第一章 前言 第一節 臺灣壽險業生命表製作簡史 第二節 研究動機 第三節 研究過程 第四節 研究限制 第二章 經驗生命表與檢選表 第一節 生命表的介紹 第二節 檢選表的特性 第三章 經驗檢選表之編製 第一節 確定資料基礎 第二節 檢選期間的決定 第三節 粗死亡率的計算 第四節 檢選因子與檢選係數 第五節 檢選表的修勻 第六節 修勻效果的測試 第七節 安全率的附加 第四章 試編臺灣壽險業經驗檢選表 第一節 各項經驗資料基礎的確定 第二節 粗檢選－終極死亡率表 第三節 檢選粗死亡率表之修勻 第四節 經驗檢選表的完成 第五節 檢選－終極死亡表 第六節 提出問題與檢討 第五章 臺灣壽險業經驗檢選表之應用 第一節 檢選表對各險種之影響 第二節 新商品之開發 第三節 經驗檢選表在實務上的其他用途 第六章 結論及建議 第一節 結論 第二節 建議 參考書目

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This thesis reviews the UK life insurance industry comprehensively in terms of performance and business behaviour. One major contribution of the thesis is to challenge the conventional view on evaluation of investment funds from a shareholders’ perspective. The accounting valuation techniques to evaluate investment from the policyholder’s perspective have not been advanced to the same extent as methods designed to evaluate investment from the shareholder’s perspective, due partly to the accounting complexity of the investment management. Against this context, the thesis develops a valuation method on the basis that policyholders’ basic expectation that their saved funds shall be invested with value growth higher than inflation in the real goods market, and the thesis takes this as the benchmark to assess the reported value of policyholders’ assets. The thesis employs this valuation to assess the performance of different life assurance products (conventional vs. modern) and examine whether the transformation (from conventional to modern) has any impact on insurer performance and behaviour. The thesis also examines whether product diversification impacts realised and unrealised investment income homogenously; the result suggests that the effect of product diversification on performance varies across different measurements of realised and unrealised gain. The second major contribution of the thesis is to test the validity of different output proxies and compare efficiency scores based ranking for competitive firms to the value creation based ranking. Overall, the thesis suggests that different output proxies give consistently similar ranking for competitive firms, and cost efficiency based on different proxies are closely related to conventional measurers of firm performance and value creation in terms of value and ranking.

Thesis (M.B.A.)--Boston University.

Wong, Shiu Fung. / "July 2010." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 36-38). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Participating policy --- p.4 / Chapter 3 --- Levy Process and its use in financial modelling --- p.8 / Chapter 3.1 --- Levy process in asset modelling --- p.8 / Chapter 3.2 --- Levy process in derivative pricing --- p.11 / Chapter 3.2.1 --- Review of FFT methods in option pricing --- p.12 / Chapter 3.2.2 --- Expectation using FFT --- p.13 / Chapter 4 --- Network methodology --- p.17 / Chapter 4.1 --- Asset dynamic: Network Approach --- p.17 / Chapter 4.1.1 --- Transition probability by FFT --- p.18 / Chapter 4.1.2 --- Example in American option pricing --- p.19 / Chapter 4.2 --- Extended Network for Participating Contract --- p.20 / Chapter 4.3 --- Practical network construction --- p.22 / Chapter 4.3.1 --- Modified network-drift offsetting --- p.23 / Chapter 4.3.2 --- Logarithmic scale network --- p.25 / Chapter 4.4 --- Incorporating surrender rights and mortality --- p.26 / Chapter 4.4.1 --- Surrender right --- p.26 / Chapter 4.4.2 --- Mortality --- p.27 / Chapter 4.5 --- Proof of convergence --- p.28 / Chapter 5 --- Numerical Results --- p.32 / Chapter 5.1 --- The Black and Scholes model --- p.33 / Chapter 5.2 --- The Merton's Jump diffusion model --- p.33 / Chapter 5.3 --- Variance gamma model --- p.34 / Chapter 6 --- Conclusion --- p.35 / Bibliography --- p.36

The capital requirements for insurance companies in the Solvency I framework are based on the premium and claim expenditure. This approach does not take the individual risk of the insurer into consideration and give policy holder little assur- ance. Therefore a framework called Solvency II is under development by EU and its members. The capital requirements in Solvency II are based on risk management and is related to the specific risks of the insurer. Moreover, the insurer must make disclosures both to the supervising authority and to the market. This puts pressure on the insurance companies to use better risk and capital management, which gives the policy holders better assurance. In this thesis we present a stochastic model that describes the development of assets and liabilities. We consider the following risks: Stock market, bond market, interest rate and mortality intensity. These risks are modeled by stochastic processes that are aggregated to describe the change in the insurers Risk Bearing Capital. The capital requirement, Solvency Capital Requirement, is calculated using Conditional Value-at-Risk at a 99% confidence level and Monte Carlo simulation. The results from this model is compared to the Swiss Solvency Test model for three different types of life insurance policies. We can conclude that for large portfolios, the model presented in this thesis gives a lower solvency capital requirement than the Swiss model for all three policies. For small portfolios, the capital requirement is larger due to the stochastic mortality risk which is not included in the Swiss model.

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Abstract Based on the underlying intentions of life insurance, if managers of insurance companies truly understands the importance of insurance to the society, their management philosophy would be grounded on care for the needs of the public and implement such philosophy as their management objective. Yet, according to the year 2004 statistics published by the Life Insurance Association of the Republic of China, the average insured value of new life insurance contracts is merely NTD 780,000 in 2004. The average insured value of effective contracts is NTD 780,000, while the ratio of insurance coverage is 166.3% (effective contract divided by total population). This indicates that the average payout for every death is only NTD 1,290,000, indicating significant inadequacy of life cover. There is a popular saying in the insurance business, ¡§birds would be found where there are trees, and business achievements would be found where there are people¡¨. The majority of sales departments in life insurance companies focus on achievement of new contracts; new staff will bring sales to the company. Increased rates of ineffective policies arising from low retention rate of new salespeople, lack of professionalism among salespeople, or inadequate service were not considered. Therefore, insurance salespeople are not only the key elements in the business achievements of insurance companies, but also the key personnel underlying long term performance indices. The objectives of this study are: 1)What are the characteristics of salesperson that exhibit excellent performance? 2)Which recruiting channel recruits the best insurance salesperson? 3)What are the methodologies for recruiting and selecting insurance salesperson? 4)What are the impacts of such recruiting methods on the performance of the insurance company? 5)Are the insurance salesperson recruited through such channels appropriate to the needs of the company? A case study is adopted as the research method. The subject company ¡V Prudential of Taiwan (POT), clearly understands that business performance is grounded on having professional insurance salespeople. Hence the long term business objective of POT is to recruit and nurture professional life insurance planners, which is different to the management approach adopted by majority of the insurance companies in Taiwan. The recruiting and selecting methodology of the case company was studied. The business philosophy, sources of recruitment, recruiting and selecting methods and processes were reviewed. Furthermore, in-depth staff interviews to gain their viewpoints on recruitment were conducted. Results of the study into the recruitment methodology and interviews were compared to reflect the results of long term key performance index of insurance company. The findings of this study are: the long term performance index of POT, namely staff retention rate, individual average insured value per new policy, insurance company retention rate, persistency rate of the policy, rate of passing staff qualification tests and, MDRT membership qualification rate, the incremental rate of the premium income, were all rated above competitors. ¡iKeywords¡j Prudential of Taiwan¡ALife Insurance¡ARecruiting¡ASelecting¡ALifePlanner

The Internet booming has changed the traditional way of doing business. Following this trend, the enterprise in general pursues competitive advantages through developing electronic commerce solution for its business. The favorable conditions such as the maturity of technology, the growth of Internet population, and changes in customer needs have prompted many life insurance companies to adopt business models to grasp opportunities in the Internet area. This research is concerned about the Internet business model for life insurance. Value Chain analysis is first employed to explore the impact of Internet on the life insurance industry. Then brainstorming is sought from domain experts to discover value created in electronic commerce applications. As an evaluation methodology where hard data may be rare or unavailable, the Delphi method is applied to obtain the consensus of experts about the impact and value brought by implementing electronic commerce in life insurance industry. In the final analysis, product innovation, infrastructure management, customer relationship management were employed as major dimensions to analyze results from the Delphi survey. The propositions concluded for constructing the business model are as follows: First, as information technology becomes more accessible, life insurance company can provide promotion online, insurance purchase online, discount of insurance fee and customer service online to target customers in different markets. Second, life insurance company must do business process reengineering when they decide to adopt electronic commerce. Third, life insurance company can view the Internet as an information-based channel, which can provide transparent and immediate information and then can provide the personal facility for customer to raise customers¡¦ trust and loyalty. Fourth, as the electronic commerce environment of the life insurance industry as a whole is not mature yet, the current implementation of relevant business models is aimed mainly for cost reduction. In summary, the research suggests that life insurance company should redesign the business process to cooperate with insurance purchase online and sales agents should transform toward the role of providing consultation services to their customers.

Thesis (M.B.A.)--University of Hong Kong, 1986.