The Operation of China’s Insurance Industry in the Context of Big Data: Dilemmas, Challenges and Countermeasures

Abstract

Big data has a profound impact on the business philosophy of the traditional insurance industry. Applying big data to the field of insurance can not only prevent insurance fraud, but also greatly reduce the operating costs of insurance companies, deeply explore the potential demand of the market, improve the profitability of insurance, and drive the innovation of insurance products and services, the improvement of customer experience satisfaction and the transformation of the whole insurance industry. However, the widespread use of big data technology in the insurance industry has also brought challenges to the insurance industry, especially making it easy for personal information of parties to insurance contracts to be leaked and used illegally, which has raised higher requirements for personal information protection legislation. Therefore, it is necessary to analyze the challenges brought by big data to the insurance industry, especially in terms of personal information protection, and on this basis make targeted suggestions with a view to showing the direction for the development of the insurance industry.

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