Empirical Analysis Of The Factors Influencing The Renewal Rate Of Auto Insurance

Motor vehicle insurance business is the first big kind of property insurance and plays a decisive role in the property insurance market.However,in recent years,the growth rate of motor vehicle insurance premiums slows down,the loss rate rises,and the market competition intensifies,making it more difficult for property insurance companies to drive the premium scale.At this time,the value of auto insurance renewal business with low cost,low risk and low compensation is reflected,which is of great significance for property insurance companies to maintain their market position and long-term operation.The purpose of this paper is to find out the existing problems and provide strategic suggestions for insurance companies to do well in the insurance renewal business by analyzing the influencing factors of insurance renewal.This paper first introduces the theoretical basis to do well in the renewal of insurance business;Then it analyzes the situation of insurance renewal of industry and provincial branch,and points out the value of insurance renewal for insurance companies and customers.Then through quantitative method with China life as an example,from the company car insurance renewal business listing data extract more than four hundred thousand,renewal model is established,and by using SPSS tools Logictic regression analysis,concluded eight significant influencing factors of auto insurance renewal,including old,channel,age of policy-holder,the forehead,cars,car,whether buying two insurance products;By further analyzing the OR index,it is concluded that the factors are as follows:the older the car is,the lower the insurance renewal rate is;the lower the insurance renewal rate of car dealers and bank insurance channels is;the lower the insurance renewal rate of young groups is;the higher the insurance renewal rate of European and Japanese cars is than that of domestic cars.Finally,according to the characteristics of factors,Suggestions are given from the four aspects of strengthening channel management,strengthening insurance renewal management,extending the service chain of auto insurance and paying attention to the risk management of insurance renewal link,in the hope of providing help for the company to solve the current insurance renewal problem and providing reference for the industry to solve the problem of auto insurance renewal.