Shulou(Shulou.com)12/24 Report--

Recently, China Information and Communication Institute released a list of 2023 big data's "Xinghe" cases, and Ant Group obtained excellent cases of data element circulation based on the 'joint pricing scheme' to realize actuarial pricing of new energy car insurance.

(photo: "hidden language" was selected as a case of big data "Xinghe" in China Information and Communication Institute in 2023)

It is understood that "hidden language" is an industrial-grade trusted privacy computing technology framework built by Ant Group for six years, which can support large-scale and high-security data flow in the industry. The project takes the "hidden language" privacy computing framework as the core, integrates AI, big data and other technologies, and creates an actuarial platform for joint pricing of auto insurance, which can be used for joint data modeling in a safety and compliance environment, which brings a breakthrough in the actuarial capability of new energy auto insurance, better serves consumers, and sets a sample for the digital transformation of the auto insurance industry. Previously, the project was also selected as a case of "Science and Technology Innovation Competition" (2023) and "Financial Privacy Computing Innovation Competition" jointly sponsored by the Science and Technology Innovation Department of the China Association of Science and Technology and the China Society of Communications.

Data show that as of June this year, the penetration rate of new energy vehicles in China has reached 35%, and the number of new energy vehicles has reached 16.2 million. According to the China Insurance Credit Analysis report, the risk rate of household new energy vehicles is 11.7 percentage points higher than that of non-new energy vehicles, and the compensation rate is 5.4 percentage points higher. The main reason is that the traditional car insurance actuarial model has a weak ability to identify the risk of new energy vehicles, and the property insurance department has to raise the insurance threshold and quotation of new energy vehicles, which leads to the difficulty and high premium of new energy vehicles.

The challenge of the actuarial core of new energy vehicle insurance is that new energy driver-vehicle relationship, vehicle information, mileage, insurance records and other data are often scattered in different subjects, which need to integrate all parties' data as actuarial basis. " In the project of Actuarial pricing of New Energy vehicle Insurance, Ant Insurance Actuarial platform realizes the security sharing of risk control data among multiple organizations based on hidden language privacy computing ability, and combines AI technology to complete risk control data analysis, risk control model training and risk decision-making, and finally realizes the refinement and personalized deployment of risk control model. At the same time, through the pluggable docking block chain storage, the flow trajectory of multi-party data, the whole process of use can be traced and audited.

At present, the program has been launched in a number of companies. The data show that the compensation rates of the insurance companies have been precisely controlled after the application of joint pricing, and the premium of about 75% of car owners has dropped by 8% on average.

Privacy computing is a part of the security facilities in the data element infrastructure of our country, which can ensure the "invisibility" of data in the process of circulation and fusion. As the co-builder of the infrastructure of data elements, the industry side will play an important role. Taking "hidden language" as a typical technical scheme, it will also provide important support for the development of data factor industry and academic research in the future.

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