Research On The Development Of Internet Life Insurance Business

As the Internet makes its way into every walk of the modem society,especially the penetration into the finance industry,not only the Internet has changed the platform for commercial transactions,it fastens the transformation of the industry and helps to increase the varieties of financial products and services.The ease of transacting through the Internet has also shortened the implementation and completion time for specific transactions by cutting down the layers of intermediaries,which enhances the business transformation across the entire finance industry.Since the restoration of the commercial insurance market in 1979,the insurance industry has grown quickly into one of the pillar industries in our country.According to the 2016 data,the insurance industry achieved total revenue of 3.1 trillion RMB,with a year-on-year increase of 27.5%.Life insurance has become one of the fastest growing divisions across the industry with a year-on-year increase of 36.51%.With the impact of the internet-based financing,life insurance in our country is currently undergoing an overhaul.To a certain degree,the transformations brought by the fast-changing Internet have re-directed the development of the life insurance field.The integration of the Internet and life insurance will create opportunities for life insurance to better reflect the core of the insurance industry and elevate the playing field within the industry.Practically speaking,the Internet has become a key to the advancement of the life insurance business by creating vital marketing and sales channels for products and services.This is an inevitable choice for the industry expansion.However due to the inherent complexity and risks of the life insurance products,it is currently premature to completely rely on the Internet given the inadequacy in the selling techniques under the current market condition.Rather the combination of multi-distribution channels such as online,physical,individual sales,and tele-marketing will better serve the diversified consumer needs.This article provides an overview of the development of the Internet and the life insurance in our country.It then uses the SWOT analysis to examine the innovative advantages of Internet life insurance products,development restraints,industry opportunities and challenges,including the renovation in marketing techniques and operations management,limitations in the level of corporate attention and the lag in legal regulations.The examination in this article is built on data analysis and theoretical derivation.By studying the experience of the developed counties,it provides policy recommendations for enhancing a sustainable development of our national Internet life insurance business,including increasing technical input,product varieties and across-the industry cooperation,improving infrastructure constructions and the support of the online life insurance platform.Based on the above analysis,this article provides for an outlook for the life insurance development in our country.