| Though in recent years,life insurance companies have begun to focus on and set out to solve the problem of imbalance in the structure of insurance business,some insurance companies still have fierce problems in the function configurations of the insurance products,term structure and business channels,which directly and indirectly result in negative effects like weakening the risk safeguard function,serious tendency of short-termism,excessive pursuit of the cash flow size,advocate complementary inversion of the insurance business and investment business,growing operating risks and decreased ability of payment.Therefore,it has crucial theoretical and practical significance to accelerate the reasonable transformation of the insurance business structure which will promote the healthy and sustainable development of life insurance industry and better satisfy the unique requirements of the society for the insurances.Based on the actual survey,comprehensive study and judgment as well as the rational induction,this thesis starts from the description of the current situation of our life insurance industry structure,analyzes the priority problems of the life insurance businesses in products,duration and channels as well as the root causes of these problems,and objectively evaluates the effects from these problems.Integrated with the change of the specific economic social environment and the self-development laws of the insurance industry,it discusses the conditions for the structure transformation of insurance businesses and some problems which need to be considered.Referring to the development path and transformation experiences of the mature international life insurance market,it provides some suggestions and measures which can promote the smooth transition of China's life insurance business.New China Life insurance company,the medium and large insurance company is a typical example in transforming its life insurance business,which provides us with a typical evidence for our study.The study comes that the unreasonable business structure of China's life insurance company mainly is embodied in the product functions,deadline establishment and marketing channels,which are specifically expressed on the low proportion of risk safeguard products,standstill development of the long-term payment business,excessive independence on the part-time agency like banks and postal service.Causes for these phenomena are: incomplete structure of legal person management system;size and market share oriented on operation and development;high flow ability of the sales and single commission stimulation;misunderstanding from the consumers on the insurance function and improper consumption appealing,etc.To solve the above problems to make a better development,some life insurance companies with foresight are implementing the insurance business structure transformation rationally and calmly,which are China Life Insurance,Pacific Life Insurance and New China Life Insurance,etc.Some insurance companies made success during their transformation while some companies have incomplete transformation and unapparent yields due to different causes.At present,the life insurance companies shall pay attention to the following questions during the transformation: correctly regard and treat the problems coupling with the structure transformation;well master the transformation rhythm;change the development concept that the insurance fee scale is the most important;upgrade the management level,technology and innovation ability of the company;transformation shall differ with the company,and not impose uniformity in all cases.The successful experiences of business transformation of the mature market shall be referred and our own path of development shall be explored on our own.Based on the above analysis,the relevant measures of the insurance business transformation for China's life insurance companies are: appropriately decrease the proportion of the investment and financing products and put more attention on developing and selling the risk safeguard products;increase the publicity investment,strengthen the risk awareness of the insurance applicant and correct their consumption concept and objective.Request with the relevant supervision to stop selling some short-term products,single products,increase the proportion of the medium and long term period payment insurance products;stick to the tradition channel of personal agent,adjust and control the by-business selling channels like banks and postal service;positively and steadily set up and explore the new channels like internet sales.In this respect,New China Life Insurance has the experiences and lessons learned on the transformation thinking,objective,difficulties they met and countermeasures they adopted and effects before and after the transformation,which will help China's life insurance industry explore a suitable transformation channel. |
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