Determinants of Partner Selection in Bancassurance

• Main Authors: Chin-chih Chen, 陳菁芝
• Other Authors: Yu-min Kang
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/79445131157398574319

碩士 === 逢甲大學 === 風險管理與保險研究所 === 98 === The Bancassurance is the insurance marketing channel which at present must not be over looked. In 2009, Taiwan''s life insurance industry had a new contract insurance premium income of NT$925 billion, including NT$584.2 billion from the bancassurance channel, which accounted for 63.15% of the total insurance premium income. This research discusses the determinants that affect bank to cooperate with a life insurance company, and uses insurance company''s organizational characteristics, salary system, trust and channel conflicts as variables to examine the willingness of cooperation. The research further discovers the significance and consistence of experts’ advices, and proposes how future cooperation between banks and the life insurance companies may be achieved. This research studies 36 banks in Taiwan which operate bancassurance business, and focuses on the person in charge or the executive for the bancassurance. The research methodology employed is the Delphi method questionnaire survey, which combines the importance and consistent of expert advice, and analyses the empirical findings. Twenty-five bank insurance managers participated in the first survey, Twenty-two surveys are returned, and making the ratio of return is equal to 88%. Twenty-two managers participate in the second survey, and twenty surveys are returned, making the return ratio is equal to 90.9%. The research discovered the following five results affect the factors that a bank will take into account for selecting a life insurance company: 1. In terms of organization characteristics, factors regarding cooperation willingness appear to be important and the results are consistent. These factors are as follows: A. When the size of the life insurance company is bigger, the management and operation is steadier. B. In terms of enterprise reputation, the products and services quality are more worthy of trust. A life insurance company with a good image is more able to sell goods and financial consultants are more interested in selling the products for that company. C. As to the financial standing of an enterprise, the bank managers have confidence in the financial situation of the life insurance company that they are currently in cooperation with. D. When the rating of a life insurance is higher, the cooperation aspiration is also higher. 2. The compensation system presents important and the moderate uniformity, and the monetary reward and the non-monetary reward items all are non-significant affect. 3. In the aspect of trust, bank assumes that the life insurance company they are in cooperation with will keep their promise and that the relationship between the two enterprises is interdependent. 4. In the channel conflict aspect, bancassurance managers believe that the life insurance companies should give the bancassurance department appropriate autonomy in administration. 5. Regarding the willingness to cooperate include: In addition to continue to cooperate with contracted life insurance companies, bank will also develop new relationship with other life insurance companies. Bank will work together with contracted life insurance companies to achieve win-win situations, and develop long-term relationship.