The Research On Interest Requirement Of Policy-holder Of Life Insurance Under The Stakeholder Theory

Stakeholder theory is proposed after comparing with the traditional idea ofshareholder supremacy theory. Stakeholder theory emphasizes that the company do notonly concern about interest of shareholders, but also take more comprehensiveconsideration to the interests of other stakeholders, such as managers, employees,creditors, consumers, dealers and so on. Besides shareholders, managers andemployees, the insured can be considered to be the main stakeholders of life insurancecompanies because of the particularity of its debt management. However, at present themajority of our life insurance companies pay more attention to interest demands of theshareholders, managers and other key stakeholders, when they expand market share,focus on business size and growth in premium income. Although the insured isproviders of premium income, both as the company’s customers and large creditors,there is rarely attention to their interests request because of the large dispersion.Therefore, it’s necessary to analysis policyholder requirement for its interests based onthe stakeholder theory. Through the study on interest requirement of policyholder, Theauthor try best to look for a reasonable implementation of measures to provideinspiration for long-term development of the life insurance business.In this paper, on the basis of the study on stakeholders by scholars, we combinewith the particularity of China’s life insurance business. First of all, we define thepolicyholder as the main stakeholders because they are both consumers and creditorsof the insured business, and give the general description of their interests and needs.Secondly, the paper analyzes the conflict of interest between the insured and the corestakeholders. After that establishes game models of static game and dynamic gamebetween them, in order to in-depth analysis of the need to protect the interests of policyholders. The results show that the protection of their interests has an important role inimproving customer loyalty, enhancing corporate reputation and image, increasing thebusiness gains in long-term. Thirdly, study about the interests requirements of thepolicyholders and the degree of realization, we take A life insurance companies forexample. Survey form was used to collect data, using SPSS statistical software tostatistical analysis of the data. We use structured problems on the interests of policyholders to achieve the degree requirements and in-depth investigation. The resultsshow that there are seven major interest requirements of policyholders, Including access to quality products, preferential prices and services, Timely access to fullpayment of life insurance and benefits, fast and efficient claims service, businessconditions, the profitability of the right to know and so on. But each type ofrequirements is achieved in different level. It shows us the interaction betweendifferent degree realizations of interests through the correlation analysis.Combined with the results of game analysis and case conclusions, the authorproposes a priority to achieve the interests of insured that they pay more attention tobut failed to implement, Including change in life insurance business idea, establish andimprove the information disclosure system and enhance the efficiency of insuranceregulation.