Industrial Life Insurance (ILI) was introduced in Sweden in the beginning of the 1900s. Following models already used in the United Kingdom and the United States, this insurance was specifically aimed at manual labourers, promising pension savings and compensation to surviving relatives. The insurance was an immediate success, with almost three million insurance policies in force by the mid-1900s. ILI was characterised by extensive and carefully monitored marketing practices. By managing an army of agents, the companies sold policies and collected premiums on a regular basis in the homes of the insured. The purpose of the dissertation is to analyse the development of a commercial business with social policy aspirations, and how it interacted with other social security institutions. How could ILI thrive in the emerging Swedish welfare state that, according to existing research, allowed little space for market-based welfare alternatives? The dissertation also seeks to contribute to a broader understanding of the contemporary “welfare market” in Sweden today. From a perspective of welfare formation as a social process, the emergence and expansion of ILI is interpreted as a phenomenon that has shaped, and been shaped by, the social policy arena. The insurance industry’s capacity to adapt to the changing ambitions of the state in this arena is emphasised. Furthermore, its leading representatives’ ability to continuously locate the role of life insurance in the shifting landscape of social policy is underlined. By locating welfare in separate but complementary public and private spheres, the industry contributed to the shaping of the compulsory pension scheme introduced in 1913 and the overall regulation of insurance in the mid-twentieth century. The social security of Swedish citizens was now to be ensured according to the vision of complementary spheres that the insurance industry had advocated for almost fifty years. The insurance companies’ commercial activities are analysed as a form of governmentality, where the agency system is scrutinized as an interventionist practice that created a long lasting relationship between the companies and the working classes. The dissertation shows how the industrialists’ role as “insurance experts” was used to influence public policies. As public figures and experts on various committees, representatives of the industry advocated a welfare formation that left ample space for their own business interests. The scientisation of security was also essential in creating a product where social aspirations and commercial logics could be united. The success of ILI thus rested on the interaction with the state apparatus. An arena of social policy was established where commercial companies were to be the supplier of all welfare above the level of “meagre basic security”. Through intense marketing measures, commercial actors influenced the perceptions of security and welfare. The process of welfare formation led to the internalisation of commercial ideals about social security that now constitutes an essential dimension of the Swedish welfare state.

本研究之目的在以利用不同之準備金利率來計算保險責任準備金，探討利率對於保單責任準備金之影響。以20年限期繳付、被保險人為30歲男性的終身壽險為例，當責任準備金利率下降時，保單責任準備金將在整個契約有效期間皆增加，而增加的幅度將隨著契約年度的增加而增加，至約19-20年增加幅度最大，而後隨著時間的經過增加的幅度再慢慢減少。我們觀察在不同被保險人性別下，改變繳費期間之敏感度分析，發現在利率不變之下繳費期間越長，則責任準備金最高差額之年齡也較高。

The main objective of this diploma thesis is the analysis of the products of motor insurance offered on the insurance market in the Czech Republic. The first part focuses on character and meaning of this products and clarification of some concepts. The next part describes current situation and development in the insurance market followed by the very topical stiff competition. The last part is devoted to the analysis of supply in the market of car insurance itself and its evaluation from the point of view of various parameters and criteria.

In the United States, 20% of newly established small businesses, including small businesses in the life insurance industry, fail within 2 years, and over 50% of them fail during the first 5 years. The purpose of this multiple case study was to identify and explore the strategies that life insurance brokerage owners use to sustain business operations beyond 5 years. Porter's 5 forces model served as the conceptual framework for exploring this subject matter. Owners of 3 separate small life insurance brokerage firms in Texas, who sustained their businesses beyond 5 years, participated in semistructured interviews. A secondary source of data was relevant company documents. Methodological triangulation and member checking assured the reliability and validity of the interpretations. Through thematic analysis and supporting software, 5 themes emerged: exceptional customer service, relationship-building, efficient promotional strategies, regular training of salespersons, and hiring the right employees. The application of the findings of the study could contribute to positive social change by reducing unemployment and thereby catalyzing an economic environment supporting employees, families, and communities.

過去二十年以來，美國金融機構的財務狀況不斷遭遇挑戰，許多同業或相關行業紛紛發生財務危機甚至破產，其間不乏一些知名大公司，探究原因發現利率是大元凶，因在一九七Ｏ年代末至一九八Ｏ年代利率產生劇烈變化，面對利率如此驟變，對其業務與利率有息息相關的金融保險機構而言，無疑是極大考驗，為此各種金融創新的商品亦陸續出籠，但亦產生新風WP在未尋求避險工具下暴露出金融機構對於利率風險的管理仍有所欠缺。且在金融自由化、國際化施政方針之下，利率自由化及金融商品創新之陸續推展，利率顯得較具變動性，主管機關為維持保險公司之清償能力，對此一風險勢必應加以注意，以免保險業因利率風險變動造成巨額虧損影響保戶權益甚或影響其清償能力。 而資產負債管理係維持現金流入與現金流出量相等Cash Flow Matching，避免利率風險、流動性風險及再投資風險；資產負債管理有別於傳統財務管理方法，其具有下列特色：□重視資產負債表資產與負債二方面的關連性；□在達成可接受的投資報酬之際，同時兼顧利率風險；□促使資產管理人員(投資部門)及保險商品管理人員(精算及行銷部門)的連繫協調，進而使投資策略及商品策略之運作能相互配合；□有益於新產品開發及管理；□最終可促使獲利能力提昇，進而穩定獲利模式並促使公司穩定成長。 資產負債管理方法，包括獲利力分析(Profitability Analysis)、利率分析(Rate / Volume Analysis)、期間分析(Duration Analysis)、Gap Analysis 等，其中較廣為使用者為：□平均存續期間(Duration) ；□利率期貨（Interest RateFutures)；□股價指數期貨（Stock Index Futures）；□息票內化法（Internal Coupon Stripping）；□利率交換（ Interest Rate Swaps ）；□資產負債的區隔(Segmentation of Assets/Liabilities)；□現金流量情境分析（Cash Flow Projection under Multiple Economic Scenarios）。以監理立場考量，選擇採用的資產負債管理方□k除須顧及壽險公司之利率風險外，尚須考慮其流動性及收益性，在我國正漸漸鬆綁金融政策及邁進國際化之際，不宜對壽險公司之監理政策採取過於嚴謹手段，而平均存續期間之方法除可包融其他資產負債管理方法並可加以綜合運用，故便針對平均存續期間方法詳加介紹。 經上述之分析討論後，若要此資產負債管理分析落實及在不對壽險公司予以過多限制下，在壽險監理上應如何規範呢？歸納結果如下：□對於模擬之利率設定，採用一綜合式規定，每期依市場狀況指定2至3種利率，其餘數種由各公司視情況選用；□避免壽險公司過多困擾及考量我國目前尚無採用市價會計之實力下，仍以法定會計原則作為衡量標準，惟對於預期交易量將日益增多之衍生性金融商品，應要求於財務報表中揭露交易活動之質與量，且當實際結果有損失部分應於報表內表達；□要求壽險公司作區隔化，便於作預測及現金流量管理，且因應我國未來人口結構老齡化之年金。 商品開始販售之年金保險，其性質不同於一般之壽險商品區隔化更有其必要。有關免疫化的分析報告於利率環境變動不大時，每季提出並須經由會計師、精算師複核簽證及每月提出資產變動情況報告；若利率產生遽烈變動(如3%)時應於一個月內再作調整及編製免疫化分析報告，以避免影響壽險公司之穩定性；□對於壽險公司平均存續期間差距情況作一評等，列入經營風險評估及稽核抽檢之考量；有關平均存續期間之分析報告採不對外公開形式。

本研究主要目的為發展一套有系統、適合用來甄選壽險推銷員的傳記式問卷，並進一步探討該問卷的信度以及其對於壽險推銷員表現的同時效度。 本研究之傳記式問卷共計十個向度，研究者以此為預測變項，探討本問卷與壽險業務員表現的關係。其中，以職等、任期、個人所得、保單成交件數、離職傾向、公司認同及工作滿意七個效標來代表業務員的表現。 本研究正式施測人數713人，有效樣本686人，其中，任期超過一年者390人，為本研究之效度分析樣本。結果顯示，本研究所編製之傳記式問卷內部一致性信度約為.6左右(N=686)，再測信度則約為 .8 (N = 31) 。同時效度方面，以職等、任期、個人所得、保單成交件數、離職傾向、公司認同及工作滿意七個效標，針對北南不同地區業務員，分別求取其迴歸係數。就北部地區而言(N=268)，效度係數中數為.45 ；就南部地區而言(N=132)，效度係數中數為.44。最後研究者提出本研究之限制，與學術研究及實務應用之建議。 / Although biographical information have been shown to be valid predictorsin selection,they have rarely been used in Taiwan, especially in practical field. Toward this end, 713 life insurance salesmen were asked to fill in the biographical inventory to provide personal life history data and 7 easures of the salesmen's performance (tenure,job level, earnings, the number of dealing, intent to leave, identification with the company, and job satisfaction)and 686 were valid. Totlally there are 101 items which can be divided to ten .dimensions in the inventory. The Cronbach alpha value is about .6 (N=686), and retest reliability is about .8 (N=31). Multiple regression analyses of the the factors scores against each of criterion easures of perfromance yield median correlation of .45 (N=268) for the Nouth Taiwan,and .44 (N=168) for the NorthTaiwan. Regression weights were nterpreted to explain the differentialimportance of the factors to the difference performance. The result of the study were interpreted as contributing to the enhanced understanding ofthe life history antecedents of salesmen's performance.

近年來，我國壽險市場受美國三０一法案的脅迫，對美商做適度的開放， 每年准許兩家進入我保險市場。自民國七十六年財政部核准第一家美商公 司安泰人壽起，到目前為止陸續已有十三家外商壽險公司在台成立分公司 ，雖然外商壽險公司市場佔有率僅約６％左右（註一），對整個市場而言 未成氣候，但根據國內學者研究指出，外商公司給一般民眾的感覺較清新 （註二），許多專家學者認為，雖然美商公司的業務目前不致於威脅本國 公司，但形象方面卻扶搖直上，不容忽視。（註三）一般來講產品是一家 公司所能提供給客戶的勞務(service) 或商品 ( goods)，它是交易活動 中的主體。以壽險公司而言，基於法令上的限制，其所能提供的產品限於 壽險、健康險及傷害險三方面。在民國六十年到民國七十年間，我國壽險 公司大多提供含儲蓄型性質的險種，其中以生死合險最具代表性（註五） ，使得當時市場上的產品策略大多採取販售此險種為主。而健康險及傷害 險在這段期間的市場佔有率，平均不到百分之十（註六）。但在民國七十 年後，健康險和傷害險的市場佔有率快速增加，尤其在民國七十六年以後 更是突出（註七），也因此，使我們聯想到是否因外商公司進入我國市場 所導致的結果？而這種結果是否促使本國壽險公司改變其產品策略？本國 壽險公司和外商壽險公司的產品策略是否有差異？這是本研究的研究動機 與目的。總而言之，本研究之目的即在瞭解以下之問題：（一）本國壽險 公司和外商壽險公司之「市場區隔策略」是否有差異？（二）本國壽險公 司和外商壽險公司之「產品策略」是否有差 異？（三）本國壽險公司和 外商壽險公司之「新產品策略」是否有差異？ （四）本國壽險公司 和外商壽險公司之「服務策略」是否有差異？（五）「市場區隔策略」、 「產品策略」、「新產品策略」和「服務策略」是否因各人和公司背景資 料之不同而有所差異？（六）外商進入前和進入後，本國壽險公司在「市 場區隔策略」、「產品策略」、「新產品策略」和「服務策略」之 差異 ？ The Market Segmentatin and Prduct Strategy Compared

相較於國外成熟而廣泛的資訊技術應用，台灣在這一方面則顯得落後許多，同時環顧國內的研究，在資訊管理方面的研究實屬少數，且大多數以資訊技術的工具性為主要之探討對象。在講求以策略應用資訊技術的今日，對國內產業如何策略應用資訊技術的研究應為各研究者共同努力之方向。本研究以個案研究法對此一課題進行探索性研究，期對資訊管理領域的研究發展盡一己之力。 　　Porter與Miller的研究中以價值鏈資訊密集度與產品資訊密集度為兩個構面對各產業進行研究，在此一資訊密集度矩陣中，壽險業居於高價值鏈資訊密集及高產品資訊密集的地位，同時國外在資訊管理領域的研究中以針對壽險業所進行的研究所得之結果較為一致，亦即資訊技術對企業經營績效有著的顯著的正向影響。為使研究結果具有實際之貢獻，本研究以國內壽險業為研究對象，進行實地查訪，透過個案的比較分析，期從中發現國內壽險業者在資訊技術應用方面的策略機會。 　　前人的研究結果顯示：大多數壽險公司因為經營上的特質，龐大的費用支出成為各公司努力提高效率的對象，研究者亦大多以資訊技術應用所能帶來的費用減省為研究之變數，然則在策略應用資訊技術的領域雖已受到研究者的肯定，但則少有將策略變數納入研究者，為此本研究以策略觀點出發對此一課題進行研究。由是得出本研究之研究目的如下：1.藉個案研究的方式，由深入的公司策略探討對國內各壽險公司在資訊技術的方面的應用情形作一觀察，並嚐試從中發展出壽險業者在資訊技術應用上的命題。2.透過對策略深入的觀察，了解各公司資訊技術作為支持公司策略的程度，從中發現資訊技術在壽業中策略應用價值，並據之發展出本研究之命題。3.最後從資訊技術對壽險業經營績效的影響進行策略一資訊技術作為一績效的探討，以了解在公司策略影響之下，資訊技術作為如何對經營績效產生影響，及其影響如何。 　　結論有三：1.目前在台灣人壽保險產業之中，資訊技術的應用尚處於保健因素的地位，多以提高事務處理之效率為主，於策略上的考量尚無，在這裡給業者一個重要的提示─在競爭日趨激烈的壽險產業，如何應用資訊技術創造競爭優勢己成為一重要課題，亦是各公司在未來競爭中脫穎而出的關鍵。2.資訊技術作為對策略的支持度愈高則公司績效愈好，此一研究發現與國外之研究相當吻合，在高資訊密集的壽險產業中，掌握資訊技術支持策略的重點，將為業者帶來可觀的經濟價值及競爭優勢。3.資訊技術對壽險業的經營方式無明顯影響，但在國外的研究中發現，資訊技術的應用實為組織變革的課題，亦即在公司策略之後，以資訊技術作為組織改造的重要工具，使組織得以更合理的形式進行營運，如此方可得到資訊技術所帶來的策略價值。

台灣壽險業自1987年開放美商進入市場，及1993年開放國人設立保險公司後，產業蓬勃發展，截至今年止，已有逾30家壽險公司，競爭激烈。在此競爭的情況下，如何開創公司的藍海，避免在紅海裡廝殺，公司的營運模式策略將會影響公司未來的發展；且因壽險商品本就屬不具專利權的金融商品，同業間商品的模仿甚易，再加上金融產業疆界日益模糊，跨業交叉銷售成為一新趨勢，故壽險公司之競爭大部份決定於公司的營運模式的選擇與發展。另，就以LIMRA在2003年對美國壽險公司CEO的調查中顯示 ，該調查的最高管理階層認為，其未來工作中面臨四項最大的挑戰，其中營運模式、通路發展即為其中之一，可見該要素對現今公司策略的重要性。 因此，各家公司採取何種營運策略、模式，實就影響該公司的營運績效與未來成就；並且從該公司的營運模式策略，可以觀之是否能永續經營。尤其，壽險產業是確保客戶人生的風險保障，提供客戶長期承諾的行業，經由所提供的服務，使保戶能獲得財務上的安全，並且得到心靈上的平和。壽險公司能如何能信守對客戶的長期承諾，而不是短線經營，短期獲取利益，實值得好好深思與探討。 本研究將透過國內壽險市場的發展與現況分析，試歸納出目前壽險產業的營運模式，並藉由個案公司保德信人壽的研究，分析其營運模式策略與該公司之經營績效。且透過個案公司與其他公司-全球、紐約人壽的經營指標比較，及金融海嘯對其影響之因素，來探討在不同營運模式策略下，各自的營運成效，並試著從中研究、探尋壽險業較適之營運模式。 另經由此研究對個案公司及對壽險業，提出個人的淺見與建議，以供個案公司、業界做為日後的參考，並亟盼未來我國壽險市場運作能更加健全與蓬勃發展。 關鍵字：保德信人壽、壽險顧問、營運模式、策略 / Since its opening up to American insurers in 1987 and then to private domestic insurers in 1993, the Taiwan life insurance industry has thrived and now consists of more than 30 firms engaged in fierce competition. Given such a competitive market, it is crucial to develop blue ocean strategies and avoid price wars. Business strategies and corresponding business models will have an important impact on the future of a firm. As life insurance is not a patented financial product, it is very vulnerable to imitation by other firms. Moreover, the boundaries of the financial sector are becoming less defined and cross-industry selling is the latest trend. As a result, competition among life insurers is mainly determined by the selection and development of business models. According to a 2003 survey conducted by LIMRA on CEOs of American life insurers, management at the highest level believed that business models and distribution channel development would be the greatest challenges for them in the future, highlighting the importance of these factors on companies’ strategy. Therefore, the selection of business strategies and models has a real impact on the current and future performance of a firm and reflect its potential for sustainable development. The life insurance industry is in the business of offering long-term risk protection, providing the insured with financial security and peace of mind. How life insurance companies can focus on keeping their promises to clients over the long term, as opposed to simply seeking short terms gains, is a subject worth considering. This study will analyze the current state and development of the domestic life insurance market and summarize the business models presently employed. A case study of Prudential Life Insurance Company of Taiwan will further provide an analysis of its business model and performance. A comparison is made between the case study and other firms, including TransGlobe and New York Life Insurance Taiwan, and with respect to the impact of the financial crisis in order to discuss individual performance under different business models and propose optimal business models for life insurers. Keywords: Prudential Life Insurance Company of Taiwan, Lifeplanner, Business model, Strategy

近年來台灣的市場利率持續下滑，可能造成保險公司無法實現對被保險人之高預定利率的保單給付承諾，利率風險已經成為壽險公司是否能繼續經營之重要關鍵。壽險公司如未能衡量利率變動風險而貿然推出保單，將對財務造成極大的負擔，不但會影響公司清償能力，亦會對社會造成衝擊，因此壽險公司應先衡量現在及未來將面臨多大的利率風險，做適當資產負債管理，以避免將來失卻清償能力。 　　本研究利用財務上平均存續期間（duration）觀念與Barney（1997）所提出之K值來衡量利率風險，以民國87-89年財務報表資料，實證研究利率風險會對那些經營指標產生影響，以喚起業界對於利率風險之重視。研究結果發現： 　　1.利率風險對於壽險公司之投資報酬率、股東權益報酬率有顯著的影響，並且呈負相關。 　　2.利率風險對於壽險公司之流動比率無顯著相關；與負債比率有顯著之正相關。 　　3.利率風險對於新契約保費成長率、保單繼續率無顯著影響，顯示國內並無明顯之逆中介情況。 　　4.壽險公司可藉由投資較長期之公債、公司債及減少保單貸款、不動產投資與固定資產項目之利率敏感度，以增加壽險公司之獲利性。 / The interest rates have been decreasing recently. Under this circumstance, it might be difficult for insurance companies to gain sufficient investment returns to fulfill the commitment of insurance policies. The interest-rate risk has become one of the critical factors for the solvency of life insurance companies. Therefore, life insurance companies should evaluate the impact of interest-rate risk and perform asset-liability management to prevent insolvency. 　　This study applies the concept of duration and K value (Barney 1997) to measure interest-rate risk and its impact on the operations of life insurance companies in Taiwan. The empirical analysis is conducted based on the financial data of life insurance companies in Taiwan during the period of 1998-2000. The empirical findings are listed as follows: 　　1.Interest-rate risk has a significantly negative impact on both investment return and ROE.. 　　2.Interest-rate risk does not have significant impact on current ratio of the life insurance companies, but it is positively related to debt ratio. 　　3.Interest-rate risk does not have significant impact on either new contract growth rate or policy renewal rate, which indicates that the process of disintermediation does not happen in life insurance industry in Taiwan. 　　4.By investing in the long-term government bonds and corporate bonds and reducing the interest-rate sensitivity of policy loans、investment on real estates and fixed assets , life insurance companies may be able to increase their profits.