On November 24, Analysys released the "October 2020 Emerging Internet Insurance Service APP User Insights List" (hereinafter referred to as the "list"), which carried out a survey of the active users and industry penetration of the entire insurance service field in October 2020 Analyzed. The data shows that judging from key data such as user activity of APP in the insurance service field, the emerging Internet insurance field has a huge market space and more market vitality.
The rising number of active users of APP
in the TOP10 emerging Internet insurance sector in October 2020 is due to the empowerment of Internet insurance companies relying on insurance technology and the layout of the scene ecology. Industry analysts pointed out that after this epidemic, more and more insurance companies have realized that digital transformation has become a major trend in the development of the industry, and insurance technology has become more important.
Traditional insurance companies have an advantage in the number of active users, and Internet insurance companies have high user activity.
The sudden attack of the new crown pneumonia epidemic in 2020 has raised residents’ awareness of medical and health risk protection and their acceptance of online insurance services. As the application of insurance technology continues to deepen, the competition among insurance companies for mobile digital users has become increasingly fierce. Data from the
“list” shows that since the beginning of this year, especially during the period of limited offline services, the number of digital users in the insurance service sector has continued to rise, with monthly active users reaching the historical maximum of 47.565 million.
From the perspective of active users and industry penetration of the entire insurance service sector in October 2020, Ping An, China Life, China Pacific Insurance, ZhongAn, and PICC are in the first camp in the insurance service sector, and the monthly active users of the corresponding insurance service APP exceed 1 million. people. From the perspective of the traditional insurance field, Ping An is represented by the Ping An Jinguanjia APP in an advantageous position in the industry; from the emerging Internet insurance field, ZhongAn Insurance ranks first with an active user scale of 2.325 million.
From the perspective of user activity, although traditional insurance companies have an advantage in active users, their user activity is insufficient, while professional Internet insurance companies have higher APP user activity. Among them, ZhongAn Insurance users open the app every 3.4 days on average. In contrast, PICC app users only open the app every 24.2 days on average. Internet insurance companies are better than traditional insurance companies in terms of the depth of service for APP users.
In terms of penetration rate, emerging Internet insurance companies have a prominent advantage. ZhongAn Insurance has the highest penetration rate in the insurance service industry, reaching 5.3%; Taikang's online industry penetration rate is 1.1%, and the rest are below 1%. The
epidemic forced the insurance industry to transform and major insurance companies step up their digital transformation.
This round of new crown pneumonia epidemic has a profound impact on the insurance industry. On the one hand, the new life insurance business has declined, the development of the marketing team has been blocked, and related businesses have been affected. On the one hand, the epidemic has promoted the development of health insurance, the development of new types of insurance, and the development of online businesses, bringing new development opportunities to the insurance business.
This year, Ping An of China, together with Nanfang Daily, Nanfang+, and Nanfang City Think Tanks, launched a large-scale questionnaire survey activity on “Insurance Consumption Changes of Guangdong Residents under the New Crown Epidemic”. The questionnaire survey shows that more than 40% of people have enjoyed online consultation, online purchases, and online claims, and 16% have experienced online surrender services. Only 17% of people have never enjoyed online task service. The
epidemic is accelerating the digital and intelligent process of the insurance industry. Some insurance companies use big data, AI technology and other means to accurately analyze user needs, greatly improve the efficiency of handling cases, and strengthen their ability to prevent and control risks. By analyzing the concentration of customer problems, some insurance companies provide front-end self-service and guided services through various channels such as phone calls, websites, APPs, mini programs, and WeChat official accounts to solve problems for customers online. Insurers with technological advantages have developed intelligent customer service underlying algorithms, and up to 85% of online customer service sessions are handled by intelligent robots.
In the queue to increase the pace of digital transformation, there are traditional insurance companies represented by Ping An, and Internet insurance companies represented by ZhongAn. They are all vigorously exploring the digital upgrade path of the insurance industry, and the industry is gradually becoming "smart +", Development of "Ecology and Scene Intelligence".
From the data on the growth of digital users, compared with the same period last year, among the TOP3 apps of traditional insurance companies in October 2020, China Life increased by 27.77%, and Ping An Gold Butler fell by 1.7%., Pacific Insurance fell sharply by 25.3%. Among the TOP3 apps in the emerging Internet insurance field, ZhongAn Insurance increased by 54.89%, while the two apps of Underwriters and Taikang Online dropped by more than 20%.
The above-mentioned data shows that the emerging Internet insurance field has a huge market space and also shows greater vitality. In the emerging Internet field, the competition for digital users is fierce, and the traffic is showing a tendency to gather in leading Internet insurance companies. The average monthly active users of the ZhongAn Insurance APP jumped from 287,000 in 2016 to 2.429 million in 2020, an increase of approximately 746.3% in 5 years, and the scale of monthly active users has increased significantly. Behind the rising number of active users of
is that Internet insurance companies rely on the blessing of insurance technology and the layout of the scene ecology to drive the continuous improvement of intelligent service capabilities, and products and services are more in line with user needs. As the first Internet insurance company in China, driven by the "insurance + technology" two-wheel drive, ZhongAn uses its own technological strength and Internet operation capabilities to continue to consolidate its own platform's marketing, customer acquisition and service capabilities; relying on its self-developed intelligent marketing system , Apply user portraits to precision marketing and intelligent reach of new scenarios.
Voice
Digital transformation has become an industry development trend, and insurtech highlights the importance of
Sharing Investment Founder Bai Wentao analyzed that the abnormality brought about by this epidemic has been nearly a year, and many of them were impossible or even impossible in the past. Things to think about, after such a long time of repetition, qualitative changes have taken place, forming new habits and path dependence, which will surely affect and change China's industrial development. Among them, a notable change is that "online survival" has been greatly strengthened.
Affected by the epidemic, traditional life insurance agents were hindered in their business development, but online business was booming. Due to the blessing of technology, some Internet insurance companies still achieved high growth in total premiums despite the impact of the epidemic. According to the data released this year, Ant Insurance under Ant Financial, ZhongAn Insurance under Sanma, and Weibao under Tencent, all have seen significant growth against the trend.
"Under the influence of the epidemic, the transformation of insurance training, negotiation, and sales to online has also become inevitable. The reason why the performance of Internet insurance companies has not fallen but has risen is mainly due to technological capabilities and online. Many traditional insurance Enterprises are also accelerating their online transformation during this period. In fact, such a transformation should have begun long ago. Now the epidemic is forcing everyone to transform.” said Xia Changsheng, chief analyst of non-bank finance at Tianfeng Securities Research Institute. The
reporter noticed that in the recent "Double 11", major insurance companies also used APP as the main battlefield of marketing services, attracting young consumers through new marketing service models such as live broadcast. Industry analysts pointed out that in the future, digital upgrades will allow users’ lives and consumption scenarios to be extended and expanded to a greater extent. Therefore, both Internet insurance companies and high-traffic platforms are trying to integrate insurance services into the scenarios. The digital transformation of the insurance industry brings more room for development.
Xu Xian, head of the Department of Risk Management and Insurance at Fudan University, pointed out that after this epidemic, it has become the consensus of many insurance companies to switch from offline to online and to drive quality growth with technology. More and more insurance companies realize that digital transformation has become a major trend in the development of the industry, and insurance technology has become more important. "In the post-epidemic era, insurance companies will devote more resources to the application of AI, big data, cloud computing, blockchain and other technologies in insurance." Xu Xian said.
[Reporter] Tan Bingmei
[Author] Tan Bingmei
Insurance into Wanjia
