China Insurance Telematics Is Taking Off

At present, China’s automotive insurance market has high premiums and auto insurance enterprises have higher combined ratio. Its underwriting profitability appears to have entered a downward cycle due to irrational competition, rising claim cost, increasing compensation and the proliferation of claim related litigations. China insurance companies are seeking to better leverage customer data and new technology to gain a competitive advantage in the market. So thus UBI came into being.

The China insurance telematics industry has undergone a dramatic fast development. Since last year, In June 2015, the China Insurance Regulatory Commission (CIRC) had begun commercial automobile insurance reform for premium pricing and terms management in six pilot locations. The reform allows insurance companies to develop their own coverage and calculate premiums that better reflect drivers’ risks. Some small insurers could disrupt the market by introducing usage-based insurance (UBI), putting pressure on larger companies to study and invest in this area.

Industry M&A and cooperation has happened quite often. Such as cooperating between Tencent Lobo, Castrol, and PICC P&C; Carsmart has cooperated with China Life Property & Casualty Insurance and Sunshine Insurance Group; Baidu, Launch, and Ping An Property & Casualty Insurance Company; Baidu, Launch, and Ping An Property & Casualty Insurance Company; cooperation between China Grand Auto, PICC P&C, and Shenzhen Autonet; Positioned as a big data company, the Nanjing-based Lichengbao reached partnership with the country’s smaller insurers such as Dubon Insurance and China Insurance. etc.

According to “MarketsandMarkets“ The insurance telematics market size is expected to grow from USD 857.2 Million in 2015 to USD 2.21 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 20.9%, that provide telematics solutions providers with unprecedented opportunities to achieve sustainable profit.
The upcoming “China insurance Telematics Summit 2016” to be held on 22-23 September in Beijing will invite 200+ senior decision makers from insurance company, Automotive OEM, Telematics Service Provider, Telecom Carriers, IT Company, Software and Hardware Provider, Actuarial and consulting firm, Investment Banking & Lawyer to gather together talking about regulation and policy trends, business models, partnership opportunities, cutting edge technology, standard development etc. to help you secure your own position and achieve success in China insurance telematics industry beyond 2016.

For detailed information about this event, please contact Ms. Drama Zhang

Phone: ＋86 (0)21 5271 0299 ext. 8004
Cell: ＋86 150 3656 1279
Email: drama.zhang@grccinc.com
Event Website：www.insurance-telematics-summit.com

http://www.insurance-telematics-summit.com