Research On Underwriting Control Issues In Life Insurance Company's Operational Risk Management

With the development and progress of China's economy and society,the insurance industry,especially the life industry,has achieved very growth performance,from the scale of premiums alone,China is already the world's second largest insurance country.As a kind of chartered financial industry for all sectors of society to carry out risk management services,by various internal and external factors,life insurance companies have considerable sensitivity and vulnerability in their operations,often beset by various problems and risks.In the economic and social economy has entered the new normal,the life insurance industry competition is becoming increasingly fierce,many life insurance companies have to carry out business transformation under the background,the overall business growth rate of the life insurance industry has been much slower than the previous period,and even some into the differentiation period.This indicates that the operational risk of life insurance companies will increase significantly over the current and future period,with complexity,diversity and variability.Strengthening the management risk control of life insurance industry is related to the healthy and sustainable development of life insurance institutions.The reasonable and effective management of life insurance business risk requires the whole process of the company's business up and down,and underwriting control is a key link in the risk control of life insurance business,and it is also a relatively high risk card.Compared with the insurance industry,the life insurance contract has more than one year,the term is longer,the cost of error correction is very high,therefore,the choice of the underwriting object and risk dispersion and many other underwriting control measures are very important to the management of life insurance company's business risk.The quality of insurance underwriting is an important symbol that reflects the management level of insurance enterprises,and the important factor affecting the quality of underwriting is the underwriting control.The underwriting quality is not only related to the company's operating efficiency,but also directly determines the size of the insurance business business risk.In short,underwriting control is the right entry point and effective measure of the management risk control of life insurance companies,and it is the core and important management problem of every life insurance company.This paper mainly attributes the business risk sources of life insurance companies to three aspects: underwriting risk,marketing management risk,and sub-insurance risk.Compared with the financial insurance companies,the business risk of life insurance companies is more complex and more characteristic: the occurrence of most life insurance accidents has the inevitability,the demand elasticity of life insurance products is large,the adjustment of life insurance policies is difficult and more easily induce the emergence of moral risk.The main measures to control the business risk are the establishment of internal control system,the enhancement of the investment and use of insurance funds,underwriting control and so on.Among them,underwriting control is the leading step of all risk control measures of life insurance companies,which plays the most important role in the risk control of the underwriting sector,and the position in the whole life insurance business risk control system is irreplaceable.This paper defines underwriting control as all control measures taken by life insurance companies to reduce business risk,including the choice of underwriting objects and risk dispersion.At present,China's life insurance companies in the risk control of most of the traditional underwriting control measures,but due to the development of China's life insurance industry is short,the quality level of practitioners is low,reinsurance distribution is not enough and other factors,resulting in the traditional underwriting control measures in the use of deficiencies,need to be improved.At the same time,the development of insurance technology to the life insurance companies to bring technological innovation,through the combination of big data,blockchain and artificial intelligence technology can improve the company's underwriting control ability,so that life insurance companies intelligent means of wind control.In this paper,the industry's underwriting control of better companies: China United Thai Metropolis Insurance Company,Chinese Life Insurance Company and ICBC Axa Life Insurance Company.Through the analysis and study of the underwriting control process of these three companies,we draw on their experience in traditional underwriting control measures and insurance technology,and put forward suggestions to improve underwriting control according to these experiences: improve front-end risk identification capability;We will strengthen the prevention and management of moral hazard,optimize the way of sub-insurance,strengthen cooperation with high-tech companies,pay attention to scientific and technological research and development,attract high-tech talents,establish a network information security system to prevent customer information leakage.