Study On The Impact Of Insurance Technology On The Operating Efficiency Of Property Insurance Companies

Recently,with the popularization and application of big data,artificial intelligence and block chain,and other new technologies in the financial field,a wave of financial technology is rising.As an important part of the financial industry,major insurance companies are actively driving the integration of insurance and technology,leveraging the power of technology to promote their own development.Nowadays,insurance technology has gradually extended to all aspects of the insurance value chain,covering the whole process of insurance business operation,not only breaking the traditional insurance business management mode,but also providing new solutions for the longstanding industry pain points in the insurance industry.However,technology is only a means to an end.Whether technological innovation can bring substantial help to the business situation of insurance companies is a matter of greater concern.In this context,this paper explores the influence of the development level of insurance technology on the operation efficiency of property insurance companies,which is of great research significance to promote the efficient operation and healthy development of Chinese property insurance industry.This paper first expounds the five core technologies of insurance technology and the concept of operating efficiency of insurance companies.Secondly,based on the theory of innovation economics,scale economy and other related theories,the theoretical mechanism of insurance technology affecting the operating efficiency of property insurance companies is analyzed.In order to quantify the specific influence of insurance technology on the property insurance companies’ operational efficiency,48 companies are selected as the research subjects,their operational data from 2015 to 2020 are collated,the data envelope analysis method is used to calculate its operating efficiency.Finally,the Tobit model is constructed for the empirical analysis,and the heterogeneity of insurance technology on the property insurance companies’ operating efficiency with different shareholding structures is explored.The empirical results show that:(1)the overall level of operational efficiency of Chinese property insurance industry is not high,and there is still room for improvement;(2)the evolution of insurance technology can increase the operating efficiency of property insurance companies;(3)the effect of insurance technology on the operating efficiency of property insurance companies with different equity properties is heterogeneous,and the improvement effect on the operating efficiency of foreign property insurance companies is weaker than that of domestic property insurance companies.On the basis of the results of theoretical analysis and empirical tests,this paper makes the following suggestions from the corporate level and the regulatory level.At the company level,first is to enhance the application of insurance technology to improve the operational efficiency;second is to develop targeted strategies to achieve differentiated development;third is to seek multiparty cooperation to advance the development of insurance ecosystem.At the regulatory level,first is to strengthen the supervision and construction of insurance technology.Meanwhile,improve the regulatory mechanism;second is to strengthen the supervision of data security and build an information sharing platform.