Research On The Application Of Balanced Scorecard In Insurance Companies

The insurance industry is one of the three pillars of the financial sector, to people’s daily life and social economic activities have a significant impact on. In recent years, with China’s overall economic development, the comprehensive strength of insurance industry has make a spurt of progress of growth. Scholars and management are becoming more and more conscious, want to promote the business of the insurance company performance, methods and means of performance management is to choose the reasonable. Methods using the traditional performance management system are the Do Pont analysis method, economic value added(EVA) method, most of them too much attention to financial indicators of the company, ignored the role of non-financial indicators in the realization of the strategic objectives of the company in the process, rather than the influence of financial indexes of the insurance company is very great, a lot of times of non finance index performance directly determine the financial indicators of performance. Therefore, the traditional evaluation method cannot reflect the real company management level and management ability. The Balanced Score card performance evaluation system in between the financial and non-financial indicators of balance, from financial, customer, internal process, learning and growth four dimensions on the company’s operating performance evaluation, helps the company to analyze those influence the company performance the factor, and then make guidance to the company’s future business activities. Can say, the balanced scorecard system is the most effective method of property insurance company performance management.This article in the analysis of the research background and research significance, related to the theory of performance management as the breakthrough point, through to the traditional performance management methods of the comb, emphasis on performance management must be closely integrated development and enterprise operation strategy. Since the insurance company itself has the characteristics of risk management, this paper will combine the risk management system and performance management system, the risk factors into the performance evaluation, common service for the corporate strategy, the dual goal in order to achieve risk control and business development. In a simple summary to the theory of Balanced Scorecard, this paper takes the Z property insurance company as an example, the establishment of the Balanced Scorecard performance management system, and the design of relevant performance index and weight. In the designing of the index, combining the development of risk control and management, driving factors factors and combining the results, in order to explore a suitable method of performance evaluation of Z property insurance company. Finally, through the establishment of performance evaluation system, put forward to the Z property insurance company future business advice, to achieve sustainable development of the company and strategic objectives.