This licentiate thesis examines the development of the life insurance industry during the period 1855-1914. The aim with the study is to recognise dimensions not frequently addressed by previous research on the insurance industry, namely the impact of social dimensions, including the implicit and explicit economic importance of social movements and the diffusion of knowledge in society at large for the development of the life insurance industry. The study shows that income and price had limited importance in explaining the demand for life insurance before the 20th century and that this can be attributed to a lack of sufficient knowledge regarding financial issues and to a far too high access cost in acquiring a life insurance for a large part of society. The development of the life insurance industry must therefore be understood through improved knowledge both on the part of the life insurance companies and on part of the consumers. The licentiate further shows how diffusion of knowledge throughout society also was due to a diffusion of democratic ideas and the rise of social movements, movements that life insurance actors were a part of. These actions helped open up the financial market for the masses and probably also strengthened the trust towards the industry. It is however hard to dismiss the life insurance actors’ engagement in women’s movement as a cover-up for other disguised motives not so honourable, while a direct economic gain for the life insurance industry is hard to establish.

面對21世紀與過去經濟型態具有本質上差異的新經濟的衝擊，我國壽險產業由原本的封閉時期，到市場完全被打開，又到今年我國加入WTO後，經濟環境條件變得更複雜，全球購併風四起，金融保險業界限越來越模糊，造成更多潛在競爭者蠢蠢欲動想要進入我國壽險市場。由於我國保險市場長久呈現寡佔局面，新設的保險公司是否還有機會可以在這塊大餅迅速竄起以佔一席之地？ 本研究嘗試從壽險業的公開資料及個案訪談中，希望可以將國內壽險公司，包含本土公司及外商公司進行分析研究，之後希望可以分類出不同經濟環境下，組織應該採取何種業務成長分殖模式，可以有效地保證組織持續不斷成長及分殖。 本研究主要針對我國壽險業務不同時期不同組織模式進行分析。 本研究第一部份將經由分析過去成功的壽險公司成長歷程，去探討組織成長各種可能的模式。 第二部分將利用市場數值來實際評估各階段，在不同的環境條件下，不同的組織模式的適用程度。 第三部分預測新經濟環境下，避免企業越大越僵化且能應付動態多變環境之較佳組織模式。 本研究整理發現主要兩大點結果，其中一點是認為組織的最佳模式會依環境而改變，另一點是認為一個與過去本質上具有差異的新經濟環境下，最適合的組織分殖模式是細胞型組織。 本研究指出，隨著經濟環境條件不同，組織模式設計也不同。而組織模式必須與環境相配合才可以創造高成長率。其中封閉市場環境下，適合集中管理式的組織模式設計。而開放市場環境下，則較適合內部創業的組織模式設計。若在複雜競爭環境下，則較適合細胞型的組織模式設計。 另外，透過觀察四個個案發現在開放競爭環境中，壽險業務制度設計為內部創業制度可以維持長期的成長。而且如果壽險公司業務制度設計採內部創業制度，還可以達到高保單的繼續率。另外，越符合成員擁有權的組織模式，人員定著率越高也符合一般的認知。 值得一提的是，內部發展採細胞組織的業務制度設計有助於外部發展之購併策略的成功。事實上，細胞組織確實較有助於組織分殖動作，進行新市場的開發。 由前述內容可以發現，細胞組織由於符合創業精神，因此鼓勵員工進行內部創業，不僅在組織內部進行快速的複製及分裂動作，且因為符合成員擁有權的觀念，可以讓員工有自己當老闆的心態，進而同時可以維持高品質的保單。再者因為細胞組織具有組織自我成長的動力，因此組織除了會自行進行複製之外，在新地區的開發上，也可以搭配購併策略收綜效之益；在新市場開發上，由於組織具有自我成長的能力，可以透過細胞母體（總公司）傳達理念進行分殖，發展專屬核心技能後可以拓展新市場，較競爭者更快速取得競爭優勢。因此本研究認為新經濟環境下，壽險業務制度最佳組織分殖模式為細胞組織。 / Facing on the impact of the new economy which is different from the previous one in the essence phase, Taiwan life insurance industry had change from the original oligopoly market to the completely competition one. After Taiwan joining the WTO, the former financing and insurance market boundary will blur into an unrecognized style. Under this condition of that competitors getting more and more in this market, the new setup insurance company will face a great challenge of succeeding in Taiwan life insurance market. The main object of this study is trying to analysis the organization model in the different economy stage through the manager interviewing and secondary data comparing in the open market. After the necessary data collecting, case study will provide a suitable model of predicting what is better organization form in the 21century economy environment. The first part of this research is finding every possible model of organization growth through analyzing the leading companies history. The second part is evaluating each stage of economy environment by studying the market data to see the level of adaptable between organization form and environment term. The 3 growth strategy which can help organization grow up steadily is scaling, duplication, and granulation. Scaling means do more of what you are good at, duplicating means repeat the business model in new region, and granulating is growing the selected business cell. General economy stage can be divided in to standard stage, customlized stage, and innovation stage. With the different stage, there were different primary commercial systems working. The last part is predicting the better organization form, which can meet the criteria of the difficult dynamic environment. There are 2 main results after survey shown above. One conclusion is the best organization form will change with environment variation by time. Another is that in the new economy environment, which is different from the past, the best organizational granulating model is cellular form. With the different organization condition, there should be matching with different organizational design. If and only if the organization form is suited with the environment, the organization will represent the higher growth rate. In the environment of oligopoly market, the concentrated organization is the better design. But in the open market, the organization design with developing the entrepreneurship within the organization is the better. The cellular form is the better organization design in the complex competition environment. After observing the 4 cases, there are several results that can be found. First, if the life insurance sales system design was set up with developing the entrepreneurship, it will keep a steady growth rate, and higher contract-continuing rate. The organization form with high member ownership shows lower turn over rate. At the same time, the sales system with cellular form will help the success of growth strategy. Cellular form can really help the granulating of the organization and the exploiting of new market. Cellular form meets the entrepreneurship organization design criteria implies the fast duplicating and spinning off within the organization. Cellular form meets the concepts of member ownership implies the high contract quality. Cellular form has the power of self-growth, which implies the cell can do the granulation through the way of spreading the ideal of the parent company. After the cell having developed their exclusive core-competence, a new chance of new market exploiting will be formed, so that the organization can get the competition advantage than its competitor. Company may learn the sales system from other company, but the result may different. The root cause is that their final system always different although they learn it from the same source. There is only one form is most suitable in a new economy and the form changes with time and economy style. In conclusion, the best granulation model of life insurance sales system is cellular form in the new economy environment. There was still one suggestion can be made. The new entrance competitor should achieve the economy of scale in the shortest time. The following research can consider about the idea of what’s the effect of cellular form in other industry, what’s the influence of other growth strategy on organization growing, and what’s the impact on the organization growing if the sales system unstable.

一､研究目的：藉由下列問題，以瞭解消費者追尋壽險商品利益所在： (1)「購買壽險經驗」是否因人口統計變數之不同而有差異? (2)「購買壽 險經驗」在購買壽險利益因素上有無不同? (3)「購買壽險利益因素」是 否因人口統計變數之不同而有差異? (4)「購買壽險經驗」在一般生活型 態上有無不同? (5)「生活型態」是否因人口統計變數之不同而有差異? (6)消費者之「購買壽險利益因素」與「生活型態」是否有關? (7)消費者 之保險訊息來源為何?二､研究方法： □9歲居住台北市之民眾為研究 對象，並以「普通個人壽險 便利抽樣法調查，再利用次數分配､卡方檢 定､相關分析､因素分析､ANOVA 及典型相關分析等方法分析資料。三､ 研究結果發現： 姻狀況」､「實足年齡」､「職業」及「個人月所得」 等五個人口統計變數均與購買壽險經驗有關。 者較重視「公司形象與理 賠」､「保單內容能否瞭解」等 ；而無購買壽險經驗者則無顯著之購買 壽險利益因素。 育程度」､「職業」及「個人月所得」等四個人口統計 變數，各有其較重視之購買壽險利益因素。 者較傾向於「家庭導向」､ 「追求新知」及「戶外活動」等生活型態：而無購買壽險經驗者並無顯著 的生活型態。 姻狀況」､「年齡」､「教育程度」､「職業」及「個人 月所得」等六個人口統計變數，皆各有其較傾向之生活型態。 壽險利益 因素」與「生活型態」之間，有三個典型相關。 險訊息來源依序為：親 友或同事的告知､保險招攬人員､電視或收音機之保險廣告､保險商品簡 介等四項。

一、研究目的： 本研究的目的在了解以下問題： （一）教育訓練是否能改善業務人員的保險相關知識、從業態度、銷售技巧及工作習慣。 （二）教育訓練與業務人員績效是否相關。 （三）個人之人口統計變項與績效是否相關。 （四）個人之人口統計變項與教育訓練是否相關。 二、研究方法： 本研究以國泰、新光、南山、國華、安泰、大都會、保德信、喬治亞等大台北地區營業單位之業務人員為其研究對象，並以壽險業務人員教育訓練內容（ＫＡＳＨ）之認知為研究範圍。 抽樣方法採用非隨機抽樣中的便利抽樣及集體抽樣。 本研究利用統計方法係次數分析、t test、相關分析、變異數分析、複迴歸分析及LSD等來作檢定與分析。 三、研究結果： （一）教育訓練確定能提昇業務人員保險相關知識、從業態度、銷集技巧、工作習慣並增加業務人員推動業務的信心。 （二）從業態度對績效有顯著影響。 （三）在人口統計變項方面： 1、人口統計變項對教育訓練影響情形： (1)教育程度對從業態度有顯著影響。 (2)第一家服務壽險公司及目前服務壽險公司對保險相關知識、從業態度、銷售技巧、工作習慣、信心皆有顯著影響。 (3)家庭生命週期從業態度的認知有顯著影響。 2、人口統計變項對績效影響情形： (1)壽險銷售時間長短對每月平均保費及公司排名有顯著影響。 (2)年齡對公司排名有顯著影響。 (3)第一家服務壽險公司對每月平均件數、上季達成率、公司排名有顯著影響。 (4)目前服務壽險公司每月平均保費、每月平均件數、上季達成率有顯著影響。 (5)家庭生命週期對公司排名有顯著影響。

<p>This licentiate thesis examines the development of the life insurance industry during the period 1855-1914. The aim with the study is to recognise dimensions not frequently addressed by previous research on the insurance industry, namely the impact of social dimensions, including the implicit and explicit economic importance of social movements and the diffusion of knowledge in society at large for the development of the life insurance industry. The study shows that income and price had limited importance in explaining the demand for life insurance before the 20th century and that this can be attributed to a lack of sufficient knowledge regarding financial issues and to a far too high access cost in acquiring a life insurance for a large part of society. The development of the life insurance industry must therefore be understood through improved knowledge both on the part of the life insurance companies and on part of the consumers. The licentiate further shows how diffusion of knowledge throughout society also was due to a diffusion of democratic ideas and the rise of social movements, movements that life insurance actors were a part of. These actions helped open up the financial market for the masses and probably also strengthened the trust towards the industry. It is however hard to dismiss the life insurance actors’ engagement in women’s movement as a cover-up for other disguised motives not so honourable, while a direct economic gain for the life insurance industry is hard to establish.</p>

During the last decade several Japanese life insurance companies failed mainly due to interest losses. In fact, interest rate risk dominates mortality risk for a portfolio of business in force. When the interest rates are modelled as random variables, the yields on bonds are the sum of expected short spot rates and a risk premium for random bond prices. However, in our study, we assume a risk-neutral environment, i.e. zero risk premiums. As tools to deal with stochastic interest rates, various interest rate term structure models are considered. The Vasicek model, the Heath-Jarrow-Morton (hereafter “HJM”) approach and Cairns’ model are explained in detail. The history and nature of the very low interest rate environment in Japan is described in line with the monetary policy framework of the central bank. An unusual interest rate movement in the very low interest rate environment is identified. A modified HJM approach and Cairns’ model are chosen in our study. Cairns’ model is used to graduate the initial yield curve. The HJM approach with a specific volatility function and modified to deal with very low interest rates is used for simulating subsequent developments of the initial yield curve. After the introduction of various concepts needed to investigate a life insurance policy portfolio, we prepare for simulation by collecting information and by fitting parameters to market observations. The Yen swap curve is chosen as a base yield curve. The simulation results show how much initial capital and/or margins are needed in order to avoid the ruin of a portfolio.

The aim of the thesis with title Evaluation of life insurance is to choose the most convenient insurance product for a specific client. Since we choose insurance on the basis of several criteria and it is not obvious at first sight which product is the most advantageous, it is suitable to use methods of multiple criteria decision making. In theoretical part basic notions concerning insurance industry and multiple criteria decision making are explained. Next, all methods which are used to determine weights of criteria and to choose the best variant are described in detail. For purposes of the thesis there were gathered drafts contracts for investment life insurance and risk life insurance from seven insurance companies, which means altogether fourteen contracts. In practical part evaluation criteria are determined in collaboration with client and their weights are calculated. Next, order of particular variants was determined. All process was in person consulted with a specialist from the area of insurance industry. On the basis of used methods of multicriterial evaluation of variants we can say that for the specific client the insurance product Bella Vita from the Insurance Company Generali is the best choice. In comparison with other alternatives it´s advantage is insurance payment already from the fifteenth day in case of incapacity for work, which arose as a consequence of injury and high insurance payment in case of hospitalization. If the client will choose investment variant or risk variant depends only on his decision, because their results are comparable.

The diploma work deals with an analysis of the contemporary income distribution system in the Czech Republic and a chosen country of the EU. In order to compare the social system of the Czech Republic with another one, as the representative of the EU Slovakia was chosen for both countries have the same roots in the social area and their developement after dividing the CSFR is not so different as it is in comparison with other countries of the EU. The aim of this diploma work is to make a rounded-off view of the social systems of both countries and their comparison. Nowadays, scarcely anybody doubts that necessity for regulations and reforms in the area income distribution system is bigger and bigger. So far the inhabitants have been appealed for not relying just for the pension paid by the state but for ensuring their retirement from their own funds, especially if they are economically active. Among these funds belong different forms of investments and savings, life insurance and pension insurance. These funds are believed to be the most suitable and accessible means of creation of financial reserves used in the retirement and this diploma work deals with them as well. The diploma work should clarify the problems and by means of a scheme of the system existing in the Czech Republic make easier appreciation of steps made in various life situations.

A number of articles only present hurdle models for count data. we are motivated to present hurdle models for semi-continuous data. Because semi- continuous data is also commonly seen in non-life insurance. The thesis deals with the parameterization of various hurdle models for semi-continuous data besides for count data in non-life insurance. Two components of a hurdle model are modeled separately. A hurdle component is modeled by a logistic regression. For a semi-continuous data, a continuous component is modeled by several various regressions. Parameters of each component are estimated through maximum likelihood estimation. Model selection is mentioned before theoretical approaches are applied on the vehicle insurance data. Finally, we get some predicted values based on the fitted models. The prediction gives insurance companies a general idea on setting premium but not accurate. 1

[pt] As grandes mudanças mundiais ocorridas a partir da década de 70 tornaram o mercado financeiro mais volátil, exigindo medidas que minimizassem o risco do sistema. Iniciou-se assim a utilização de métodos baseados em análise de risco. Este novo conceito tem como princípio a mensuração e a garantia da solvência de uma empresa para que possa operar resguardando-se dos riscos econômicos a que esteja sujeita, com um alto nível de confiança, dado um horizonte de tempo pré definido, utilizando para isso modelos internos de gestão. O modelo proposto nesta dissertação para o risco de subscrição se baseia na utilização de tábuas de múltiplos decrementos e Simulação de Monte Carlo. Foram aplicadas técnicas de Solvency Capital Requirement (SCR) e Minimum Capital Requirement (MCR), bem como avaliadas suas relações com as provisões técnicas em aplicações de seguro de vida e fundos de pensão, nesta situação considerados dois casos: só tendo participantes ativos no grupo e outro incluindo-se participantes assistidos. / [en] The major global changes that occurred from the 70s became financial market more volatile, requiring measures that minimize the risk of the system. It started the use of methods based on risk analysis. This new concept has in principle the measurement and ensuring the solvency of a company that can operate safeguarding themselves from the economic risks, with a high level of confidence, given a pre defined time, using it for internal models management. The proposed model in this dissertation to the risk of subscription is based on the use of tables of multiple decrements and Monte Carlo Simulation. Techniques were applied to Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) and evaluated its relationship with the technical provisions in life insurance applications and pension funds, in this last two cases were considered: only active participants in the group, and another one including other participants attended.