为人寿保险创造突破性价值英文版.pdf

《为人寿保险创造突破性价值英文版.pdf》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、CreatingBreakthroughValueinLifeInsuranceMovingFromVerticalToVirtualIntegrationCreatingBreakthroughValueinLifeInsuranceIntroductionMarketpressuresfacedbymajorplayersintheinsuranceindustrycallintoquestiontheviabilityofthetraditionalverticallyintegratedapproachtothelifeinsurancebusiness.Cu

2、stomersandcapitalmarketsnolongervaluemanyofthetraditionalfunctionsthatinsurancecompaniesperformandarelookingforincreasedreturnfromtheremainingactivities.Successfullyaddressingthesepressuresrequiresanewvisionandaboldapproach—inessence,adisaggregationoftheexistingbusinessmodelandafundament

3、alrefocusingonthecorecomponentsofthebusiness.Thelinchpinofthiseffortisthetransformationofmundaneprocessingandservicingfunctionsintonewstrategiccapabilities.Together,thesecapabilitiesarethecatalysttounlockingvalueintheindustry.Nowonderthelifeinsuranceindustryisundersie

4、ge(seefigure1).Deregulationhasopenedtheflood-gatestonewentrantsincludingbanksandinvestmentfirms.Demutualizationisforcingperformanceimprovementsinanefforttomeettheexpectationsofcautiousinvestors.TheInternethastransformedtheindustrybyofferingnewchannels,newopportunitiestoleveragecustomerin

5、formationandnewwaystodeliveronconsumers’growingexpectationsofcustomerservice.(DespitethispressuretoofferstrongInternetcapabilities,insurersmustbefrugalwiththeire-businessexpenditures.)Estatetaxreformispromisingtohampersalesofcertaintax-advantagedinsuranceproducts,whiletheficklestockmarke

6、tiscontinuingtodoitsbesttodissuadeinvestorsanddestabilizeinvestmentincome.Lookingahead,insurerscancountonassetretentionandmanagementchallengesasagingbabyboomersstopaccumulatingwealthandinsteadaspiretolongerperiodsofretirementandassetdistribution—ultimatelytransferringtheirwealthtoanew,mo

7、resophisticatedandservice-consciencegenerationofinvestors.Beyondtheexternalforces,anassortmentofinternaldynamicsiserodinglifeinsurers’abilitytoincreaseprofitability.Puremanagementofinsurancerisk,forexample,preventsinsurersfromdiffer-entiatingandearninglargeprofits.Heftyam