The “2024 China Internet Insurance Consumer Insight Report,” jointly compiled by Yuanbao Group and the China Insurance and Pension Finance Research Center of PBC School of Finance, Tsinghua University, reveals significant trends in the Internet insurance sector. The report highlights that the innovative ecosystem of Internet insurance is rapidly forming, driven by technological empowerment and the digitalization of consumption scenarios. This full – chain upgrade from product customization to service closed – loop is unlocking in – depth development space for the industry. The report predicts that Internet insurance is poised to exceed the one trillion yuan mark within the next five years.
China’s Position in the Global Insurance Market
China has consistently maintained its position as the world’s second – largest insurance market. Industry insiders note that consumers’ insurance awareness has significantly increased, their consumption capacity has grown, and their consumption concepts have become more rational. Consumers are not only increasing their premium expenditures year – on – year but also evolving their insurance allocation from policy holding to optimized protection, and from basic protection to a composite function of “refined protection + wealth management.” Additionally, consumer behavior is becoming more rational, with a focus on product cost – effectiveness and personalized protection levels.
Consumer Trends and Industry Adaptation
Fang Rui, founder of Yuanbao Group, highlighted that the “Report” has been released for four consecutive years, showing a significant release of insurance demands across different age groups, cities, and income levels due to Internet insurance. Intelligent claims processing, customer service, and insurance recommendations have been widely adopted and recognized by consumers. The insurance industry is actively embracing the trend of digitalization and intelligence.
Insurance Product Upgrades and Consumer Behavior
The report indicates that in 2024, 60% of consumers chose to upgrade their protection based on existing products. Zhu Junsheng, a member of the Expert Committee of the China Insurance and Social Security Research Center at Peking University, noted that the wave of insurance product upgrades not only provides a new engine for premium growth but also drives the industry to offer full life – cycle insurance services to customers. Amid intensified economic uncertainty and normalized financial market fluctuations, the unique value of insurance as a defensive financial instrument is highlighted. Insurance products’ long – term income certainty mechanism, achieved through various designs, effectively hedges against the risk of interest rate decline and locks in long – term pension cash flow, becoming a crucial guardian of family wealth security.
Policy and Regulatory Support
In 2024, several key documents, including the “Guiding Opinions on the Banking and Insurance Industries Doing Well in the ‘Five Major Articles’ of Finance,” the “Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High – Quality Development of the Insurance Industry,” and the “Guiding Opinions on Promoting High – Quality Development of Inclusive Insurance,” clearly defined the functional positioning and development direction of Internet insurance. These documents provide a solid institutional guarantee for the industry’s healthy development, promoting continuous progress in serving economic and social development, enhancing people’s livelihood security, and innovating business models.
Regulatory and Developmental Strategies
Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, emphasized that the current period is a crucial window for the transformation and quality improvement of Internet insurance. The principle of “equal emphasis on innovation and regulation, and a balance between inclusiveness and value” should be adhered to, systematically building a new pattern of high – quality development. Efforts should be made to establish a special regulatory framework for Internet insurance, implement dynamic filing, product classification, and algorithm filing systems, and enhance technological transparency. Simultaneously, there should be a focus on the compliant use of platform data, supervision of service quality, and management of risk reserve funds to protect consumer rights. Additionally, unified technical norms and evaluation standards should be formulated for links such as intelligent underwriting, data sharing, electronic insurance policies, and virtual customer service. Mechanisms for industry ethics, technological ethics, and user privacy protection should be implemented to enhance the industry’s credibility.
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