By Anthony M. Santomero (auth.), J. David Cummins, Anthony M. Santomero (eds.)
Major demanding situations for all times insurance firms were posed by means of an unheard of wave of mergers and acquisitions within the coverage and the emergence of non-traditional opponents akin to banks, mutual fund businesses and funding advisory businesses. this is often the 1st publication to investigate the determinants of multinational functionality within the existence coverage via deciding upon the `best practices' hired via top insurers to reach this dynamic enterprise surroundings. 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 platforms, info expertise, mergers and acquisitions, human assets and fiscal options. commonplace techniques akin to price management, client concentration, and product differentiation are analyzed in addition to strategic practices particular to the assurance undefined. top practices are pointed out via measuring the industrial potency of insurers and by way of evaluating businesses around the undefined. either fee and profit potency are measured relative to most sensible perform effective frontiers inclusive of the industry's dominant existence insurance companies. Economies of scale and the results of mergers and acquisitions on potency also are analyzed. monetary techniques are tested with particular connection with pricing coverage, valuation of resources and liabilities, and the present kingdom of firm-level threat administration platforms. The benchmarks proven are the results of vast fieldwork that identifies key monetary dangers and methodologies to either degree and deal with them on the enterprise point.
the consequences mentioned within the booklet point out that enterprise functionality is considerably correlated with administration practices and strategic offerings. hence, lifestyles insurers can enhance profitability through adopting optimum mixtures of ideas. The ebook comprises vital new fabric at the results of strategic offerings in product distribution structures, details know-how, mergers and acquisitions, human assets, and monetary chance administration regulations. within the sector of potency, the technique offers a brand new process for deciding upon peer teams of insurers and measuring the functionality of person insurers relative to their peer staff. at the subject matters of hazard and pricing, new insights are provided relative to present methodologies and in regard to parts the place development is obviously warranted. The publication concludes with an research of the long run possibilities and demanding situations within the lifestyles coverage dealing with managers, and the strategic ideas on hand to them to deal with those changes.
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Extra resources for Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management
The table presents mean and median scores, and the percent of the sample ranking each threat as very threatening (a score of 5). Rankings were relatively consistent across sort criteria. The greatest perceived threat listed by respondents comes from more technologically sophisticated competitors. The use of technology as a competitive tool to gain access to the insurance market and its customers has changed drastically over the last decade and encompasses many different areas. Among these are technology-driven distribution and servicing capabilities such as the Internet, call centers, and data mining applications for tailored marketing strategies.
Participating firms had total assets in excess of $585 billion and 1995 premiums of approximately $95 billion that could be attributed to their life and health operations. This represented approximately 35% of the industry by assets and 28% of industry premiums. A majority of respondents underwrote business in all 50 states and the District of Columbia. What is the overarching message that emerges from their responses? One major conclusion is that there are no quick fixes or uniformly-agreedupon ways in which each and every firm within this industry can compete and succeed in this dynamically changing environment.
Variable Annu~ies --+t- Single A-emium Deferred Annu~ies _Individual Term Life - . - Variable Life ~ _ _ Flexible A-emium Deferred Annu~ies 1999 ---e- Immediate Annuities Relative Importance of Life Insurance Products The first thing to be pointed out is the variety of products that were picked as the most important revenue producer by the sample. No less than 12 of the 15 choices were picked by at least one of the insurers as their leading revenue generator for both 1993 and 1996. For 1999, there were 11 different choices made for most important product.
Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management by Anthony M. Santomero (auth.), J. David Cummins, Anthony M. Santomero (eds.)