| A long period of time after the insurance market restoring development, group life insurance is the prime industry. For individual life insurance, branch company marketing pattern is the main way. In 1992, the introduction of individual agent system has broken the traditional individual life insurance marketing pattern and becomes the power of life insurance. Life insurance in China has developed rapidly due to the system's rationality. But several years after the introduction of this system, some questions gradually come out. This marketing pattern already could not adapt the challenge of economical globalization and the knowledge economy times. The life insurance market is a typical information asymmetrical market. The information asymmetry and the benefit asymmetry between life insurance company and individual agents enable individual agents' action can not consistent with the life insurance company's benefit maximization, and then cause the risk of principal-agent. For the risk of principal-agent, we usually solve it through the incentive and constraint mechanism, but the incentive and constraint mechanism in the individual agent system of our country has short points and then has initiated a series of problems. Therefore, in order to maintain the healthy and stable development in life insurance industry, It is necessary to reform and perfect individual agent system. Based on this question, this paper analyzes the individual agent system and then puts forward the corresponding solutions.The paper is structured by five parts.Introduction. This part we talk about why we choose this topic and the background of this paper, and then I will confine some concepts.First part is the literature summary and the innovation. We look back to the previous researches on this problem and find out the strong points and short points so that we confirm the emphases of this article.Second part is the elementary theory and foreign experiences. In the part of elementary theory, we analyze the basic supposition of principal-agent theory, and then apply this theory to China's life insurance market and point out the system arrangement to solve the risk of principal-agent in our country. Finally, I introduce the significance of studying American and Japan's life insurance marketing pattern to life insurance individual agent system of our country.Third part describes some questions initiated by life insurance individual agent system. First I introduce the main content of life insurance individual agent system and its strong points, and then proposed the questions of life insurance individual agent system.Forth part analyzes the deficiency on the incentive and constraint mechanism in life insurance individual agent system. This part is the most important part. For some questions initiated by life insurance individual agent system, This part has carried on deeply level discussion by using Holmstrom and Milgrom principal-agent model to testify the deficiency of the first year's Commission incentive system and Sole standard constraint mechanism. At last, I explain the social incentive and constraint mechanism are also not perfect.Fifth part is the policy suggestions to reform and perfect the individual agent system. |
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