| Summary: | 碩士 === 逢甲大學 === 經營管理碩士在職專班 === 92 === Abstract
The commercial personal insurance product has been introduced into life insurance market in Taiwan since year 1962. The content of commercial personal insurance had been changed after Taiwan property & liability insurance industry initiated personal accident insurance products into market in July, 2001. It involves a new content of personal accident insurance and influences original personal products in life insurance. In addition, the different concept and situation between life and non-life insurance, it also develops diversified products and causes fierce competition year by year. On the other hand, the increasing insurance need of customers and asymmetric information initiate “low cost (premium) high utility (protection)” insurance fraud events. It would interrupt or invade the long-term accident insurance system.
Under the above background, we attempt to research this issue based on personal insurance policy in Taiwan.
Firstly, analysis of loss statistics in life insurance. Secondly, discuss the product development process from design stage to marketing stage with comparative research method, in the aspects of actuary, marketing, underwriting, claim, etc. in life and non-life insurance. Next, make fully comparative research between life and non-life insurance operation in order to find significant sign and competitive niche in this issue. Finally, make several conclusions for life insurance industry as follows:
1. Pricing should revise different occupation classification including the factors of age and sex；the dismemberment and disability classification revision fails to interrupt insurance fraud while the frequency of serious dismemberment event is still increasing.
2. The new product is approved with admission type or report type by MOF ( Ministry of Finance) in life insurance while the new product is only approved with admission type in non-life insurance. In marketing, it caused non-life insurance industry drop into unfair competition with life insurance industry.
3. The application form is not regulated by MOF in non-life insurance. The interest of consumers might be damaged.
4. Due to insufficient operation experience in non-life, the higher risk transferring proportion in reinsurance and only earning reinsurance commission, it would interrupt non-life insurance companies to accumulate risk management experience.
Therefore, we recommend several suggestions for insurance industry:
1. Insurance Industry should enrich product developing with diversity, real life, protection function or low loading orientation while the data system based on claim event year would be established as soon as possible in order to revise premium rate in timing.
2. Non-life insurance companies should avoid price competition that may cause insolvency, concurrently the contents of personal accident examination and license system should be enriched to left the professional level. On the other hand, the static database must be able to support the actuary analysis.
3. Life and non-life insurance industry should cooperate to set up a fully reporting system to reduce insurance fraud.
4. The authority of regulation organization should be exclusively independent and assists to enforce anti-crime mechanism.
5. The consumers should share the responsibility of insurance anti-fraud and purchase personal accident insurance according to the individual situation and need rather than cutting price. The main target is to build a positive insurance developing system.
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