Short-Term Commercial Health Insurance Product Design Based On Internet Of Things Technology

With the gradual increase of the aging of society,the improvement of people's consumption level and the rapid development of the technology industry,the commercial health insurance products of major insurance companies in China have quickly seized the market.However,the development of commercial health insurance still has conflicts between supply and demand,high claims ratio,and difficulties in profitability of insurance companies.There are many reasons,the development of commercial health insurance is not long enough,the data on medical insurance loss is not perfect;traditional premium pricing method Unable to achieve differentiation,resulting in relatively high premiums for commercial health insurance.Now many products are even exempted from the pre-nuclear medical examination steps.Although the sales process is simplified,the insurance policy that the policyholders are more concerned about is ignored,that is,the premium is too high.Because lifestyle and behavioral habits have a great impact on health,the scoring mechanism and scoring model for constructing life behaviors is the key to differentiated pricing of Internet of Things and big data technologies into commercial health insurance.In order to make a reasonable and fair score on the life behavior of the insured,and to differentiate the premium,this paper uses the indicators of physical exercise rate,smoking rate,drinking rate and sleep time to affect the health status,based on the generalized linear model(GLM).To construct the weights of each indicator and score it,quantify the risk level of the insured's lifestyle and behavioral habits,and then use the Standard deviation premium model to obtain the health insurance premium.The short-term commercial health insurance products under the support of the Internet of Things technology designed in this paper take into account the factors that affect the health status of the insured in many aspects,and are more objective and market-oriented products.IoT insurance products can not only re-architect insurance underwriting system,help insurance companies to screen high-quality customers,optimize pricing models,and ultimately reduce the loss ratio and improve profitability.