International life insurance market-What is the international life insurance market?
International life insurance market is to provide insurance for the insured services, including life insurance business and accident insurance and health insurance business in the international insurance market. International life insurance market transactions are a variety of life insurance business objects, generally a longer period.
International life insurance market - features
International life insurance market - one attaches importance to developing the traditional protection of life insurance business
Although the developed countries (regions) of the residents of a strong sense of insurance, life insurance penetration rate is high, the new life insurance products for the understanding and acceptance is high, but still very great importance to developing countries to protect the traditional type of life insurance business. In the United States, sales of individual life is the most widely used life insurance, the end of 2003, total U.S. individual life insurance premiums for 56% of the total premium income. About 4 / 5 of a non-participating individual life insurance policies, total individual life insurance policy for 74% of the total sum insured. In Japan, the death benefit life insurance market has always been the company's main source of income, although it has shrunk, but it is still one the largest market. 1976 to 2004, although the German life insurance market, the proportion of endowment insurance on the life and death all the way down, but market share has remained at more than 45%, investment-linked endowment insurance and annuity-type accounting for up to 25.4%. The reason is, first, the residents developed a strong sense of insurance, consumer attitudes are mature, personal finance and investment channels and is also very strong, it is generally agreed that the life insurance company's core strengths lies in risk protection, rather than investment banking, with a simple protection-type insurance is lower than the price of participating life insurance products, so they choose the traditional insurance protection life insurance, but the choice of securities, investment funds and other sources. Second, without the protection of savings products, the impact of the absence of any Spread Loss, operating margins are more properly the objective, so the higher the management level for life insurance companies, to carry out such business is still profitable .
International life insurance market - Second, the emphasis on the use of funds, the investment rate of return higher
In general, if the insurance funds investment rate of return lower than the same period one year bank fixed deposit interest rates, the life insurance industry will be a difficult position. Therefore, developed countries (regions) of the life insurance companies generally value the life insurance funds, and investment income is higher. Life insurance companies from the U.S. point of view the use of funds, the bond is the main area of investment, life insurance companies accounted for 55.8% of assets; stock is the second largest area, accounting for 26.6%; mortgage assets is the third largest area, accounting for 6.9%; other areas of non-investment assets, other investment assets, policy loans, cash and real estate investments, accounting for 3.1%, 2.8%, 2.7%, 1.3% and 0.8%. 191l ~ 2003, the U.S. life insurance company's revenue structure, the lowest proportion of investment income was 16.9%, up to 29%, is generally maintained at about 25%. The reason for the higher investment rate of return with the local well-developed capital markets are closely related, but also with attention to life insurance companies of funds to improve the yield to attract more customers goals.
International life insurance market - three, emphasis on sales and marketing organization and management education and training of staff
In Korea, for example, sales organization is divided into individual and corporate marketing organizations marketing organization. Marketing organization in which individuals are divided into seven categories, namely, the potential for different consumer groups. Conducive to the diversification of marketing channels to achieve market segmentation, customized marketing, to better meet consumer demand. In sales management, life insurance companies in Korea has taken various measures for effective support to ensure efficient marketing system specification and operation. In personnel training, South Korean life insurance companies to build a complete system. Approach to training is flexible for all levels of sales staff can provide effective training. This approach for improving the quality of the marketing team is important, not only provide consumers with more professional and quality service, but also help to reduce the misleading and fraudulent, and raise the level of life insurance business credit management.
International life insurance market - four, focus on reducing lapse rates, to maintain consumer confidence
Surrender rate continues to rise, which means life insurance spending is a problem in the long run will threaten the healthy development of the life insurance industry. Developed countries generally focus on reducing lapse rates, in order to maintain and continue to enhance consumer confidence. In the past 10 years, the U.S. individual life insurance, voluntary surrender rate of decline in 2003 reached a historically low lapse rates, only 7.7%. This phenomenon and the U.S. life insurance company "to do the work in advance," the practice inseparable. For example, an insurance agent training institutions will have the customer's real needs serious recognition, careful analysis of the insured family income. Mortgage insurance policy in the can, the surrender of the more serious. To solve this problem, life insurance companies often require customers only in the event of an emergency financial crisis is to use mortgage insurance, and need to quickly repay the loan. Most insurance policy holders to provide a human hesitation period, during this period, if the insured decided to surrender, you can receive a full premium refund. Some of the policy is terminated there is still cash value, based on "cash value is not lost" clause, the insurance company will still contract to fulfill payment obligations to policy holders. Undoubtedly, these effective measures to improve consumer satisfaction.
International life insurance market - 5, emphasis on market conduct regulation
Who developed the life insurance market conduct supervision are also high. Japan, for example. Japan's banks to sell insurance products and their financial institutions to implement strict supervision, not only to limit their sales of products, but also the disclosure of information, conditions of sale, sold, etc. to a strict limit. In recent years, although Japan gradually relaxed the restrictions on banks selling insurance products, but overall, still more stringent. In order to stop the banks and the like, such as financial institutions to use the advantages of financing parties forced to sell insurance to customers, requiring banks and other financial institutions, financial marketing and financing business operator shall not concurrently insurance sales. Again, in order to allow financial institutions to sell insurance in compliance with laws and regulations, the FSA also requires that each place of business, offices should set the project leader, head office, main office and so must be set to the total charge. Again, the provision of financial institutions like banks to be against the legal and financial representatives, individual store owner, the customer is applying for financing, operating capital by financing parties such as the company's directors and staff to sell new insurance products. A similar regulatory requirements with strong operational, prompting the formation of life insurance operator compliance management expectations, reduce playing "outside" the chances are conducive to protecting the interests of consumers.
International life insurance market - growth:
Traditionally, the major life insurance market is located in North America, Europe and Japan. With the maturity of these markets in Asia and Latin America have been opened up new markets. Many of the life insurance market growth rate of striking. International markets such development is located in a mature insurance market for the country's insurance companies to expand the site is a great temptation.
Market in these areas is the rapid development of the insurance industry has undergone rapid changes in the catalyst. When the identified needs of the population of different cultures, the insurance companies introduced new products, distribution methods and can meet the needs of the largest customer service approach. Therefore, many innovations in the industry no longer come from North America, but from these growing markets.
