壽險業通路與產品策略對財務績效之影響

The Impact of Channel and Product Strategy on Financial Performance in the Life Insurance Industry

本研究以產品集中度為產品策略的代理變數，並將通路分成業務員通路、銀行保險通路及一般保經代通路，探討2007 年至2011 年壽險公司產品及通路策略對公司財務績效的影響。結果發現，壽險公司的銀行保險通路比率或一般保經代通路比率愈高，則調整風險資產報酬率愈高。第二，產品集中度和公司財務績效為非線性關係。第三，通路策略是產品集中度與績效間的干擾變數。本研究進一步以產品及通路策略建構策略群組，在靜態策略群組的實證結果發現，屬於業務員通路且產品集中度低的靜態策略群組，財務績效較佳。而屬於通路專業化的動態策略群組，財務績效也較佳。

This article examines the relationship among product, distribution channel and financial performance in the life insurance industry from 2007 to 2011, using the product concentration ratio as proxy of product strategy. The distribution channel in this paper divides into the sale, bancassurance and agents and brokers. The results of this study reveal that the relationship between the ratio of bancassurance or agents and broker and financial performance is significant positive. Second, the association between the product concentration ratio and performance is nonlinear. Third, distribution channel strategy is the moderate variable between the product concentration ratio and performance. We further construct the strategic groups considering two variables: product and distribution channel. We find that the group with high performance has a low product concentration ratio but has a high ratio of sale distribution. In addition, the distribution channel specialization group is best performance in dynamic strategic groups.