By Anthony M. Santomero (auth.), J. David Cummins, Anthony M. Santomero (eds.)
Major demanding situations for all times insurance firms were posed via an extraordinary wave of mergers and acquisitions within the coverage and the emergence of non-traditional opponents reminiscent of banks, mutual fund businesses and funding advisory businesses. this can be the 1st booklet to investigate the determinants of multinational functionality within the lifestyles assurance by way of picking out the `best practices' hired by way of best insurers to reach this dynamic company atmosphere. The e-book attracts upon facts from insurer monetary statements in addition to upon an intensive survey of existence insurer administration practices and strategic offerings in distribution structures, details expertise, mergers and acquisitions, human assets and monetary options. commonplace thoughts comparable to rate management, client concentration, and product differentiation are analyzed in addition to strategic practices particular to the assurance undefined. top practices are pointed out by way of measuring the commercial potency of insurers and by way of evaluating agencies around the undefined. either rate and profit potency are measured relative to top perform effective frontiers together with the industry's dominant lifestyles insurance companies. Economies of scale and the results of mergers and acquisitions on potency also are analyzed. monetary thoughts are tested with particular connection with pricing coverage, valuation of resources and liabilities, and the present country of firm-level danger administration platforms. The benchmarks tested are the results of broad fieldwork that identifies key monetary hazards and methodologies to either degree and deal with them on the enterprise point.
the implications mentioned within the ebook point out that company functionality is considerably correlated with administration practices and strategic offerings. hence, existence insurers can enhance profitability by means of adopting optimum mixtures of innovations. The ebook comprises very important new fabric at the results of strategic offerings in product distribution structures, details expertise, mergers and acquisitions, human assets, and monetary possibility administration regulations. within the region of potency, the technique offers a brand new technique for selecting peer teams of insurers and measuring the functionality of person insurers relative to their peer workforce. at the subject matters of danger and pricing, new insights are provided relative to present methodologies and in regard to components the place development is obviously warranted. The e-book concludes with an research of the long run possibilities and demanding situations within the existence coverage dealing with managers, and the strategic innovations on hand to them to deal with those changes.
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Additional info for Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management
Other Distribution Systems J Distribution Method The shortfall from exclusive agent dealing is expected to be made up primarily from increases in direct sales and distribution alliances with banks and securities dealers. The expected growth in direct sales is a modest but significant 3% for both life insurance and annuities. Survey results indicate there are a few niche firms that rely exclusively on direct marketing and a few others that intend to integrate direct marketing to supplement or phase-out existing inefficient distribution channels.
Data for life insurance and annuity considerations is from ACLI (1996). 47. See Salltomero and Hoffman (1998). See ACLI (1996). References American Council of Life Insurance (ACLI). Life Insurance Fact Book, 1996. Board of Governors, Federal Reserve System. Federal Reserve Bulletin, November 1998. Santomero, Anthony M. and Paul Hoffman. " Journal of the American Society of CLU and ChFC, July 1998. 2 THE INDUSTRY SPEAKS: RESULTS OF THE WFIC INSURANCE SURVEY James F. Moore and Anthony M. Santomero 1.
4. Data for life insurance and annuity considerations is from ACLI (1996). 47. See Salltomero and Hoffman (1998). See ACLI (1996). References American Council of Life Insurance (ACLI). Life Insurance Fact Book, 1996. Board of Governors, Federal Reserve System. Federal Reserve Bulletin, November 1998. Santomero, Anthony M. and Paul Hoffman. " Journal of the American Society of CLU and ChFC, July 1998. 2 THE INDUSTRY SPEAKS: RESULTS OF THE WFIC INSURANCE SURVEY James F. Moore and Anthony M. Santomero 1.