Design And Research Of PInsurance Company's UBIscheme Based On The Data Platform Of Car Networking

The auto insurance business accounted for more than 70% of the premiums of property insurance companies.However,in recent years,many insurance companies have broken due to the auto insurance COR,resulting in a general decline in the underwriting profit rate of the whole industry.In the United States in the last century,a new car insurance product,UBI Insurance Based Insurance,was launched.Its main core is to accurately assess the risk of each vehicle based on the use of the car itself and the driver's driving condition which plays an important role in underwriting pricing.At present,the reform of China's commercial auto insurance rate management system is in the fourth stage,that is,the demonstration period of commercial vehicle insurance rate from 2016 to the present.From the course of more than 20 years,the government has started to gradually decentralize the market.The pricing of insurance companies tends to be autonomous,coupled with the trend of liberalization of domestic car insurance rates.With the rapid development of Internet big data and artificial intelligence in China in recent years,it can collect,process and share information from the vehicle networking platform which brings more possibilities for the development of UBI insurance in China.This new type of car insurance develop under China's Internet era.However,it still does not mature system in China.Some insurance companies have begun to explore but there is still no mature model.This paper compares the traditional auto insurance premium model with the UBI insurance premium model to prove that UBI insurance is more scientific than traditional auto insurance.Through the research on the development of UBI insurance at home and abroad,it sums up the successful development experience of foreign countries and analyzes the challenges that may be faced in the development of China.For insurance companies,as new technologies make the cost of auto insurance lower,it will make the research on UBI possible,a more scientific and perfect operation mode will be explored,which will help to improve the pricing accuracy and risk screening capabilities of insurance companies.This paper takes P Insurance Company as an example to explore how UBI insurance can be applied in P Insurance Company.This research of UBI insurance program can help insurance companies break through the traditional market competition and use new technology to broaden product channels;It can increase the connection of customers and insurance companies,and drive owners to have a safer driving style due to floating premium calculations;This paper studies the design of UBI insurance program mainly to explore a more fair product pricing model,this research isalso significant for improving the insurance market competition system and promoting the healthy development of auto insurance.