Question

Explain in detail what this article says, because I want to make this article into PowerPoint.

Web 3.0 era of insurance enterprises

Nowadays, the insurance industry is facing severe challenges such as economic slowdown, market-oriented trend, financial and technological desensitization in the general environment. The insurance industry has always relied on agents and policies to maintain its business, but it is estimated that it has been difficult to maintain by this way. The insurance industry needs to upgrade or even transform comprehensively by using technology.

Ali's Ant Golden Clothes and other Internet giants occupy the market. Old users are getting old. New users are more dependent on the new Internet ecosystem. The younger generation is more trusting in platforms such as Ant Golden Clothes and Wechat. The traditional insurance industry has been challenged severely.

Web 3.0 is a new way of network interaction. Without a server, every user is a node. The data is owned by the user himself, and the ownership of the user's data is in his own hands. If we use three keywords to describe Web 3.0, it should be decentralization, privacy protection and value flow. Decentralized traffic can be transformed from traffic competition to algorithm competition instead of being monopolized by giants. Insurance has always been monopolized by large companies, which are based on traffic and data. However, the emergence of Web3.0 can promote healthy competition in the industry, in order to achieve the goal of progress in the industry as a whole.

Privacy protection, when all data is owned by oneself, the migration from one platform to another becomes simple. All systems need your consent to use your current data and desensitize and encrypt the processed data. The direct consequence of centralized authentication is that privacy information can easily be disclosed. The insurance industry involves more privacy issues, and the disclosure of information is also a major problem. To some extent, Web3.0 can solve these problems.

To realize Web 3.0 in insurance science and technology industry, block chain is a direction or solution, but it is not the only one. Insurance companies can enter the Internet ecology from multiple ecological directions. Big companies need to build ecosystems and small companies need to join the ecosystem. When choosing the main line of business, enterprises must have a long-term way of thinking, looking for things that will remain unchanged for at least ten, twenty years or even forever. It's just technology. It's just the way and the way to implement this business. No matter how the insurance technology develops and how the channels migrate, the essence of service is to focus on the long term, serve the present and serve the human nature, which is human nature. The comprehensive financial ecology evolved from insurance business can be a breakthrough in its ecological direction. In web3.0, digital money can be used to realize the flow of financial ecology. With the help of historical traceability and cryptography of intelligent contracts, decentralized management and trust can be realized.

If Web 3.0 can reconstruct the financial industry from the bottom, what should traditional enterprises do? The least risky approach is to set up a dedicated small team, conduct small-scale research, and try to integrate with the business. At the same time, we should actively pay attention to the market dynamics, invest in the layout through a small amount of funds in the early stage, and make a decisive acquisition or holding when necessary. Enterprises that do not have enough resources for research and acquisition can adopt active follow-up strategies and take advantage of large enterprises.

Now in the wave of web 3.0, traditional insurance companies are facing the problem of transformation, which will be the best time to subvert the giants.

Answer 1

Explanation with deep understanding:

The article aims to reflect the challenges faced by the insurance industry nowadays due to the dynamic andvever chabging environment which has made it difficult for the insurance industry to grow at its own.

The article mentions about the " various reasons behind the hurdles in the growth and progress of insurance industry, the various reasons hold responsible are:

Intense competition

Economical slow down

Market Orient trend

Technological and financial desensitisation

For the insurance industry to groom well , the industry has identified the need of various intermediaries and agents who will help in ensuring the business gets off the hook.

The need has been identified to be adaptable to the changing world so as to introduce the improvements or the advancements taking place in the environment to upgrade the industry with the latest trends.

The transformation of the industry and the current processes has been identified as a necessity to keep the industry run to its full capacity.

Technology is taking over the world , the new generation is becoming internet savvy and are not comfortable and do not find the traditional system of insurance convenient enough to rely on. While the old users are not dominant enough to make the insurance industry run successfully , so its obvious that the success of insurance industry largely depends on new technological based people. They have overtaken the market so its a high time that the insurance industry needs to change for introducing these changes that can help the industry to develop.

Then the article introduces a new way of technology called the web 3.0 for interaction under which each user has complete access and control over the data he owns or holds. This network interaction is based on the three underlying factors which are:

Decentralizatuon

privacy protection

value flow

This technology encourages healthy competition instead of monopolization of various big insurance giants as the healthy competition will play an integral role in grooming the sector.

As one of the significant problems in the insurance industry has been the disclosure of confidential data that could hamper the competitive edge within the industry , thus web 3.0 provides a privacy protection feature .Through privacy protection the web 3.0 technology ensures security from data thefts , or any other form of security threats.

Ecosystem building can help the small and big corporations or independent association to join the technological era by integrating activities with each other , which might otherwise not be possible for small businesses to do independently.

The market research , and critical analyses and deep evaluation of preferences and concerns of today's customers can help the industry to conduct it's operations in a more better efficient manner in accordance to the needs and concerns of today's customers for meeting their requirements and eradicating their concerns through providing security to their family , life and property.

Cryptography and block chain technology has played an very important role in easing the transactions and ensured safe keeping of records

All these trends will through introducing web 3.0 will definitely ensure insurance industry to overcome the stagnant position and grow at a rapid speed.

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