Research On The Operating Efficiency Of Insurance Enterprises And Its Influencing Factors

As one of the three pillar of the financial industries,Insurance industry is an important part of social security system,and also has the role of economic compensation and financial intermediation.With the development of Internet technology,Internet insurance emerge at a historic moment.According to relevant statistics,from 2011 to 2016,China's Internet insurance premium income from 3.2 billion yuan in 2011 to 234.7 billion yuan in 2016,the average annual growth rate as high as 200%,and maintain high growth for many years in a row.Internet insurance as an important part of Internet finance,is ushering in the rapid development of the peak.Internet insurance has made great market participants' information communication,information transmission and information feedback by virtue of its cross-time,cross-space features.But on the other hand,due to the virtualization of network environment and network legal regulation is not perfect,data applications become more complex,it was harder to identify effective information to consumers,in addition,data acquisition,transmission,and application of many problems and risks.In this case,The impact of Internet insurance development on the efficiency of insurance companies has become worthy of study.it is not only the demands of the development of Internet insurance,but also the objective demand of the whole insurance industry for economic and social development of the global service.This study selected the top 10 in 2014 of life insurance companies and property insurance companies in 2014-2015.Firstly,I started the static analysis of efficiency values by the CRR model and the BCC model from the view of microscopic,I select the input indicators include:labor quantity,operating expenses and financial capital,and output indicators include:premium income,invest income and compensation expense.The empirical results show that there is a growing trend for the average technological efficiency of life insurance companies and property insurance corporations,and compared to technical efficiency,the pure technical efficiency is relatively higher in the same period.The reason is for efficiency of scale.Then I use Tobit regression model to analyze the significant factors affecting the efficiency of insurance company,I select the influencing factors include:company size,human capital,operating expense rate,market share and specialization degree.The empirical study results show that the scale of the company,human capital and specialization are significantly positive related to factors that influence efficiency of the insurance companies,operating expenses rate is the negative factor,market share has no significant effect.Lastly,basis on theoretical analysis and practice research,I put forward to enhance the ways and methods of improving the efficiency of Internet insurance.The study of this paper has great significances.In the academic aspect,this article study the development of Internet insurance on the impact of business efficiency from the perspective of the Internet Insurance,insurance company provide theoretical support for the operation of the Internet insurance,and enriches the academic achievements about on the Internet insurance and operating efficiency;In the practice aspect,the study of this paper has important implications.The degree of specialization of the insurance company can improve its operational efficiency,smaller market share of insurance companies can be gathered through the resources in the Internet insurance business module,the formation of its unique competitive advantage,enhance the company's operating efficiency.In addition,the Internet network integration of the insurance business is helpful to reduce the company's operating costs,enhance the company's operating efficiency.