CHINA INTERNET INSURANCE IN THE ERA OF DIGITAL ECONOMY
Xiaohe Xie – Graduate student, Department of Risk Management and Insurance, Saint Petersburg State University Faculty of Economics, Saint Petersburg, Russian Federation, E-mail: email@example.com
Abstract. The comprehensive opening of the Chinese financial market on April 1, 2020 attracted great attention from global financial companies. This second largest economy in the world provides a broad market space for multinational financial and insurance companies. As the main financial industry, the insurance industry plays an important role in promoting the development of the national economy. The development of the digital economy of China has given a new impetus to the development of the insurance industry, the study of its development model can give experience in building insurance markets in other countries, analyze the development characteristics and development conditions of mobile Internet insurance in the digital economy. Russian insurance companies are actively introducing digital technologies into risk management systems, using automation tools in financial management, identifying new trends and creating conditions for future growth of the industry. New directions in the development of the insurance industry include investments not only in management, but also in the development of human capital, intelligent business information management systems, as well as in the formation of a new level of professional competencies. Such trends contribute to the formation of new trends in the labor market. Chinese insurance companies will inevitably adopt a similar development method, which is also a necessary strategic measure for insurance companies to adapt to economic transformation and the development of the digital economy. The author believes that, as advanced companies enter the Chinese market, problems such as technology and capital that limit the development of Chinese Internet insurance will be addressed, which can help Chinese insurance companies reduce operating costs and improve service quality, increase competitiveness insurance companies and trends in the digital economy. Chinese Internet insurance will become China’s leading insurance industry. The study uses scientific literature to analyze the history of the creation of the Internet insurance market in China, analyzes the changes in the insurance market and the existing problems caused by the digital economy of China, and concludes that the development of digital economic Internet insurance is the future direction of the Chinese insurance industry.
Keywords: insurance, insurance market, digital technology, China’s insurance industry.
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Xiaohe Xie, China internet insurance in the era of digital economy. CITISE, 2020, no. 2, pp. 406-418. DOI: http://doi.org/10.15350/2409-7616.2020.2.37