Research On The Impact Of Insurtech On The Operational Efficiency Of Life Insurance Companies Under The Background Of Digital Transformation

In recent years,the development of China’s insurance industry has begun to enter a bottleneck period.To break through the bottleneck and enter a new development period,the insurance industry needs the support of innovative technologies.New technology will accelerate the pace of industrial change,and a new development system for the insurance industry is an inevitable choice to comply with the trend of development.Therefore,insurance technology has been born."The 14th Five Year Plan for the Development of Insurance Technology" emphasizes that the insurance industry should use advanced technology to enable high-quality development of the insurance industry,promote digital transformation,enhance technological support for innovation in the insurance value chain,consolidate the foundation of information technology construction,and improve risk management and control of technology applications.As a major branch of China’s insurance industry,life insurance can promote the integration of upstream,midstream,and downstream industrial chains such as endowment insurance,health insurance,and medical insurance through scientific and technological means.To understand the mechanism by which insurance technology affects the operational efficiency of China’s life insurance industry,this article explores the impact of insurance technology on the operational efficiency of life insurance companies in the context of digital transformation.This article combs and analyzes previous research results,selects the Peking University Inclusive Finance Index as an insurance technology proxy variable,and creatively uses text mining to construct a digital transformation index,using both as explanatory variables,filling the gap in existing literature that does not quantify the concept of digital transformation,It is helpful to provide more theoretical support for future research on the impact of insurance technology and digital transformation on insurance companies,and has certain practical significance.Based on the current development situation of the life insurance industry from 2014 to 2021,this article first uses the data envelopment model to study and analyze the operating efficiency value,and then uses the enterprise operating efficiency data obtained from the analysis as the explanatory variable.It uses the Tobit model to measure and analyze the factors affecting the operating efficiency of the sample companies.The results show that the technical efficiency of life insurance companies in China is at a relatively low level,and there are significant differences in operational efficiency among different equity types of life insurance companies.Insurance technology has a significant role in promoting digital transformation and improving operational efficiency of life insurance companies,and Chinese life insurance companies have more advantages in the use of insurance technology.In addition to scientific and technological means,sample companies can also improve the level of capital utilization Operating profit and other means to improve operational efficiency.On this basis,this article proposes the following recommendations:(1)Life insurance companies should increase investment in technology,accelerate digital transformation,and do a good job of differentiated development based on their own situation.(2)To improve the return on assets,on the one hand,enterprises should improve efficiency,reduce costs,and achieve sustainable growth in their business processes;On the other hand,improve the efficiency of capital utilization,do a good job in asset liquidity management,and do a good job in long-term investment risk management.(3)Reasonable development policies should be formulated to assist the healthy development of insurance technology and create a relaxed development environment to ensure continuous innovation in insurance technology;At the same time,we should create a healthy competitive environment for the life insurance industry and strengthen communication and cooperation between the life insurance industry and high-tech industries.