By Anthony M. Santomero (auth.), J. David Cummins, Anthony M. Santomero (eds.)
Major demanding situations for all times insurance firms were posed through an exceptional wave of mergers and acquisitions within the assurance and the emergence of non-traditional opponents akin to banks, mutual fund businesses and funding advisory organizations. this is often the 1st booklet to investigate the determinants of multinational functionality within the existence assurance through picking out the `best practices' hired via prime insurers to reach this dynamic company setting. The publication attracts upon facts from insurer monetary statements in addition to upon an intensive survey of lifestyles insurer administration practices and strategic offerings in distribution platforms, details know-how, mergers and acquisitions, human assets and monetary options. typical thoughts resembling price management, client concentration, and product differentiation are analyzed in addition to strategic practices particular to the assurance undefined. top practices are pointed out through measuring the industrial potency of insurers and by means of evaluating agencies around the undefined. either expense and profit potency are measured relative to most sensible perform effective frontiers together with the industry's dominant existence insurance companies. Economies of scale and the consequences of mergers and acquisitions on potency also are analyzed. monetary innovations are tested with particular connection with pricing coverage, valuation of resources and liabilities, and the present kingdom of firm-level hazard administration platforms. The benchmarks tested are the results of huge fieldwork that identifies key monetary hazards and methodologies to either degree and deal with them on the enterprise point.
the implications mentioned within the publication point out that enterprise functionality is considerably correlated with administration practices and strategic offerings. therefore, existence insurers can increase profitability via adopting optimum combos of innovations. The e-book includes very important new fabric at the results of strategic offerings in product distribution structures, details expertise, mergers and acquisitions, human assets, and monetary hazard administration regulations. within the zone of potency, the technique presents a brand new process for opting for peer teams of insurers and measuring the functionality of person insurers relative to their peer crew. at the themes of possibility 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 longer term possibilities and demanding situations within the existence coverage dealing with managers, and the strategic suggestions to be had to them to deal with those changes.
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Additional resources for Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management
Other uses of discretionary funds vary drastically by firm. There are no other areas getting more than a 10% share as the number one use of discretionary funds, with the exception of some who see potential future portfolio quality issues. Several others can be lumped together as THE INDUSTRY SPEAKS: RESULTS OF THE WFIC INSURANCE SURVEY 35 production-related issues-replacement of legacy systems, development of new administrative technologies, and process re-engineering-which, taken together, represent significant investment requirements.
Similarly, large multiproduct firms may feel it is important to provide a wide array of products to attract customers and leverage existing product sales. Others focusing on specific market niches do not feel this is a strategic priority. Consistently ranking near the bottom were the choices to either be a low-cost leader or to be an innovator in product development. Apparently respondents view growing the top line of the income statement (revenues) to be a greater source of earnings improvement than that which can be achieved by wringing out additional profits through cost reductions.
0 o 0 Q) Q) Ul ('(I 0- Figure 2-4. A--_ ~ -. ~ 1993 -~ '- . "". - - - ~~ = --. 1996 - . - 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.