Research On Risk Management And Control Of Zhong’an Online Internet Insurance Product Innovation

The emerging business model of “Internet + Insurance” has become a hot spot and research direction for the development of the Internet insurance industry.In 2012-2017,China’s Internet insurance premium income increased significantly,but in 2018,the growth rate of Internet insurance premium income was slightly weak,and the overall level showed a downward trend.From 2012 to 2017,China’s Internet insurance business grew from 34 to 129,accounting for a proportion.More than half of the insurance company.How to successfully grasp the strategic direction of the current development of Internet insurance companies is a serious and practical issue.Zhong’an Online Internet Insurance Company(hereinafter referred to as Zhongan Online)is selected as the research blueprint.On the one hand,it is the first Internet insurance technology company in China,which has certain research value.On the other hand,it has a wide range of business areas such as health insurance,navigation insurance,and guarantee insurance.It has developed many innovative star products such as participation insurance and step by step insurance,and also has information such as big data and block-chain.The risk management and control method has great social impact in the Internet insurance industry and has practical significance.This thesis mainly analyzes and summarizes the angles of Zhongan online product innovation and risk management and control by using case analysis method,qualitative and quantitative analysis combined method and comparative analysis method.Firstly,this paper analyzes the internal and external environment of Zhongan Online.Secondly,it interprets Zhongan Online from two aspects of product innovation and risk management.On this basis,it focuses on the analysis of the elements and principles of product innovation,and at the same time The main risks are identified and controlled.Finally,optimization measures are proposed for both Zhongan product innovation and risk management.Through analysis and argumentation,the main conclusions of this paper are as follows:(1)In terms of scale and market demand,Internet insurance has achieved explosive growth in a short period of time.As a newcomer to Internet insurance,Zhongan must seize the golden opportunity period of Internet insurance development,continuously improve its product innovation and insurance service capabilities,actively use advanced Internet technology to expand its business scope and accelerate its construction in the Internet insurance market.On the status.(2)By analyzing the internal and external environment of Zhongan Online,there are advantages for product innovation.First,the organization of the “flat+hive”,the product development department as the core multi-department synergy and more than half of the technological innovation talents to protect product innovation;second,through the financial data of the enterprise,Zhong An Online performance in terms of profitability and operational efficiency is strong,and assets and liabilities remain at a manageable level in previous years.However,corporate operating cash flow has declined significantly.Thanks to sufficient external financing capabilities,Zhongan’s overall financial position is good.It also makes the innovation input expenses only increase or decrease over the years,which lays a solid material foundation guarantee for the company’s product innovation.(3)Through the risk identification and measurement of Zhongan online product innovation,the SARMRA risk enumeration method and financial index analysis method are used to identify the four main risks of Zhongan product innovation.Using the mean-variance analysis method,it is concluded that when the risk of product innovation exceeds the critical point O,and the leverage factor exists,the risk will be multiplied several times,and the expected return will show a slow growth trend.When the critical point O is exceeded,the risk management of such insurance products will be more cumbersome than the risk management of the traditional insurance products.(4)Based on the above research results: From the perspective of product end,it puts forward the concept of “seeking user demand for R&D products,improving people-oriented service concept”,“accelerating scene empowerment development products,focusing on fragmentation needs and ecological orientation”,and “enhancing big data”.Innovative product capabilities,promote online and offline synergy,the idea of product innovation;from the perspective of risk management,put forward "technology and data dual force,resist insurance risks","insurance promotion and service simultaneously,prevent credit risk",The measures of “strengthening the insurance market linkage mechanism to resolve market risks” and “enterprise internal control and management in parallel and reducing operational risks” are conceived to consider risk management and control measures.Based on the risk management and control of Internet insurance product innovation,this research is based on Zhongan Insurance Company and studies the risk management and control of Zhongan Online Internet Insurance product innovation.It may enrich the risk management and control dimension and case of insurance product innovation.There are some innovations in the analysis of research methods combined with objective data.