臺灣汽車銷售業是個競爭激烈的行業，如何做好顧客管理，建立品牌忠誠度為汽車服務業相當重視的一道課題。本文以國內TOYOTA & LEXUS 專屬保險代理人－和安保險代理人(股)公司所承攬之車險保戶為研究對象，研究為2002年招攬承保之有效件數，計232,369筆資料。自車主購買汽車保險的消費模式分析，探討影響消費者投保險種需求的重要因素、不同區域被保險人的投保屬性、未來汽車保險消費者所需要獲得更大的滿足、以及保險人或保險代理人如何結合運用服務競爭策略，來輔助汽車經銷商提供車主最佳的服務品質與提昇顧客滿意度。 由實證資料分析中，得知目前影響車損險投保意願的最主要原因為保費太貴，投保不划算。然而因規章費率的限制，各產險公司無法對不同風險等級被保險人收取差別保險費，致使逆選擇情形愈趨嚴重。本研究針對分析結果，提出兩項建議。一為對產險公司未來之商品發展策略，包括(1)、採行車輛「主要使用人」為被保險人。(2)、車險資料庫的建立與統計分析研究。(3)、費率釐訂應視不同狀況予以差異化。次則為產險公司與車商保代如何結合以創造卓越的服務品質：包括(1)、視消費者的需求研發多樣化商品，提高產品附加價值。(2)、避免惡性競爭，進行差異化競爭。(3)、保代公司宜善盡保險輔助人的角色。(4)、建議網路行銷。 / To sale the automobile at Taiwan market is very competitive. The most important tasks for industry are how to build up customers relationship in order to improve brand loyalty. This paper, targeting the auto-insurance policy holders through Ho-An Insurance Agency - the exclusive agency of TOYOTA & LEXUS, evaluates 232,369 effective cases acquired in the year 2002. Through the analysis of automobile owner’s behavior in purchasing auto-insurance, we can assess the major factors that would affect consumers to buy various insurance; the attributes of insurance buyers of various districts; how to secure the satisfaction of the future auto-insurance policy holder and finally, how an insurance company or insurance agency could work with dealers to apply the competitive strategies of customer service for car owners with the best quality and to increase customer satisfaction. From the result of data analysis, we realized that the major factor affecting the customer’s purchase behavior of the auto-insurance is the insurance premium. However, due to the mandatory regulation, property insurers cannot charge the insurance plan with differentiated rates, which would cause high anti-selection. This study, based on the result of analysis, raises two suggestions. The first one is to advise property insurers the strategies for future product development : (1) acceptance of insurance application based on the major driver; (2) collaboration of one database of auto-insurance and conduct statistical analysis, and (3) differentiation of the premium rates according to various situations. Another suggestion is to propose that property insurers should work with insurance agencies to create superior service quality, including (1) development of one greater variety of products based on consumer needs to increase the added value; (2) avoidance of abcdrmal competition and implement differentiation competition; (3) the insurance agency should fulfill a supportive role, and (4) implement internet marketing of automobile insurance.

本文運用模擬的方法，產生產險業所面臨的損失分佈、投資資產的變動，欲得到最好的資產配置比例，並考慮重新平衡的效果，探討何種方法為產險業最好的資金運用策略。在模擬了1,000次，產生未來23年的年末資產負債表後，我們得到產險公司應如何配置其資金於：現金、股票、1-15年期債券及房地產的比例，加入重新平衡的概念，運用目標方程式的建立，最後得到一個最好的資金配置及平衡策略。 / We applied simulation techniques to imitate some situations that insurance companies have handled, including loss development, asset value variations, and dynamic programming asset allocation. The asset allocation ratios and the timing of rebalancing the assets affected our objective outcomes. After simulating 23 years for 1,000 times, we find how insurance company allocates their capital in four accounts: cash, stock, fifteen kinds of maturity bonds, and real estate. We finally pointed out strategy resulted in the best outcome by comparing between single period optimal asset allocating ratios and rebalanced asset allocation ratio outcomes.

我國加入WTO之後，為因應先進國家自由化、國際化的潮流和趨勢，以及追求我國保險制度的健全發展，保險主管機關乃決定將過去長期採用的規章費率改為自由費率。而為了避免對保險業的衝擊過大，乃將整個費率自由化的時程分成三個階段實施，以達到逐步開放產險市場的目標。費率自由化的目的主要是希望能藉此廢除不合理干預市場機制的法規，並建立合理的競爭環境，以及保護消費者的權益等。事實上，費率自由化並不是盲目的開放市場，而是藉由有制度的監理，確保保險業有足夠的清償能力，並且維護市場秩序和紀律。 從歐、美及日本等國在費率自由化的發展趨勢及經驗來看，費率自由化的實施已成為一種不可抵擋的趨勢，而保險業者為了能在競爭的市場中生存，都會積極的推出新產品、新通路，並提出各項經營策略以為因應，因為也唯有如此才能立足於保險市場，也不會在這股洪流中被淹沒。 就我國的現況來看，民國91年開放的第一階段費率自由化，主要是以放寬「附加費用率」為主，就「危險保費」部分得讓業者做有限度的偏離，則在第二階段始予以開放，惟保險公司必須依規定檢具各項資料先行向主管機關申請。至於最後一個階段除了強制保險外，其餘之商品均得由業者自行釐定費率，簡單的說，從第三階段開始費率就全面自由化了。 本篇論文主要目的係探討費率自由化之相關議題。首先介紹費率自由化之意義與實施源由，接著將闡述各歐美先進國家之發展狀況與衝擊，最後，則根據各國實施費率自由化的經驗，以及我國汽車保險市場的實際情況，提出實施費率自由化後的趨勢分析，而面對未來車險市場的變革，也提出個人幾點因應之道，期望所有的保險業者都能藉由努力提昇獲利力，在競爭的車險市場中各占有一席之地，並且也期盼本文對於日後在費率自由化的研究上，能提供業者作為參考。 / After Taiwan’s entrance into WTO, insurance authorities decide to follow the trend of internationalization and liberalization and adopt rate deregulation, for soundness development of insurance market. To avoid heavy impact on insurance companies, authorities divide the plan of rate deregulation into three phases, in order to open the property/casualty market gradually. The objective of deregulation is to eliminate the improper control, and to establish a rational competition environment for protecting consumers’ rights. In fact, the main purpose of rate deregulation is to ensure insurers’ solvency and to maintain the discipline of the insurance market. The implementation of rate deregulation is an inevitable trend in the world, many insurers make a great deal of efforts to develop the various products and channels to increase market share. From the prospective of Taiwan’s condition, the first stage of rate deregulation focuses on releasing the restrictions of “loading expenses” and making “risk premium” relax limited. The main purpose of the second stage is to deregulate “risk premium” completely, but insurers should report the relevant information and files to authorities concerned in advanced. In the last stage, insurers can rate all products individually other than compulsory insurance. That is, it will be a fully liberalization stage. The purpose of the study aims to clarify several issues. First, the study introduces the reasons of the implementation of the rate deregulation. Second, the study elaborates the background and influence of the experience of rate deregulation in every developed country as well. Meanwhile, the study makes descriptions of the current situation of Taiwan. Finally, according to the experience of rate deregulation of every country and the condition of Taiwan, the study analyzes the trend of implementation of rate deregulation and suggests several strategies to deal with the potential influence which may be helpful to insurers in Taiwan.

在全球金融朝向國際化與自由化之際，為加速經濟的發展，並因應國際間金融購併發展之趨勢；各國政府無不漸趨放寬或解除管制，使資金與人才的流動更為快速。金融機構也因透過金融控股公司的型態跨業經營，加速併購風潮。過去數十年內，全球購併的活動蔚為風潮，成為全球經濟活動的常態。 我國政府在1990年以前，對於金融事業的監理採為嚴格的限制；但在台灣加入了世界貿易組織(WTO)之後，致使台灣的金融業必須要與國際金融環境接軌，並跟其他國際大型金融機構開始競爭。解決方案之一，以及協助體質較好的本地金融機構加強國際競爭力。此為何後來政府鼓勵購併的濫觴。 回顧台灣產險市場，在2002年簽單保費突破1000億後，成長率不增反降，從2002年的11.55%逐年下滑到2005年的3.36%。相較於亞洲各國成長率逐年增加的情況，這個警訊值得注意。因此，主管機關為促進國內保險市場良性競爭與提升專業經營水準，積極對外招商。2005與2006年為產險業界變遷期間，在此期間有新安產險與原統ㄧ安聯合併案、第一金控出售明台產險給日本三井住友海上、金管會下令清理國華產險，並核准台灣人壽收購國華產險，成立龍平安產險、AIG集團正式完成收購中央產險等，均是台灣產險業界重大事件。 本研究主要是以最近相關外資金融機構購併台灣產險公司之收購活動為主軸，希望籍由2006年外資專業金融保險集團購併本地產險公司之實際個案為例，體地分析其收購之背景、決策過程、收購過程之策略規劃，檢視其執行程序、與未來經營策略規劃，並描繪收購後的初步狀況，以全盤了解該收購案總體面貌，綜之，本個案歸納與分析，得到六項要點：（1）外資機構進行購併活動，須經過詳細評估與分析。（2）擁有本地實際市場經驗，更能掌握適合的購併標的。（3）外資専業技術與全球資源的注入，提昇被購併公司未來競爭優勢。（4）致力降低收購之衝擊是購併成功之重要關鍵。（5）完善的人力資源策略，才能增加購併績效。（6）高度互補潛力，有利於未來高度綜效之充分實踐。 最後，藉由上述之各項結論，提出三點建議作為主管機關與業者未來從事保險購併活動之參考：（1）主管機關需加強審核被收購公司的人力資源策略執行計劃。（2）鼓勵外資專業產險機構來台進行購併活動。（3）對未來金融機構購併非本業之購併案宜更審慎評估。 關鍵字：外資、購併、台灣產險公司、收購過程、策略、執行程序、初步狀況 / Facing the trend of globalization & liberalization of major world wider financial institutions, the governments of key competitors have taken actions separately to loosen or de-regulate their financial regulations in order to speed up flows of talents and capitals accelerating the rampant development of merger and acquisition (M&A) practices among financial institutions. The financial institutions have being actively involved in M&A activities and have subsequently formed the financial holding companies to expand their business operations across various territories. During the past decade, the activities of global merger & acquisition have grown substantially and have become a common economic issue. The government of R.O.C., before 90’s, adopted a relatively strict regulation on supervising the financial industry. After R.O.C. joined WTO; however, local financial institutions immediately encountered severe competitions from foreign global conglomerates. One of solutions to enhance global competence of local financial institutions is to conduct merger & acquisition initiatives within certain parties. With a positive attitude, the government induced intentionally all kinds of attempts, especially M&A initiatives to improve financial strength of local financial institutions. Retrospectively, the Taiwanese general industry once set a milestone on its total written premium which surpassed NT$100 billion in 2002. However, the growth ratio dropped sharply form 11.55% of 2002 to 3.36% of 2005, in comparison with the increasing growth ratios in the other Asian countries. The whistle-blowing was noteworthy. Hence, the authority spared no efforts to induce foreign investments enhancing the vigor of capital market and reform local regulations adopting global standards of financial governance. The local general industry encountered dramatic events in 2005 & 2006. During that period, several mergers have proceeded such as follows. 1.) A merger of Newa Insurance & Allianz President. 2.) The First Financial Holding Company sold Ming Tai Insurance to Mistui Sumimoto Insurance 3.) The regulator ordered to liquidate Kuo Hwa Insurance Co. in 2005. Taiwan Life got approval to purchase Kuo Hwa and set up a new company named Dragon Insurance afterwards. 4.) AIG acquired Central Insurance. One of main subjects of this study is to elaborate the comprehensive process of acquiring a local general insurer by a foreign financial conglomerate. With an objective analysis, we might grasp a clear picture of the acquisition event, witnessing the background, decision making process, acquisition task force, as well as action plans after acquisition. Six tentative conclusions are presented as follow: 1.) A comprehensive due diligent scheme is crucial to a successful acquisition. 2.) With an in-depth experience on local market, a foreign initiator would sort out a better candidate to target. 3.) The injection of advanced professional skills & network resources by the acquirer would reform and upgrade the competence of the acquired company. 4.) One of key factors to a successful M&A initiatives is to mitigate & smoothen with all means the impact to the staff of the acquired. 5.) A well-planned scheme for human resource would induce outstanding performance of the new-formed company. 6.) Highly complementary competences between two parties of the merger initiative will result in a positive synergy in the future. Finally, three suggestive assumptions are referred to the Authority. 1.) A well-planned scheme on human resources after acquisition is crucial to original staff and shall be a major concern to financial governance. 2.) Incentives & inducements to foreign general insurers are urgent and necessary to a reforming market. 3.) A prudent assessment is fundamental to a successful merger initiative by foreign financial conglomerate as well as the local market regulator.

中國大陸於1986年申請重新加入WTO，經過15年的長期努力及多方談判，並且在各種產業上做出重大讓步之後，於12月11日正式成為第143個正式的會員國。加入WTO之後，在大陸金融市場規模龐大且成長迅速的吸引之下，市場的開放必然會吸引大量的國際保險業者進入大陸。另外，與一般開發中國家的情況相似，大陸的金融產業相對於其他產業而言是發展較為遲緩的產業，金融機構進駐後造成的衝擊必然十分嚴重，因此大陸當局應儘早加以準備與因應。 本研究採用資料包絡分析法進行效率值之計算，並使用大邊界法建構出單一效率邊界，探討大陸產險業在加入WTO前後的效率變動情形。本研究的結果如下:1.根據單變量無母數統計分析，整體產險業在加入WTO前後三個效率值雖呈正向關係但不顯著，表示階段性的開放是較理想的措施。2.非中資公司的整體技術效率值、純技術效率值與規模效率值均高於中資公司，顯示非中資公司其全球化的經驗較中資公司更好、更成熟。 / Mainland China reapplied in 1986 to join WTO, passed through 15 years long-term endeavor and negotiates in every way, and made the significant concessions after each industry, on December 11, 2001 officially became the 143rd official member nation. After joining the WTO, the mainland's financial market scale and rapid growth attract, opening of the market will attract a large number of international insurance industry to the mainland. Furthermore, with most developing countries in similar circumstances, the mainland's financial industry compared to other industries in terms of development is relatively slow industries, financial institutions stationed after the impact is inevitable, therefore, the mainland authorities should be prepared as early as possible and to respond. This research applied Data Envelopment Analysis (DEA) to measure efficiency scores, and applied Grand Frontier to measure the trend of the efficiency change before and after joining WTO. The results of this study are as follows: 1. Based on the univariate statistical analysis, overall in the property insurance industry after joining the WTO three efficiency values have shown a positive relationship but not significant, said the gradual opening is a relatively ideal measures. 2. Non-Chinese company's overall technical efficiency, pure technical efficiency and scale efficiency were higher than the value of Chinese-funded companies that show non-Chinese-funded companies in their global experience are better and more mature than those Chinese-funded companies.

探討費率自由化第三階段實行兩年多來，汽車保險面臨費率自由化、及遵守保險業自律公約情況下，產物保險公司因應車商通路新競爭與新需求之行銷策略相關議題，藉由個案公司的分析探討，了解整體車商通路保險的現況與問題，提出有效建議車商通路汽車保險的關鍵成功行銷策略，並藉此拓展車商通路業績並達成利潤目標，以符合保險經營所要求的穩健性原則並創造保險公司、監理機關、車商通路與消費者多贏之態勢。 / 探討費率自由化第三階段實行兩年多來，汽車保險面臨費率自由化、及遵守保險業自律公約情況下，產物保險公司因應車商通路新競爭與新需求之行銷策略相關議題，藉由個案公司的分析探討，了解整體車商通路保險的現況與問題，提出有效建議車商通路汽車保險的關鍵成功行銷策略，並藉此拓展車商通路業績並達成利潤目標，以符合保險經營所要求的穩健性原則並創造保險公司、監理機關、車商通路與消費者多贏之態勢。

保險公司之經營效率如何，影響保險公司經營效率之因素為何，是國內外保險學者長期以來研究的議題。本研究以我國產險業為對象進行效率之研究，分別以財務中介法與附加價值法選取投入產出變數，以資料包絡分析法衡量產險公司之經營效率，並以Tobit迴歸分析公司型態、再保險比率、資產規模與產品集中度四項因素對效率值之影響，樣本期間自1988年至2004年，共17年。 效率值之逐年變動狀況顯示本國公司在財務中介法的效率值長期不如外商公司，且有逐年降低的趨勢；附加價值法則是外商公司逐漸追上本國公司。 Tobit迴歸分析顯示再保險之使用弊多於利，產險公司應加強核保，在承保能量範圍內盡量降低再保險之使用。產險公司應擴大規模，同時亦應積極開拓保險市場、加強投資，提高投資報酬率與資產報酬率。最後，產險公司應思考本身的優勢，集中經營某幾項險種，累積相關知識及經驗，以增進效率。

再保險交易為國內產物保險業者經營業務及風險管理上不可或缺之工具，近年衍生融通資金及改善財務結構之財務面功能，並傳出國際知名保險業者不當運用之情事，而引起各國保險監理機關之重視，開始建立再保險完整之監理制度及詳細規範。就我國產險業而言，現行再保險交易分出業務之會計處理，可透過再保費支出、再保佣金收入、再保攤回賠款及提存未滿期保費準備減少數等會計科目，產生盈餘釋放數，進而操控公司財務報表。本研究擬探討我國產險公司是否會利用承作再保險交易從事盈餘管理。 本研究分別採用縱橫資料迴歸及分量迴歸兩種模型，以1994-2008年之國內12家產險公司為樣本，探討再保險交易量及再保險交易盈餘釋放數與盈餘管理動機之關聯。實證結果顯示我國產險公司，就資本市場動機而言，當期盈餘數愈低者，會避免虧損而從事愈多再保險交易或有愈高之盈餘釋放數，若當期盈餘低於前期愈多者，則有愈高之盈餘釋放數；就稅負動機而言，若為高稅負成本者，將從事較少再保險交易或有較低之盈餘釋放數；惟就監理動機而言，發現產險公司保單持有人盈餘與實收資本之45%的差距愈小者，反而從事愈少之再保險交易。 / Reinsurance is an indispensable tool for property-casualty insurers’ business operating and risk management. In recent years, reinsurance derived some financial functions such capital finance and financial structure improvement. Some of the world famous insurers had been found improper use of financial reinsurance, which caused regulators of various countries try to establish more supervisory systems and detailed standards to monitor such behavior. The present accounting procedures of reinsurance ceded-out business might release surplus through reinsurance premiums ceded, reinsurance commission earned, claims recovered from reinsures, and the decrease of unearned premium reserves, which release might give insurers to manipulate the financial reporting. Therefore, this research attempts to examine association between reinsurance arrangements and earnings management on Taiwan’s property-casualty insurers. This research applies panel data model and quantile regression model to test the reinsurance transactions and the surplus release associated with earnings management motivation. The data draw from12 property-casualty Taiwan’s insurers from 1994 to 2008. For capital market motivations, the evidence indicates that property-casualty insurers manage more reinsurance transactions or the higher surplus release to avoid losses, and manage the higher surplus release to avoid earnings decreases. For tax burden motivations, the result shows that the higher tax burden insurers have, the fewer insurers manage reinsurance transactions and the lower surplus release. However, for regulatory motivations, the empirical results indicate that the less difference between policyholders’ surplus and 45% of total capital has, the fewer reinsurance transactions are being managed.

本文使用政大資管系及風管系所共同開發的動態財務分析模型(dynamic financial analysis model)，並測試該模型是否能準確區別出健全的產險公司及喪失清償能力的產險公司。我們進一步地使用羅吉斯迴歸模型分析該模型在預測產險公司清償能力的準確性。 從迴歸模型實證結果中指出在10%顯著水準下所有變數皆不顯著。此結果顯示我們的實證測試無法提供強烈的佐證以支持”該動態財務分析模型能夠準確地預測保險人清償能力”的說法。 根據實證結果，我們建議往後的研究可以使用不同年度的資料，藉由大量的樣本以增加統計分析的準確度，同時改善該動態財務分析模型以符合保險人擁有多種再保安排的實際狀況。在實證測試中，我們發現該模型仍然存在一些錯誤。假使該動態財務分析模型能有效率地消除這些錯誤，我們期待修正後的動態財務分析模型在預測產險公司的清償能力上有更好表現。 / This paper set out to empirically test whether the dynamic financial analysis model (DFA), developed in a joint project of Department of Management Information Systems and Risk Management and Insurance, National Chengchi University, could accurately classify both solvent and insolvent property-liability insurers. We used a logistic regression model to analyze the solvency prediction accuracy of the DFA model. The empirical results indicated that none of the variables were significant at the 10% level and did not offer strong supporting evidence that the DFA model could accurately predict the solvency of insurers. Based on this, we suggest that further research should perhaps use data over different years to increase the accuracy of the statistical analysis, by using larger samples; this may improve the DFA model by coordinating actual situations with various reinsurance arrangements. In the empirical tests, we found that the DFA model still has some bugs. If these bugs can be efficiently deleted, we expect a revised DFA model to perform well in predicting the solvency of property-liability insurers.

隨著金融市場的整合、金融控股公司的成立，保險公司、銀行與證券機構等的經營不再只是各自為政，其經營變化皆會影響到整體的經營成敗。子公司的經營應不再只是注重經營績效，還應納入各項經營風險的考量，在報酬與風險之間取得一個平衡點。 本研究主要是透過風險調整資本報酬(RAROC)，來測量在金控旗下產物保險公司經營績效之優劣。本文利用民國73年至93年的產物保險年鑑的財報資料，以RAROC及傳統財務比率，比較富邦公司與本國老公司經營績效之差異。 本文之實證研究結果發現如下： 1. 在傳統財務比率之下，富邦產物保險公司的經營能力與本國老公司大致相同，但獲利能力明顯優於本國老公司。 2. 在風險調整資本報酬比率下，營運部分之績效比較結果為： (1) 在全部業務之下，富邦產物保險公司與本國老公司大致相同。 (2) 在扣除分保業務之後，富邦產物明顯優於本國老公司 3. 在風險調整資本報酬比率下，富邦產物之投資方面的經營績效明顯優於本國老公司。 / After the renovation of financial market and the establishment of financial holding company in Taiwan, insurance companies, banks and security institutes will not operate independently, and their efficiency on operation will affect themselves. Subsidiary companies not only focus on efficiency on operation, but also measure variation of risk on operation to achieve a balance between risk and return. This study applies the concept of Risk-Adjusted Return on Capital (RAROC) to measure efficiency on operation of non-life insurance company in financial holding company. The empirical analysis is conducted based on the financial data of non-life insurance companies in Taiwan during the period of 1984-2003. The empirical results are summarized as follow. 1. Base on traditional financial ratios, the underwriting efficiency of Fubon is the same as the other companies, but in the part of investment, Fubon is more efficient than other companies. 2. Based on Risk-Adjusted Return on Capital for measuring underwriting efficiency: (1) Fubon and old local companies are the same efficient for total business. (2) Fubon is significantly more efficient than other companies for the retained business. 3. Based on Risk-Adjusted Return on Capital for measuring investment efficiency, Fubon is better than other companies.