Research On The Impact Of Fintech On The Business Performance Of Life Insurance Industry

In recent years,with the development of blockchain,big data and artificial intelligence,the global financial industry has begun to pay more attention to information technology products and services.Its purpose is to innovate financial business and enhance industry value.On the other hand,due to the role of various social and economic factors,the scale of Chinese households is developing towards the direction of miniaturization,which makes the personal risk level of Chinese residents all rise.Therefore,it is necessary to vigorously promote the popularization and deepening of life insurance to provide security for Chinese residents.At present,there is little research on the performance of life insurance industry by FinTech.This paper will focus on this important issue.The purpose is to analyze that financial technology can provide power for the future operation and development of the life insurance industry,so as to achieve the goal of improving the level of residents’security.This paper selects relevant indicators such as financial technology and business performance of life insurance industry,social economy,population education level,urbanization rate,and medical level from 2011 to 2020,sets an empirical model,and uses empirical analysis methods to study the impact of financial technology on business performance of life insurance industry and its mechanism.The study found that financial technology has a driving effect on the business performance of the life insurance industry,and can effectively improve the business performance of the life insurance industry by increasing the degree of attention of the industry.In addition,because there is no scholar to analyze the heterogeneity of insurance classification,this paper classifies different types of insurance according to life insurance,health insurance and accident insurance,and studies that the promotion of financial technology on health insurance and accident insurance is slightly greater than that of human life insurance.Finally,combining the results of the theoretical and empirical analysis of this paper,we summarize the conclusions of this paper and propose that China should continue to promote the capacity building of financial science and technology to provide high-quality reform impetus for the life insurance industry,and guide the development of the life insurance industry towards the inclusive direction.