Research Of The Operational Efficiency Of Domestic Insurance Companies With DEA

Insurance technology is profoundly changing the insurance ecology and industry competition,attracting widespread industry attention,and has become a key factor in leading the transformation of the insurance industry.China's insurance technology is developing rapidly,and the trend of deepening the technology to empower the insurance industry is obvious.Under this background,this paper studies the operating efficiency of China 's insurance companies from the perspective of the development of insurance technology,attempts to analyze whether deep technology empowerment can improve the operating efficiency of insurance companies,and puts forward feasible opinions and suggestions on the development of insurance companies in China based on the background of the development of insurance technology.Firstly,based on the data of 20 property insurance companies and 20 life insurance companies in China from 2015 to 2018,this paper uses the data envelopment analysis method(DEA method)to measure the operating efficiency of insurance companies in each of the years.Then use gray correlation analysis and Tobit model for regression analysis to study the impact of the development of insurance technology on the operating efficiency of China's insurance companies.The main conclusions are:(1)the technical efficiency of property insurance companies in China is at a high level.In particular,the technical efficiency of large property insurance companies is higher than that of small and medium-sized enterprises.However,Zhongan insurance company as a technology-driven emerging Internet insurance company is not large in scale,but its technical efficiency has always been in the efficient frontier.(2)Compared with the property insurance industry,the technical efficiency of China's life insurance industry is not high.There is a big waste,and a large gap between the pure technical efficiency of different life insurance companies.It also shows that there was a big margin for improvement of the technical efficiency of China's life insurance industry.(3)The development of insurance technology can promote the improvement of the operating efficiency of China 's life insurance companies and property insurance companies.The reason is that the raising of the level of technology empowerment can promote the insurance companies to strengthen product innovation and service innovation,gradually get rid of the low-level vicious competition,improve the technological level and management,and thereby improve the operating efficiency of the insurance companies.(4)The role of insurance technology development in improving the pure technology efficiency of the life insurance industry is greater than that of the property insurance industry.The reason is that there was a bigger margin for improvement of the technical efficiency of China's life insurance industry.Insurance technology will bring significant opportunities for the development of life insurance industry.(5)Insurance technology development has a greater impact on property insurance companies with a larger proportion of Internet insurance premiums.That means the construction of infrastructure such as Internet channels plays an important role in the strategic layout of insurance technology.Finally,combined with theoretical analysis and empirical results,the following opinions and suggestions are made on the development of China's insurance companies in the context of insured technology development:(1)Traditional insurance companies should invest in insured technology innovation,improve their ability to adapt to change,and use insurance technology to achieve transformation and upgrade.(2)Small and medium-sized insurance companies should take advantage of insurance technology to provide personalized products and services.(3)Life insurance companies,technical service agencies,government agencies should make joint efforts to promote the application and promotion of insurance technology in the field of life insurance.(4)Attach importance to the construction of the underlying architecture including online platforms and related data chains.