The Influence Of Insur Tech On The Operational Efficiency Of Chinese-funded Property Insurance Companies

In recent years,with the scale of Insur Tech financing rising,the world has entered an investment boom in Insur Tech,and the market is increasingly paying an attention to power of Insur Tech.Technologies such as smart insurance,smart investment and research,and the Internet of Things are emerging in practice,and Chinese-funded Property Insurance Companies are eager to change their existing business models and competitive landscape with the help of Insur Tech,but it is not yet clear whether they will be able to achieve their goal of digital transformation and upgrading.In response to the current phenomenon that Insur Tech is developing in practice before theory,the theoretical community needs to find out whether Insur Tech can really empower insurance companies,and how it can contribute to the improvement of business efficiency.To this end,this paper firstly analyzes the typical application of Insur Tech in Chinese-funded Property Insurance Companies theoretically,and then explores the impact of Insur Tech on the operating efficiency from an empirical perspective.Use the insurance industry index to construct a proxy variable of Insur Tech,and measure the operational efficiency of Chinese-funded property insurance companies from 2015 to 2019 through the DEA model,and then establish the following econometric models.Firstly,a Tobit model is established to explore the impact of Insur Tech on the operational efficiency of Chinese-funded Property Insurance Companies.It also considers the moderating role of decision-making level characteristics on Insur Tech,and reveals from an empirical perspective whether Insur Tech actually has a developmental role in the efficiency of insurance enterprises;Secondly,it conducts a heterogeneity analysis of economic regions to explore whether there are differences in the efficiency empowered by Insur Tech,and provides directions for the country to help the development of central and western China;Thirdly,it conducts a mechanism analysis to explore the influence of Insur Tech on the institutions of Chinese-funded Property Insurance Companies,mainly divided into two aspects: business development and risk-taking,in order to find the links and shortcomings of Insur Tech,which can guide the practice in a better and more targeted way.Through the combination of theory and empirical methods,this paper draws three conclusions.Firstly,there is a U-shaped relationship between Insur Tech and operational efficiency,which inhibits the improvement of efficiency in the early stage and significantly promotes the improvement of efficiency in the later stage.Thirdly,in terms of mechanism analysis,Insur Tech firstly affects business development by influencing underwriting yield,comprehensive expense ratio and investment yield,and secondly reduces solvency adequacy ratio to affect risk-taking,and ultimately affects operational efficiency.Therefore,based on the above analysis,policy recommendations such as adopting differentiated development strategies for enterprises of different sizes,cultivating and absorbing complex professionals,and tilting government resources to the central and western regions are proposed to help Chinese-funded Property Insurance Companies achieve transformation and upgrading through the empowerment of Insur Tech.