· China Insurance Auto Safety Index System Framework Releases Linked Auto Insurance Service for the First Time

  On November 16, under the guidance of China Insurance Industry Association (hereinafter referred to as “China Insurance Association”), China Insurance Research Institute of Automotive Technology (hereinafter referred to as “Zhongbao Research”) and China Automotive Engineering Research Institute (hereinafter referred to as “China Automotive” Research") jointly issued the "China Insurance Automotive Safety Index" (hereinafter referred to as "index") system framework for the first time.
Data show that as of the end of 2015, China's car ownership reached 172 million, which is the world's largest consumer market for automotive products. The auto insurance premium income reached 619.9 billion yuan, making it the second largest auto insurance service market in the world. In addition, the amount of auto insurance insurance claims has increased year by year, and only the auto insurance claims in 2015 reached 400 billion yuan.
Jia Haimao, president of China Insurance Research, said that based on the above background, the “index” will bring three new changes to the automotive market. First, automobile production will be dominated by consumers; secondly, in the automotive aftermarket, the information asymmetry of consumers buying cars and cars will be eliminated; thirdly, auto insurance services will be improved to make underwriting pricing more scientific and claims more convenient.
It is reported that China Insurance Research Institute of Automotive Technology and China Automotive Engineering Research Institute have established a joint working group to deal with risk factors related to vehicle damage and human injury in three-dimensional traffic scenarios such as “car”, “person” and “person-car interaction”. On the basis of the research on the consumer market and technology development process of the automobile industry, after a lot of theoretical research and testing, it has become a Chinese insurance automobile safety index system.
The "index" system consists of four dimensions, namely the crashworthiness and maintenance economy index, the occupant safety index, the pedestrian safety index and the vehicle auxiliary safety index, and the property risk and personal risk from the car ownership. In the form of an index, the hidden features of automobile products are made explicit and quantitative, and the safety characteristics and economics of the vehicle are objectively evaluated from the perspective of automobile users and insurance.
In addition, Jia Haimao, president of China Insurance Research, said the index can be applied to the following four aspects. First, provide reference for consumers to buy cars and car maintenance; second, provide technical support for insurance companies to insure claims; third, provide input for vehicle manufacturers to optimize product design; and fourth, provide information for government departments to supervise management.
Wan Xinming, deputy general manager of China Automotive Research Institute, said that the "index" will be linked to auto insurance services. For example, the crashworthiness and maintenance economy index will link the car damage insurance, and the occupant safety index in the car is linked to personal injury insurance.
As for how auto insurance premiums are linked to the “index”, Guo Hong, secretary general of the China Insurance Association, said that auto insurance pricing is still based on the risk situation in previous years. In addition, he said that the current "index" system has just been built, and how to apply it in the future requires time and process accumulation. At present, it is possible to improve the “index” system by selecting key models based on the automobile market holdings and sales volume and insurance industry big data (for example, risk frequency).

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