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PERSPECTIVE article

Front. Sustain. Food Syst.
Sec. Agricultural and Food Economics
Volume 8 - 2024 | doi: 10.3389/fsufs.2024.1477773

The impact of InsurTech on advancing sustainable specialty agricultural product insurance in China

Provisionally accepted
Dainan Hou Dainan Hou 1Xin Wang Xin Wang 2,3*
  • 1 School of Business, Minnan Normal University, Zhangzhou, Fujian Province, China
  • 2 College of Life Science, Longyan University, Longyan, China
  • 3 Chinese International College, Dhurakij Pundit University, Lak Si District, Bangkok, Thailand

The final, formatted version of the article will be published soon.

    The development of specialized agricultural product insurance is crucial for perfecting China's agricultural insurance system and promoting rural revitalization. Currently, specialized agricultural product insurance in China faces numerous challenges in key areas such as rate determination, risk assessment, and loss adjustment, which have become bottlenecks restricting its sustainable development. This paper explores how insurance technology (InsurTech) can enhance the ecological system of specialized agricultural product insurance through technological innovation and overcome these industry pain points. It elaborates on how InsurTech can enhance farmers' interactive experience and satisfaction, improve the management efficiency of insurance companies, strengthen government regulation, and promote the sustainable development of the insurance business. Moreover, this study deeply analyzes the practical barriers in implementing InsurTech and proposes corresponding strategies, including establishing innovative incentive mechanisms, improving relevant policies and regulations, building a multidimensional data platform to achieve data interoperability, and strengthening the construction of digital rural infrastructure to enhance farmers' technological literacy, thereby advancing the sustainable development of InsurTech in specialized agricultural product insurance.

    Keywords: insurtech, Specialized agricultural product insurance, sustainable development, technological innovation, Risk Management

    Received: 08 Aug 2024; Accepted: 01 Nov 2024.

    Copyright: © 2024 Hou and Wang. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

    * Correspondence: Xin Wang, College of Life Science, Longyan University, Longyan, China

    Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.