报告题目 | Mutual Risk Sharing and FinTech: The Case of Xianghubao | ||
报告人（单位） | 吴文锋教授（上海交通大学） | ||
点评人（单位） | 刘晓星教授 （东南大学） | 点评人（单位） | 李守伟教授 （东南大学） |
会议地点 | 2021年6月3日（周四）18:00-19:30； 腾讯线上会议 ID：843 742 383会议密码：0603 | ||
报告人简介 | |||
吴文锋，上海交通大学安泰经济与管理学院副院长，金融学教授，在上海交通大学获得博士学位，国家级人才。2012年获得首批国家优秀青年科学基金。吴文锋教授多年来一直从事金融学研究，特别是把中国的制度背景融入到公司金融、公司治理和资产定价研究中，已有大量研究成果发表于国际和国内著名学术刊物上，入选2019年改革开放以来中国经济学类高被引作者和2020年爱思唯尔中国高被引学者。吴文锋教授目前担任《China Finance Review International》执行主编、教育部金融类专业教学指导委员会委员、上海市金融工程研究会理事长等，曾主持（正在主持）国家自然科学基金重点项目、国家社会科学基金重大项目。吴文锋教授不仅科研成绩突出，教学方面也深受学生欢迎，获得“凯原十佳教师”、“唐立新教学名师奖”、上海交通大学教书育人奖、烛光奖等，并获得上海市优秀教学成果奖一等奖等多个教学成果奖。 | |||
报告内容提要 | |||
Literally meaning “mutual protection”, Xiang Hu Bao (XHB) is a novel online platform operated by Alibaba's Ant Financial to facilitate mutual risk sharing of critical illness exposures among participants. There are three major distinctions between XHB and traditional insurance products. First, XHB leverages the tech giant's platform and digital technology to lower enrollment and claim processing costs. Second, different from insurance products applying sophisticated actuarial pricing models, XHB collects no premiums ex ante from its members instead equally allocates indemnities and administrative costs among participants ex post after each claims period. Third, XHB restricts coverage amount, which is less than typical critical illness insurance products, particularly for older participants. We show that the third feature of XHB can lead to separating equilibrium, a la Rothschild-Stiglitz, where low-risk individuals enroll in XHB while high-risk individuals purchase critical illness insurance. Proprietary data from XHB shows that the incidence rate of the covered illness among XHB members is indeed far below that of comparable critical illness insurance across different age groups. Our findings further suggest the role of advantageous selection in explaining the cost advantages of the Fintech-based mutual protection programs. | |||
