Analysis, Based On The Dea's Operational Efficiency Of China's Life Insurance Industry And Its Influencing Factors

Finance is the lifeblood of economic development, and the insurance industry asan important part of the financial markets, banks and securities together constitute thethree pillars of the modern financial system. Since the recovery of the insurancebusiness in1980, China's insurance industry (especially the life insurance industry) hasbeen a rapid development, has made remarkable achievements. China's insuranceindustry in these30years of development, not only guarantees the smooth running ofour economy and society, and improve the level of China's social security has becomean important part of the multi-level social security system. However, despite thereform and opening up more than30years of the life insurance industry in China hasmade remarkable achievements, but from the objective position to operateindependently of the life insurance industry, but ten years time, the life insuranceindustry and the business of life insurance companies are also facing many majorchallenge.On the operating environment for life insurance and life insurance companies,China's life insurance industry is facing pressure from global competition. In thetwenty-first century, economic globalization, the competition between China's lifeinsurance industry is not only competition between domestic-funded life insurancecompanies, but also the performance of the competition between the foreign lifeinsurance companies. Since its accession to the WTO in2001, China has now gonethrough more than10years, the opening up of the transition period has ended, China'slife insurance industry has long been into the fully open era. Overall foreign lifeinsurance market share in China is still very limited, but it is our life insurancecompanies, life insurance market, the impact has been revealed.On the mode of operation of life insurance and life insurance companies, themode of operation of China's life insurance industry is still stuck in the stage ofextensive development, open institutions, setting up shops, focusing on market shareexpansion of premium income-oriented, the pursuit of market share, emphasizing greatimportance to developing speed while ignoring the development of the quality ofepitaxial development model. This mode of operation not only led to a product similarphenomenon in the life insurance market in China, but also led to lack of insurancecompany in China in the products, services, technology and management innovation.On the operational efficiency of the life insurance and life insurance companies, life insurance industry in China in recent years in operational efficiency has greatlyimproved, and made great progress in the life insurance industry reform, but China'slife insurance industry still faces many challenges, mainly reflected the overall lowefficiency of defects hidden in the high market concentration. China's life insurancemarket has been controlled by a handful of oligopolistic large enterprises. To date,PICC, China Life, Ping An and CPIC four companies account for nearly85%marketshare, China's life insurance industry that is based on four companies led by othercompanies as complementary oligopoly structure, this The oligopolistic structure ofChina's life insurance market has led to a lack of effective competition. The same time,the way of the extensive management of China's life insurance industry in ourcountry's life insurance industry has been in a state of high-cost, low-skilled, whichexacerbates the lack of efficiency of China's life insurance industry.Face of increasingly fierce competition, in order to accelerate the restructuring ofChina's life insurance industry, China's life insurance industry must change ourbusiness model, to improve their competitiveness, and improve the corecompetitiveness of the way to improve their operational efficiency. Therefore, only byimproving the efficiency of China's life insurance industry to make China's lifeinsurance industry in the face of global competition, survival, development and growth.From a macro point of view, China's life insurance industry as an important part of thefinancial industry as well as the hub of the allocation of resources, the system'soperating efficiency is extremely important value for the transformation of China'seconomic growth and economic structure optimization. Based on the above thinking,economics and modern finance theory, the use of statistics and econometrics methodsto study the efficiency of China's life insurance industry, analysis of the key factorsaffect the efficiency of China's life insurance industry, with a view to seeking toimprove China's life insurance industry efficient and effective way to enhance theoverall level of China's life insurance industry to provide directional guidance.