The domestic penetration rate is less than 10%, and the Internet insurance market has broad prospects.
Interconnected insurance has always been a “sweet” in all walks of life, but many Internet companies have been suffering from “unlicensed driving”. However, soon, the license will not be the reason for hindering the Internet platform to enter the insurance market.
On August 8, the State Council issued the “Guiding Opinions on Promoting the Healthy Development of the Platform Economy and Standardization”, proposing “allowing the Internet + platform with the strength and condition to apply for insurance and concurrent agency qualifications.” In other words, the state officially announced the qualification of opening an Internet platform to operate insurance business.
Although the standard of “conditional strength” is not clear, Internet giants such as BATJ naturally do not need to consider this prefix. Then, the introduction of the new policy will make this market full of smoke? In the case of these traffic giants entering the insurance market, who will become the final winner?
Open insurance and concurrent agency qualification, the end of the era of tens of millions of Internet platform purchases for professional insurance agency licenses
Before the introduction of the new policy, the Internet platform wants to carry out insurance business, and needs to purchase insurance brokers or insurance agency licenses, or participate in the insurance business. After the formation of the “one hard to find” situation, many Internet companies choose to buy in the equity market, which also makes the market price of many insurance brokers rise.
According to the China Economic Net report, an insurance intermediary in Shenzhen has only offered 25 million yuan, and if the business scope is national, the price may be higher. After the introduction of the new policy, the era of high-priced licenses may face the end.
In addition to exempting licenses, the new policy can bring three major benefits to the Internet platform: first, the legalization of the Internet platform, the insurance industry has always belonged to the franchise industry, and the state has not given relatives to protect the rights and interests of consumers. The nascent Internet platform is a legally operating identity that limits its license. This new policy is undoubtedly a good opportunity for an Internet platform that has the strength to operate insurance business and suffers from lack of licenses. 
Secondly, the supply side is activated, the operating cost is reduced, the sky-high license fee is reduced, more Internet platforms are involved in the Internet insurance business, and the entire industry market is activated; the industry standards are set, and the entry threshold is improved. “It is certainly not a casual statement. If any qualified Internet companies are involved in the insurance business, it will definitely cause a mixed market. In order to make the market work, the qualification review is essential.”Link.
In fact, this policy has not brought about obvious changes or benefits for Internet giants such as BAT, US Mission, and Didi, because these giants have already obtained multiple purchases through heavy purchases before the qualifications were opened. Licensed, entered the Internet insurance market.
This New Deal is most likely to allow more mid-rise Internet platforms to join. These middle-waist enterprises, which have no financial ability to purchase licenses in the past, may have a new round of reshuffle in the Internet insurance industry after this opening qualification, which will lead to explosive growth. The survival of the fittest is the law of social survival, and the rest remains. It is a good company.
Just now, in the current Internet dividend period no longer, the Internet insurance market has been difficult to grow a single unicorn company. No matter how hard the “little brothers” work, the Internet insurance will eventually become the colosseum of the giants, and the entire market will definitely be divided by the giants.
From the acquisition of licenses to network mutual assistance, traffic giants have already tried their best to lay out Internet insurance services
The Internet traffic giants, after accumulating enough users and data, need to start using cash to cash in traffic data, and the insurance industry is one of the most promising areas. Under the support of big data, Internet + insurance can accurately locate customers, and reasonable matching to meet customer needs can be described as one-shot.
According to Dongfang Wealth News, from 2011 to 2016, Internet insurance premium income increased by 71 times from 3.2 billion yuan to a peak of 222.9 billion yuan in 2016. Later, with the call for supervision of “insurance return protection”, the overall scale has declined since 17 years.
In 2017, a total of 117 Internet insurance companies achieved a premium of 183.5 billion yuan. In 2018, the scale of the Internet life insurance market continued to slow down, and the accumulated scale premiums reached 119.32 billion yuan.
Although the current growth rate of the Internet insurance market has slowed down, the giants who have seen business opportunities have already entered the Internet insurance business and want to increase the flow of cash through insurance.
Strictly speaking, the first big company to enter Internet insurance is NetEase. Netease Insurance officially launched in 2011, and cooperated with an insurance company to launch a third-party insurance direct sales platform. Users can apply for insurance online, covering auto insurance, accident insurance, health insurance, family property insurance and other insurance types, and realize one-stop insurance self-purchasing experience. .
After Netease, BAT has entered the game, and the new-style Jingdong, Didi, and headlines follow the “Going to the Sea.” According to the incomplete statistics of “Financial No. 1 Hospital”, in today’s Internet insurance, in addition to the three “old” Internet giants such as BAT, Jingdong, Didi, Headlines, Suning, Xiaomi, Sina, Netease, and Vipshop Internet platforms led by finance and Gome have long been involved in insurance.
BATs that were previously entered have spent a lot of money on buying licenses and investing in insurance companies or insurance intermediaries. ThisAfter the second opening qualification,
There will be some new competition in the field of Internet insurance. In the case of less than 10% of the market share, the remaining 90% is the share that the Internet platform wants to seize.
It can be said that the highly concentrated Internet giants in the insurance market will officially start, so who are more advantageous in the insurance market, and will eventually win?
Alibaba has long been familiar with the insurance industry. According to public information, Alibaba has invested and founded companies including Zhongan Insurance, Cathay Financial Insurance, Xinmei Mutual, and Hangzhou Baojin Insurance Agency. The insurance business in the Alibaba system is immersed in ants.
According to the information provided by Ant Financial, the platform was formally established in 2015, and its insurance business group has more than 200 people. As of the end of last year, users have obtained nearly 20 billion insurance coverage through the Ant Financial Insurance Platform. The annual online claims have exceeded 4 billion. They have cooperated with more than 100 insurance institutions and serve 500 million consumers.
It can be said that after Alibaba has the biggest entrance to Alipay, it is natural to start insurance. Because in the user’s impression, Alipay is used to “spend money”, then it is natural to buy insurance through Alipay. Taobao Tmall’s shopping insurance, return insurance, freight insurance and other supporting insurance has become a standard for online shopping.
And Alibaba has a first-mover advantage because of its early entry. Before other platforms have yet to build a business model, Alibaba has launched a new feature insurance product “mutual treasure”.
Under the promotion of the traffic platform such as Ant Financial, “mutual treasure” has developed into the world’s largest mutual aid community. The latest data shows that members have exceeded 80 million, and the number is still growing rapidly. . This can be said to be a model template for network mutual assistance, which has opened up the “light era” of network insurance. Ali has certain advantages in terms of products, and has created explosive products for network mutual assistance. 
Tencent also built its own insurance system through small programs. As of June 2019, the micro-protection program had a monthly user base of 29 million, ranking first in the insurance program for nearly one year. Micro-protection WeSureIt is the first insurance platform of Tencent. At present, it has cooperated with 18 insurance companies such as Taikang Online and China People’s Property Insurance.
Small program is the best channel for WeChat to connect B and C. It has WeChat, a national social APP. Tencent is more vulnerable to fission through small programs. After all, relying on acquaintances to sell insurance is easier to obtain than pure salesman sales. Customer trust.
In addition to Tencent and Ali, Baidu is the fourth-ranked traffic website in the world, with unparalleled traffic advantages, and search engines are always the main channel for user information consultation, and users are highly dependent. And Didi should be the Internet company that can best construct insurance consumption scenes. After all, travel safety is a problem everyone will consider.
In short, these giants are based on their own “native field”, based on the chassis, each has its own strengths and advantages in expanding the Internet insurance business. Although I don’t know who will eventually occupy more market share in the future, the long-term separatist situation is bound to be experienced.
So what are the future Internet giants that can compete from the insurance business and cultivate their core competitiveness?
Some economists admit that insurance is the most difficult to sell because customers need to pay first to enjoy the service. Therefore, in response to the insurance business, Alipay launched the “mutual treasure” products, using post-paid, or a small amount of payment in advance, effectively reducing the cost of decision-making brought by “pre-emptive money”, and greatly improved customer efficiency. .
In the future, the “network mutual assistance + commercial insurance” model will be the most popular Internet insurance sales model, because this model caters to the public’s health anxiety and on the other hand, it fits the average of most people. The reality that income is still low.
In addition to the network mutual assistance model, if Internet insurance wants to have better performance, it is necessary to consider the construction of the insurance scenario. Based on the specific Internet scenario, the demand for insurance will be relatively strong. In the travel travel scenario, users are more willing to purchase accident insurance. Under the crowdfunding platform, users have a more intuitive understanding of health protection, and the conversion rate of health insurance will be relatively improved.
Therefore, for different scenarios, these Internet platforms may customize personalized products to meet the needs of users. If the platform that enters the Internet insurance industry out of thin air, it may save a lot of costs if it cooperates with insurance companies.
Although the Internet insurance business is on the rise, traditional insurers such as Ping An Insurance and China Life Insurance are relatively authoritative in the minds of consumers. If they can cooperate with these insurance companies in depth, they can gain brand empowerment and reduce Some obstacles.
The domestic penetration rate is less than 10%, and the Internet insurance market has broad prospects
The Internet insurance platform has a more flexible product mechanism than traditional insurance companies. Third-party web platforms have more user scenarios than the official self-operated channels, andIndustry insurance intermediaries can provide users with high-quality services. The two not only change the sales method, but also give more core meaning of Internet insurance.
In particular, mutual third-party online insurance platforms have a natural channel advantage. Because insurance products have low-frequency, non-critical features, the simple traffic model can not fully exploit the advantages of the Internet when the user’s reach and access methods become more and more Internet-based.
Low conversion rate leads to high customer costs, and third-party network platforms such as Didi, Feizhu, Taobao, Jingdong, and the complete consumption scenarios themselves, the insurance embedded is very natural, just “by the way” Things.
In terms of products, Internet insurance is user-centric and relies on massive user data to reshape the original product design methods, pricing methods and underwriting risk control models of traditional insurance companies. The product types are more diverse, and in addition to restructuring and reinventing traditional insurance, there may be more customized new Internet insurance products in the future.
As a service industry, on the basis of channel and product innovation, strengthening the service system and improving the user’s insurance purchase experience is the only way for Internet insurance companies to improve their core competitiveness. It can be said that Internet insurance solves the pain points of traditional insurance companies, which greatly saves customers’ decision-making costs and purchase process.
However, even the Internet insurance market with so many advantages is still low in the entire insurance industry.
The latest data shows that China’s Internet insurance business has reached a penetration rate of 9.2% as of 2015, which means that there is still more than 90% of the space to be explored in this area. According to the statistics of relevant institutions, the penetration rate of Internet security in China is less than 30%, and only 27.7% of Internet users have purchased insurance on the Internet. There is a huge gap between Internet security and Internet users.
The huge market gap in the middle is waiting for Internet companies to fill. After this opening qualification, the influx of Internet companies in the middle waist may cause the industry to explode. Before the market broke out, the giants must take measures to prevent the impact of the new forces in order to consolidate their moat.
Besides the competition of the giants, it should also be realized that the services of the Internet insurance platform cannot stay in the sales stage of the previous stage. After all, the customers pay most attention to claims and services. The low-frequency non-demanding consumption like insurance needs to attach great importance to customers. Experience.
Finally, the concurrent insurance qualification of the open Internet platform is a good thing for both the Internet platform and the insurance industry. In the future, the Internetization of insurance business is a trend. In this trend, how to develop their own core competitiveness in the market is the primary consideration. After all, in addition to the Internet third-party platform, traditional insurance companies are certainly seeking transformation.
However, regardless of the outcome of the company’s competition, it’s certain that the consumer’s experience in buying insurance is competing.China will be more and more upgraded and convenient.
文|Xiao Qian, founder of Xiaoqian Notes (http://xiaoqianbiji.com/), Internet Observer, dozens of tech media columnists, WeChat, please contact net1996, please indicate the copyright