential pillar of the insurance industry. The informationization of insurance regulation and insurance information has the effect of supplement to each other. Information level of the insurance industry promotes the construction of the insurance regulatory; on the contrary, insurance regulatory information determines the supervisory ability of the insurance industry, thus determining the overall development of the insurance industry.For the object of insurance regulation, the insurance industry is a typical information asymmetry market. One hand, insurance companies set high premiums due to lacking information of applicants, which causes low risk policy-holders exiting the market and adverse selection; on the other hand, the insured are easy to be tricked by some bad insurance frauds, because of non-transparency of insurance company’s information. How to use information technology to solve the problem of insurance information asymmetry is worth our study.For insurance regulatory patterns, the current insurance regulation system in China is transforming from solvency generation system I to C-ROSS, at the same time, the insurance regulatory information system also needs to be improved. Setting down the following two issues is necessary:1, how to promote the degree of data sharing, expand information sources, and control the risks of the insurance industry; 2, how to monitor the models for new type of insurance development in order to match the regulatory information and industry informationization development. At present, there is still a distance of China’s insurance regulatory informationization level compared with some developed countries, includes the gap of the concept of regulatory and the gap of regulatory means such as information technology.Through analyzing our country’s current situation of insurance industry and the development of insurance regulation informationization, this paper researches the existing problem in them, by combining the theory of asymmetric information theory, information management and government affairs coordination theory. Also, this paper analyzes the differences between our country insurance regulation and foreign insurance regulatory information integration, while giving some suggestions to the development of insurance industry and insurance regulatory informationization. Finally, this paper references the experience of regulation from developed countries, such as the United States, Britain and Japan. Then, it gives discussion of the risk management in the regulatory model, with the combination of C-ROSS, which is still testing. monitor the models for new type of insurance development in order to match the regulatory information and industry informationization development. At present, there is still a distance of China’s insurance regulatory informationization level compared with some developed countries, includes the gap of the concept of regulatory and the gap of regulatory means such as information technology.Through analyzing our country’s current situation of insurance industry and the development of insurance regulation informationization, this paper researches the existing problem in them, by combining the theory of asymmetric information theory, information management and government affairs coordination theory. Also, this paper analyzes the differences between our country insurance regulation and foreign insurance regulatory information integration, while giving some suggestions to the development of insurance industry and insurance regulatory informationization. Finally, this paper references the experience of regulation from developed countries, such as the United States, Britain and Japan. Then, it gives discussion of the risk management in the regulatory model, with the combination of C-ROSS, which is still testing.