虚拟竞争：在线平台、消费者结果和保险竞争

The Geneva AssociationThe Geneva Association is the leading international insurance think tank for strategically important insurance and riskmanagement issues. The Geneva Association identifies fundamental trends and strategic issues where insurance playsa substantial role or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress inthe understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leadingvoice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding ofuncertainty in the modern economy.The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from theworld’s top insurance and reinsurance companies. It organises international expert networks and manages discussionplatforms for senior insurance executives and specialists as well as policymakers, regulators and multilateralorganisations.Established in 1973, The Geneva Association, officially the ‘International Association for the Study of InsuranceEconomics’, is based in Zurich, Switzerland and is a non-profit organisation funded by its Members.www.genevaassociation.org @TheGenevaAssoc 1Virtual Competition: Online Platforms, Consumer Outcomes and Competition in InsuranceVirtual Competition:Online Platforms, Consumer Outcomesand Competition in InsuranceBenno Keller, Special Advisor, The Geneva AssociationPrepared under the overall guidance of Christian Schmidt, Director Digitalization, The Geneva Association The Geneva AssociationTalstrasse 70, CH-8001 Zurich|Tel: +41 44 200 49 00|Fax: +41 44 200 49 99secretariat@genevaassociation.orgwww.genevaassociation.orgVirtual Competition: Online platforms, consumer outcomes and competition in insurancePublished by The Geneva Association—International Association for the Study of Insurance Economics. 2www.genevaassociation.orgwww.genevaassociation.org@TheGenevaAssoc© The Geneva AssociationCover page—Shutterstock November 2018Photo credits: Virtual Competition: Online Platforms, Consumer Outcomes and Competition in InsuranceContentsAcknowledgementsForeword1. Executive summary2. Introduction3. Online platforms and new business models in insurance4. Online platforms and consumer outcomes5. Virtual competition: competition in the digital era6. ConclusionsAppendixGlossary 3456781215171924 4www.genevaassociation.orgAcknowledgementsWe would like to express our gratitude to Paul Clark (Boston Consulting Group), Marie-Neige Couriaut (AXA); HirokiHayashi (Nippon Life); Noriyoshi Hosokawa (Dai-Ichi Life); Dietmar Kottman (Oliver Wyman); Viktor Mayer-Schönberger(Oxford Internet Institute); Brandon Miller (Boston Consulting Group); Woody Mo (eBaoTech); Rupprecht Podszun(University of Düsseldorf); Marc Radice (Zurich Insurance Group); Chris Reid (Intact Financial); Bruno Scaroni (Generali);Henning Schult (Allianz); and Carla Smith (Intact Financial). Their insights and support were crucial in preparing andreviewing the report. @TheGenevaAssoc Virtual Competition: Online Platforms, Consumer Outcomes and Competition in InsuranceForewordAnna Maria D’HulsterSecretary General,The Geneva Association Online platforms are proliferating in many countries and many sectors of the economy,promising large economic and societal benefits. They bring together vast communities ofbuyers and sellers, consumers and advertisers, and allow interaction between them. Theycan create markets of enormous scale and enable collaboration between companies fromdifferent economic sectors that can result in new product and service developments. TheWorld Economic Forum estimates that online platforms could unlock USD 10 trillion ofvalue for business and the wider society over the next 10 years.In insurance, online platforms have the potential to enhance market transparency andconsumer convenience, thereby contributing to reducing informational asymmetriesbetween insurers and policyholders. By making information easily accessible, they mayhelp to overcome known behavioural biases of insurance buyers. Moreover, through theuse of big data analytics, artificial intelligence and cloud computing, online platformscould enable the role of insurance to develop from one primarily concerned with lossindemnification to a broader advisory service for insureds on how to prevent, mitigate andmanage risks.New technologies generally and online platforms in particular present opportunities butalso give rise to new challenges that need to be addressed by insurers and society. Onechallenge is related to consumer protection and competition. Inherent features of onlineplatforms such as network effects and data-driven economies of scope may ultimately leadto large p