Study On The Accident Insurance Operational Risk Management Of H Property & Casualty Insurance Company

Recently,China’s insurance industry has developed steadily,Original premium income continued to grow。Accident insurance is an important part of insurance,it is as also as an important aspect of economic compensation mechanisms.It has made important contributions to enhancing the awareness of the whole society to use market-oriented means such as commercial insurance to deal with risks and enhancing the risk resilience of the whole society.Accident insurance covers personal risks,it concerns the vital interests of all insured individuals.With the increase of people’s awareness of insurance and the rise of internet technology,accident insurance has achieved rapid development and the market landscape has also undergone significant changes.As a result,accident insurance operational risks are also shifting.In recent years,the accident insurance market has many problems that harm the rights and interests of consumers,such as forced bundling or bundling,excessively high commission fees,excessively low loss rate,and inaccurate financial data.It is also the hardest hit area for complaints.To this end,the China Banking and Insurance Regulatory Commission(CBIRC)issued the Opinions on 《Accelerating the Reform of Accident insurance》in March 2020,it was announced that it would take about two years to promote the market-oriented pricing reform of accident insurance and clean up the chaos of accident insurance market.The opinions will bring about new changes to the operation mode and risk management means of the whole accident insurance market.H Property & Casualty Insurance Company has been established for a short time,The profitability level of accident insurance has fluctuated,the risk management capabilities are weaker than those large insurance companies.The profitability of accident insurance depends on the level of fee control and risk management ability of the insurance company.Large companies have large scale,diversified screening methods,strong risk control capabilities,and low operating costs;Small companies have small scale,single screening methods,poor risk control capabilities,and high operating costs.After the implementation of 《Accelerating the Reform of Accident insurance》,The accident insurance premium space of small and medium-sized insurance companies will come from innovative models and excellent product structure.This puts forward higher requirements for the internal management efficiency and risk management ability of H Property & Casualty Insurance Company.This paper attempts to take the risk management of accident insurance operational of H Property & Casualty Insurance Company as the research object.Anatomies its existing problems and speculates on possible causes,and put forward corresponding optimization plans and safeguard measures.Firstly,according to analyzes the current situation of accident insurance operational risk management of H Property & Casualty Insurance Company,the following issues were found:(1)Professionals are understaffed and risk identification is poor.the management methods are not perfect and the direction is not clear enough.These issues are discovered before underwriting.(2)Backward risk management methods,poor ability to control and reduce risks,and deficient risk management processes.These issues are discovered during underwriting.(3)Claims settlement is inefficient,and disaster prevention and loss prevention work is not carried out effectively,and risk re-investigation is a formality.These issues are discovered after underwriting.Secondly,aiming at the current situation and existing problems of the accident operational risk management system of H Property & Casualty Insurance Company,the overall goal of risk management system optimization of H Property & Casualty Insurance Company is proposed.Establish a complete risk management system and operational risk management process.Thirdly,in order to promote the optimization and smooth implementation of the accident insurance operational risk management system of H Property & Casualty Insurance Company,corresponding safeguard measures are proposed.There are Including that strengthening the business management of intermediary agency channels and improving the construction of independent channels.Actively participate in co-insurance organizations and co-insurance projects.Strengthen the technical support of accident insurance operational management,internal management and risk management of H Property & Casualty Insurance Company.Strengthen the management of renewal business and improve the renewal rate.From the above four dimensions,the optimization measures of accident insurance operational risk management of H Property & Casualty Insurance Company are proposed.