Evaluation Of Core Competitiveness Of Insurance Intermediaries In China

According to data released by the CIRC,in the end of December 31,2016,there are about 117 insurance institutions have developed the Internet business,making premium income reached 234.7 billion yuan.The rapid development of Internet insurance have made a great influence on insurance industry structure.Before the appearance of the Internet insurance,insurance agents and insurance companies composed the chain of insurance industry.After the emergence of Internet insurance,there are insurance agents,Internet insurance companies and insurance companies that make up the the chain of insurance industry.As more and more insurance companies develop Internet insurance business,the space of insurance intermediaries become smaller and smaller with the greater stress of survival.In the sight of this,the insurance intermediary have to improve its core competitiveness without eliminated by the market competition.The purpose of this paper is to explore the measures that can promote China's insurance intermediary's own core competitiveness in "disintermediated"environment.Based on the annual report of 21 insurance intermediaries listed in 2013-2016,the core competitiveness of China's insurance intermediaries was evaluated with the help of grey level analysis.Through grey prediction GM(1,1)models,the development trend of China's insurance intermediaries can be predicted in the future from 2017 to 2020.Finally,sensitivity analysis method is introduced to analysis each evaluation index that conducted the core competence of intermediary institutions in order to find the key factors influencing the core competitiveness.Ind the end of this method,finding the solution to enhance core competitiveness of insurance intermediary is necessary.By empirical research available,there are five conclusions can be drawn.Firstly,the core competitiveness of China's insurance intermediary institutions can be evaluated by multi-level grey evaluation model.In other words,it can be evaluated by financial capacity,internal management,customer relationship,learning and growth.Secondly,the core competitiveness of insurance intermediaries in China is not strong that its grey relational degree between 0.4 and 0.7.so that there are still a large gap to reach optimal value 1.Thirdly,in the view of the company type,the core competitiveness of insurance agency is stronger than other insurance brokers.Fourthly,with the help of sensitivity analysis,the improvement of the whole evaluation index system is more helpful than raise one index separately.Fifthly,there are both advantages and disadvantages about the impact of the Internet on insurance intermediaries.The core competitiveness of insurance intermediaries will continue to decline if they do not change their existing business models.Conversely,if an insurance intermediary can make use of the Internet development platform,it can improve its core competitiveness.Through the searching of Internat,there is no scholars that apply grey system theory in the core competitiveness of insurance agents even the whole insurance field.However,the predicted results may be biased against future actual results because of the future forecast data of 2017?2020.In addition,there are less data disclosure in China which only owns 21 listed insurance intermediary data,the empirical study results of the analysis are not comprehensive.