Research On The Impact Of Digital Inclusive Finance On Household Commercial Insurance Consumption

As China’s economy enters the New Normal,boosting consumer demand is the main driving force for stabilizing the national economy.Commercial insurance has both risk protection and wealth management functions,playing an important role in improving people’s livelihoods and promoting healthy and orderly economic development.However,the current insurance industry in China is still in its early stages of development,and the limited participation of households is one of the important reasons for the development difficulties faced by the commercial insurance market.With the development of the digital economy,the significant advantages brought by digital technology,such as wide coverage,high information transparency,and low transaction costs,have made up for the shortcomings of traditional financial institutions in the past,creating favorable conditions for changing the perception and selection behavior of households towards commercial insurance products.In this context,this article takes households as the research object and explores the relationship between digital inclusive finance and household commercial insurance consumption from both theoretical and empirical perspectives.This article first proposes a theoretical inference on the impact mechanism of digital inclusive finance on household commercial insurance consumption.Secondly,empirical analysis was conducted by consolidating and organizing the 2015 to 2019 Peking University Digital Inclusive Finance Index and the Chinese Household Finance Survey questionnaire data,and the heterogeneity of the impact was tested through sample regression analysis.Finally,we use the mesomeric effect model to verify the mechanism.The empirical results show that:(1)there is a positive correlation between digital inclusive finance and the probability and degree of household commercial insurance consumption.The higher the level of digital inclusive finance development in the area where residents’ households are located,the stronger and higher the willingness of households to consume commercial insurance;(2)Among the two sub dimensions of digital inclusive finance,the depth of digital use has a more significant promoting effect on household commercial insurance consumption behavior.(3)There are group differences in the positive consumption effects of digital inclusive finance,and the development of digital finance has a significant impact on the eastern and central regions,urban areas,upper middle income groups,and high education level households;(4)Mechanism studies have shown that digital inclusive finance can increase household consumption of commercial insurance products through two channels: alleviating liquidity constraints faced by households and improving their subjective risk attitudes.However,in terms of digital divide channels,digital inclusive finance can expand the digital divide between households,exacerbate financial exclusion,and to some extent suppress consumption of commercial insurance.Based on the above conclusions,this paper puts forward suggestions from the four levels of government,insurance companies,families and regulators,including improving the construction of digital inclusive financial infrastructure,promoting the Digital transformation of insurance companies,popularizing digital financial knowledge,improving supervision and strengthening risk prevention and control to promote the consumption of family commercial insurance.