Swiss Re China President: Blockchain and other advanced insurance technologies will increase industry efficiency

Recently, the Swiss Reinsurance Group's report "Maintaining Resilience in a Period of Slow Growth: 2020/2021 Global Economic and Insurance Market Outlook" report predicts that the global insurance industry will continue to grow. Chen Donghui, President of Swiss Re, China believes that in the long run, three major driving forces will continue to promote the growth of China's insurance industry: First, in terms of social demographic trends, efforts can be made to customize insurance products for millennials and generations Z; Annuity insurance products and immigration insurance to meet the needs of a large number of high-income and low-income immigrants in urban areas. Second, in terms of government initiatives: they can support regionally integrated insurance solutions, including the “Belt and Road” initiative and the development of the Greater Bay Area; insurance solutions that achieve green development; and market opening will bring more international best practices . Third, in terms of insurance technology solutions: the insurance ecosystem will change the insurance value chain; digital insurance products suitable for the interconnected world will be released; in addition, blockchain and other advanced insurance technologies will improve the efficiency of the industry.