On Sep. 3, the first China Life Insurance Development Forum, themed Reform and Development of China Life Insurance under the Framework of Supply-side Reform, was held at Beijing Diaoyutai State Guesthouse. Vice Chairman of CIRC Huang Hong, DRC Finance Department Director Zhang Chenghui, Prof. Sun Qixiang, Dean of SEPKU and other scholars and experts attended the conference.

Prof. Sun Qixiang was invited to give a keynote speech entitled Rethinking of the Changed and Unchanged Insurance Industry—Thoughts about the Impact of New Technologies on the Insurance Industry on the forum. New technology such as internet, big data and cloud computing has deeply influenced the whole society and life. Under the premise, Dean Sun said, we should start with the nature of the industry to see the impact of technical environment change on the industry more clearly, and to make the insurance industry on the right track.

Professor Sun summarized the characteristics of the insurance industry from three aspects. The first one is a cornerstone of risk transfer and loss sharing, which is the core value of insurance industry to survive and develop. The second is three pillars, respectively are insurable risks, law of large numbers and utmost good faith. The last one is three main bodies, which contain the insurance consumers, providers and regulators. Dean Sun pointed out that although the essence of the insurance industry core elements remains invariant under the new environment, many levels and sections has changed due to the influence of new technologies such as internet, big data and cloud computing.

Prof. Sun analyzed these changes thoroughly and further stressed that the key to keep the insurance industry innovative is dealing with the relationship between variation and constance.