On April 26, 2016, Shenzhen Derun Electronics Co., Ltd. collaborated with Tsinghua University and China Insurance Information Technology Management Co., Ltd. to hold the “International Seminar on Big Data Applications in Car Insurance” at the Wenjin International Hotel in Beijing. The seminar aimed to provide a platform for experts in the global connected vehicle and insurance fields to exchange ideas and promote excellent experiences from the global market to China, thereby laying a solid foundation for the development of the domestic connected vehicle market. Nearly forty executives from domestic insurance companies gathered at the conference, and high-level experts from the international smart car insurance sector were specially invited, including representatives from Italy’s largest car insurance company Unipolsai, the overall UBI insurance solution provider MetaSystem, and Israel’s Mobileye ADAS company, to offer insights for the Chinese UBI car insurance industry.
The Internet Drives the Development of the Car Insurance Industry In the Chinese market, an increasing number of traditional industries are organically integrating their future development with the internet. Wang Zhe, Vice President of China Insurance Information Technology, stated: “We are in the era of artificial intelligence and the internet. Big data brings us convenient and efficient life experiences. At the same time, all innovative companies worldwide are doing the same thing, inviting the best scientists to join their teams, hoping that massive data and internet data can create different models and generate new value.” He also mentioned that in the future, connected vehicle technology in the insurance sector can achieve three value representations. Firstly, in terms of social governance, insurance applications and devices based on connected vehicle technology can enhance monitoring of driver behavior, thereby reducing traffic risks and accident frequency; secondly, in the insurance industry, the application of connected vehicle products can help the insurance sector derive more services, enriching the variety of car insurance products; finally, for consumers, connected vehicle systems can provide more timely and comprehensive customer service through instant communication and online vehicle diagnostics, improving the quality of claims services and customer satisfaction for insurance companies.
Artificial Intelligence in the Era of Big Data Artificial intelligence also became a major topic at this conference. Ms. Deng Yinglu, Director of the Tsinghua-Derun Research Center for Connected Vehicle Big Data and Financial Insurance, specifically mentioned the “man-machine battle” that occurred in the Go community in March. She stated: “The capabilities of artificial intelligence and machine learning have already demonstrated through AlphaGo that computers can surpass human intelligence through big data calculations. With the development of the big data era, the UBI field will gradually mature, and I believe the future market will be very broad.” Currently, traditional insurance data is only stored in a static form, and insurance companies can only obtain estimated results through linear and simple calculation models. However, in the big data era, through the collaboration of in-vehicle software and hardware, people can obtain more dimensions of connected vehicle data. This has strong supporting functions for precise pricing of car insurance, targeted marketing of insurance products, big data risk analysis, and insurance fraud prevention, which can bring significant changes to the insurance market.
The Development of UBI Driven by Connected Vehicles UBI car insurance is an insurance product that combines innovative pricing and operational models with connected vehicles. In the Chinese market, UBI car insurance is not familiar to many car owners, but its application is quite widespread in North America and Europe. Marco Azzaloni, Global Marketing Director of Italy’s MetaSystem, stated: “UBI stands for Usage-Based Insurance. This model aims to monitor various usage data of drivers during their driving process, such as continuous driving time and frequency of sudden braking, to understand the driving behavior of car owners and price car insurance according to actual risks. Based on UBI data and pricing, insurance companies can further segment products to meet more consumer needs while ensuring their payout costs remain at a relatively low level.” He also mentioned: “Since 1996, we have provided 6 million UBI terminal products to the Italian insurance giant Unipolsai, achieving a high level of market recognition. Thanks to the development of connected vehicles in China, we are very optimistic about the future development of the UBI car insurance sector in China. Our collaboration with Derun Electronics to enter the Chinese UBI car insurance market is expected to have a positive impact on the future development of the insurance industry in China.”
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