Research On The Impact Of Digital Financial Inclusion On Household Commercial Insurance Participation

With the continuous development of economy and society,the per capita disposable income of resident families is increasing,property continues to accumulate,and the risks they face are complicated,and the demand of resident families for their own wealth preservation and appreciation,risk prevention and loss control is increasing day by day.Family is the basic economic unit of society,commercial insurance risk management and wealth management two functions will play an increasingly important role,but the actual relevant data to a certain extent show that the low level of insurance is restricting the development of commercial insurance,the analysis found that families due to cognition,disposable income,purchase channels and other reasons to encounter "financial exclusion".In the past ten years,China’s digital inclusive finance has developed rapidly,and digital inclusive finance has innovated the way of financial services,which can reduce physical dependence,reduce business operating costs,optimize information transmission efficiency,fill the gap of financial services in China’s financially weak areas,alleviate financial exclusion,and enable more families to participate in the financial market.As insurance is an important form of finance,family participation may be influenced by digital financial inclusion.In this context,this paper explores the impact on the participation of family commercial insurance from the macro perspective of the development of digital inclusive finance through empirical models.Firstly,based on the theory of commercial insurance demand,financial development theory and financial exclusion theory,the main ways in which the development of digital inclusive finance affects the participation of family commercial insurance are analyzed,and it is believed that digital inclusive finance can promote families to purchase commercial insurance by improving family financial literacy,alleviating liquidity constraints,and promoting participation in the Internet financial market.Next,this paper uses the 2019 CHFS survey data and the 2019 Peking University Digital Inclusive Financial District County Index to match,uses the Probit model and Tobit empirical evidence to test the role of digital inclusive finance on household commercial insurance participation,and finds that the development of digital inclusive finance can significantly improve the possibility and participation degree of family participation in commercial insurance,and the regression results are consistent under various robustness conditions.Further analysis shows that in the sub-dimensional index of digital financial inclusion,the breadth of coverage is stronger and affects the participation of family commercial insurance.The mediation test of stepwise regression of the influence mechanism shows that all three mechanisms have partial mediation effect.Through empirical tests of household assets and city level,it is found that the development of digital inclusive finance has a better impact on families with less household assets and families living in third-tier cities and below,and the development of digital inclusive finance makes families more likely to purchase commercial health insurance than life insurance.Based on the research conclusions,this paper puts forward corresponding suggestions on how to further give full play to the role of digital financial inclusion in promoting the level of household insurance.The government,insurance companies and families need to make efforts to further deepen the development of digital inclusive finance,continue to improve infrastructure construction,innovate the service means of digital inclusive financial tools,develop innovative insurance products and services,and actively improve their own conditions,in order to promote balanced development,enhance financial inclusiveness,optimize insurance supply,and thus improve the level of insurance participation.