Research On The Application Of Insurtech On The Risk Management Of Life Insurance Underwriting In China

With the rapid development of China’s economy,the insurance industry is entering a critical stage of digital transformation.And the deep integration of insurance and technology has accelerated the development of the insurance industry.Insurance Technology has involved in the insurance business of the whole process of insurance company from product design and pricing to marketing and underwriting,to claims settlement and after-sales service.It has become the core-driving force for remolding insurance value chain and promoting transformation and upgrades in the entire life insurance industry.In insurance value chain,underwriting risk management plays a very important role in insurance company’s risk management system and insurance supply-side reform.As insurance products are regulated,push back to their roots,insurance companies pay more attention to front-end underwriting risk management measures.Specially,with the gradual improvement of consumer’s risk awareness,deeper demands for social security were gradually excavated.Thus,only by improving the technical level of underwriting and risk management can the wider risks be screened and classified as well as evaluated and managed in a more refined manner,which may incorporate previously uninsurable risks into insurable coverage,and then promoting the development of the insurance industry.The core of underwriting risk management is the acquisition of risk data and information that is the basis for risk screening and underwriting decisions.This paper expounds and analyzes the application status of insurance technology in the insurance industry,and introduces the main applications of insurtech in underwriting risk management and the value brought by insurtech applications,eventually lead to the application case of A Life Insurance Company using insurance technology—pre-underwriting risk screening model.Firstly,the paper starts from model construction,and introduces its application scenarios and system processes.And the model may assess and review potential underwriting risks,and provide a quantitative score to identify high-risk customers and spot potential risks.Secondly,this paper selects the internal insurance and underwriting data of A Life Insurance Company in the past three years to verify the actual application effect of the model’s underwriting risk management in multiple dimensions.And the evaluation results of the model on the underwriting efficiency,cost and claims risk will provide the basis and support for the company to formulate differentiated underwriting policies.Thirdly,this paper summarizes the experience and lessons of Company A in insurtech and draws the conclusions as well as investigates the problems and coping strategies of insurance technology in the great development of insurance industry,as well as the development trend of future underwriting risk management.