Research On Performance Management Of Property Insurance Company Based On The Balanced Scorecard Theory

In recent years, the property insurance company maintains the sustained and rapid development. At the same time the property insurance company plays an important role in insurance and financial compensation. The public also pays the attention to the property insurance company higher and higher. However there are many problems in the development of property insurance company. In the face of an increasingly complex and intense competition in the market environment, how to improve the core competitiveness of enterprises and the sustainability of development to achieve strategic target of company is an important problem that various property insurance companies have to face. The traditional evaluation methods only concerned on the results of the exam but not on the causes and management process, only the scale of assessment but not the benefit, only the financial target but not the non-financial target, only the short-term benefits but not the long-term strategic objective. The performance evaluation has failed to effectively play its role in applications.This paper elaborates the relationship between performance management and corporate strategy from the theory of performance management, emphasizes the process control in performance management. We should avoid separating the assessment results and management process. On the management characteristics of property insurance companies, this paper states the concept of the comprehensive risk management, combines risk identification, control and management, combines the risk management and performance management. The research is based on the Balanced Scorecard. This paper has arranged development of the balanced scorecard, the latest developments in the domestic and foreign research and research achievement involving insurance companies. At the same time, the paper states the basic ideas and theoretical points of the Balanced Scorecard in strategic measure from the four levels of financial, customer, internal processes, learning and growth. In the application methods the paper states how to achieve strategic management in the Balanced Scorecard from the four aspects of the interpretation, communication, implementation and feedback of the strategy. On the model design of Balanced Scorecard, the paper analyzes the applicability of industry. It sets up eighty-three common indicators model for property insurance companies from finance, customer, internal processes, learning and growth on the model which combines the risk control and business development, outcome indicators and motion indicators. Finally, the author analyses the performance evaluation and its effects of provincial branch of H Company on the balanced scorecard indicators model. The purpose of the paper is to explore the general model of the performance evaluation of the property insurance company, in order to achieve the strategic themes of risk control and business continuity development on the dynamic balance advantages of financial and non-financial, long-term and short-term, internal and external evaluation, and combination with the specific theoretical tool of risk management and analytic hierarchy process.