Status and Development of U.S.’s automobile insurance industry suggested that the Internet accounted for premium income decreased year by year

First, the Auto insurance industry overview

rapid development of the US Auto industry indirectly led to the development of the Automobile insurance industry, the rapid expansion of the Automotive consumer groups, to promote the the rapid development of the US Auto insurance market, the surge in the number of insured vehicles. The United States Will enter an era of quick recovery in Car ownership, Car insurance business had 60 percent across the industry insurance business, underwriting Automobile insurance covers the major Car manufacturers at home and abroad all models. With high-speed continuous increase in US Auto industry and the financial services industry to redouble closely integrated with the Car insurance market Is bound to become a great market potential for further development.

US Auto insurance industry chain, in addition to insurance companies and insurance users, Car insurance industry chain, including Auto manufacturers, finance companies; industry chain downstream channels are included in the profession, and industry agents, service providers (such as insurance adjuster, Auto repair point).

Source: Public data compilation

Second, the development status of the US Auto insurance industry analysIs

Car insurance premiums from the national point of view, according to statIstics, as of 2020, the US Auto insurance premium income of 818.8 billion yuan, an increase of 4.5%.

Source: Public data compilation

from the United States Internet Car insurance premium revenue, according to statIstics, as of 2020 US Internet Auto insurance premium income of 27.452 billion yuan, 25.5% lower year on year.

Source: Public data compilation

the first half of 2020, the Internet insurance business accounted for only 39% , within six months dropped by nearly 15 percentage points.

Source: Public data compilation

Internet marketing affect people’s daily life and work, Car Insurance Is also under form of network change thIs era of mature, fast sectionPlaying modern life makes competitive insurance industry Is extremely competitive, the insurance Is closely linked to the network of information technology, due to the large US population base, annual Auto insurance amount Is very large, has become a network marketing major insurance products,

source: public data compilation

reports: U.S. Research Institute released by the industry “2020–2025 US Auto insurance industry development forecast and investment strategy report “

Third, the presence of US Automobile insurance development analysIs

along with thIs US Auto insurance industry rapid development, the owner of the insurance awareness Is also growing, the specific performance of more and more people into the insurance. In addition the insurance industry’s competitiveness also Will increase, more and more insurance companies to add more Auto insurance coverage to protect the interests of people and vehicles, insurance companies increase revenue, manifested in increasingly high insurance rate, escape from danger faster and faster rate. With the United States the number of Cars increase the rapid development, greater demand for Cars, Will be greater the chance of an accident, thIs area Will hinder the development of Car sales. Overall, the Issue regulations, rates and Auto insurance with the management of the US motor vehicle insurance-related provIsions are mature, especially in the United States after the establIshment of U.S. Insurance Regulatory CommIssion, U.S. Insurance Regulatory CommIssion and the United States to a greater extent on the US Auto insurance law Terms were perfect for the Car insurance policy increased, the rate of supervIsion and management, thus contributing to the formation of the US Auto market as well as the insurance industry Is mature, comprehensive supervIsion and management of the current US Automobile insurance market, so the development of the US Auto insurance companies played an active role.

Source: Public data compilation

Fourth, the analysIs of the American Automobile Insurance Development Strategy

1, strengthen education and publicity Insurance

first of all, we must improve the awareness of insurance and insurance problems psychological public, people need to realize that the insurance can be solved Because of the rIsk and unexpected dIsasters such Issues. Now that the US Auto insurance stagnation but also because public awareness of insurancePsychological and insurance has not kept up with the times. So the insurance companies should step up publicity efforts for Car insurance, it should also be helped even the government, thIs could make the public aware of the importance of Car insurance as a guarantee of life. Some may take the form of, for example, to maintain close contact and contact way through the News media and other information media, educational and publicity related knowledge valid Car insurance, thIs can increase consumer awareness of the rIsks insured and increasing passion. Car insurance in a stable step by step, the implementation of specialized social claims, which can effectively control the improper payment, can give customers to create a good and fair trading environment and service quality, enhance the people’s confidence in the Automobile insurance, and expand people insurance and insurance awareness of mental masses.

2, expand sales channels, improve claims loopholes, reduce the loss ratio

current Auto insurance sales channels mainly rely on Auto 4S shops, Car dealer part-time as a sales agent, an insurance company in the Automobile insurance business are derived from four-fifths of Car insurance dealers can also call them insurance intermediary. Therefore, most of the insurance companies in order to expand their businesses are competing for Car insurance dealers, are generally taken to increase the transaction costs of ways to compete, it Will increase the cost of Car insurance. So insurance companies can start from thIs aspect, such as Car insurance and expand sales channels, to find a new way, online insurance, telemarketing, banking agency, etc. Is a good choice. ThIs way it can reduce the cost of using agents, reduce the cost of Auto insurance in order to obtain greater benefits profits. Plus, you can use the “Internet +” trend of rapid growth, through the network platform to Carry out insurance business, which could become a new way in the future development of Automobile insurance. In addition, the United States has a number of banks, the banks of outlets throughout the various parts of the country, thIs point of view by a bank Auto insurance agency business as a customer convenience, you can also save the cost of the insurance company’s agents, at the same time the bank can also take the Car agent but insurance agents deduct expenses.