Suggestions On The Development Of Insurance Professional Intermediary Market

In recent years,with the continuous development of society,China has leaped to the second largest economy in the world.China’s financial industry has made rapid progress relying on the trend of rapid economic development,in which the insurance sector is gradually becoming an important source of power for the development of financial markets.The growth of insurance market promotes the development of insurance intermediaries,and the status of insurance intermediaries has been recognized.As a third party in the insurance market,insurance intermediary dredges the relationship between insurance companies and policy-holders,reduces the negative effects of information asymmetry in insurance transactions and protects the interests of both parties in the insurance market.Under the background of the separation of international division of labor and production and marketing in the insurance industry,the development of the insurance market is increasingly inseparable from the participation of insurance intermediaries.Guiding the development of insurance intermediary market and giving full play to its role are of positive significance to the sustainable development of insurance market.After more than 20 years of development,China’s insurance intermediary market has developed from scratch,from small to large,constantly playing a professional advantage,and playing an irreplaceable role in promoting the healthy and stable development of the insurance industry.As the first national insurance professional intermediaries in China,Company A has been developing continuously since its establishment in 2008,and has gradually become the leader of the insurance intermediary industry in China.In view of the problems in the development of insurance intermediary market in China,this paper makes a case study of Company A,summarizes the development experience of foreign insurance intermediaries,and puts forward some countermeasures and suggestions for the development of insurance intermediaries in China.Firstly,this paper expounds the relevant theories of insurance intermediary,including information asymmetry theory,definition of insurance intermediary,main classification and positive role;then it analyses the current situation of insurance intermediary market in China from two aspects of market scale and operation situation;secondly,it introduces the insurance intermediary market in the United Kingdom,Japan and the United States respectively,and summarizes the development law of foreign developed insurance intermediary market.With its characteristics,it summarizes the successful experience that can be used for reference in the development of foreign insurance intermediary market.The enlightenment for the development of insurance intermediaries in China is obtained.Firstly,the main source of insurance sales is the insurance intermediary market.Secondly,developed countries have perfect insurance intermediary system,which strictly examines the qualifications of insurance intermediaries.In addition,on the basis of government supervision,it assists the industry self-discipline.Data Envelopment Analysis(DEA)is used to analyze the operational efficiency of 10 typical insurance intermediaries.The problems faced by the insurance intermediary market in China are discussed from three aspects: intermediary body,intermediary market and regulatory environment.In the case analysis,through the analysis of company A’s business philosophy,personnel training,mode innovation and the establishment of cooperative relationship with insurance companies.Finally,aiming at specific problems,combining the experience of developed countries and A company,combining theory with practice,this paper summarizes the countermeasures and suggestions for the development of insurance intermediaries in China from the perspectives of institution size,personnel training,scientific and technological innovation,regulatory environment and so on.