Investment-Linked Insurance was introduced to the Taiwan market in 2001. It has since influenced the way insurance sales agents sell the products. Because of the level of complication of Investment-Linked Insurance compared with traditional insurance, and professional knowledge and skills needed during the selling process, an insurance sales agent needs to improve his competence in order to become a financial advisor for his customers. However, literature review shows that most researchers focus on how to improve customer satisfaction, service quality, customer loyalty or the impact of training on sales. There are so few studies related to the development of a training system specifically designed for selling Investment-Linked Insurance. According to the results from surveys, almost sixty percent of sales agents consider the ability of gathering and analyzing information or the understanding of political or economical status the skills they need the most. Moreover, almost fifty percent of sales agents believe the investment performance in the past does not affect the decision of customers for the purchases of Investment-Linked Insurance. At the same time, seventy percent of sales agents admit that customers tend to stay off Investment-Linked Insurance because of risk. Not only do surveys show that sales agents need more skills, but also interviews indicate that sales agents are afraid that they can not improve their competence without a systematic training. Therefore, we classify the knowledge and skills needed during the sale process for Investment-Linked Insurance. After the basic training sessions, sales agents will take five training modules, including data collection, interpretation of political or economical status, investment portfolio allocation, investment performance review and funds analysis. At the same time, sales agents follow the training steps of identification, learning, practices and articulation in order to get ready for Investment-Linked Insurance. The benefits of this training system for Investment-Linked Insurance are two-folds, including the increase of time and cost efficiency for training and the enhancement of professional knowledge or skills.

Investment-linked insurance in Taiwan has been listed for almost a decade since 2001. In 2002, after the big sales of the investment-linked insurance, the domestic insurance companies also joined the market. For the investment-linked insurance, the policyholders retain the protection of the life insurance as well as share the earnings of the investment. Since the main investment instruments of the investment-linked insurance are mutual funds, it is important to study how to optimally allocate the portfolio. This research consider the returns of the mutual funds under tree models assumption. The objective is to find the optimal portfolio which has minimum variance and attained a given expected return level. The problem is also known as mean-variance portfolio problem. In the empirical work, we study eleven daily mutual fund price data from Sep. 2007 to Nov. 2008. Using the data of the first 12 months, we first establish initial tree price models, then update the parameters of the tree model by the EWMAmethod. The optimal trading strategies of the mean-variance portfolio are investigated under this model setting. We class the mutual funds into three categories: equity funds, balanced funds and bond funds. Different combination of these three kinds of funds are considered to find the optimal trading strategy respectively. The results showed that the realized returns using this optimal trading strategy in practice is close to the pre-specified expected return level.

本研究擬先釐清投資型保險商品之本質及其運作方式，次就我國現行法規及制度探討相關之賦稅議題，並參酌其他國家（美國、英國、日本）對於投資型保險之課稅規定，藉以歸納未來修法時可行之方案。並以問卷調查，瞭解受訪者（包括專家學者、稅務人員及保險從業人員）對現行制度及未來改革方向之看法與意見，俾能於符合國際潮流並兼顧租稅基本原則之前提下，對我國投資型保險商品相關之課稅問題提出合宜具體之建議。 經問卷結果發現，受訪者對投資型保險之第一印象以「分離帳戶之獲利程度」最為普遍，各項租稅優惠項目亦影響受訪者對其之購買意願；現行制度下，濫用租稅優惠之現象亦普遍存在，並與租稅公平性有所違背；本研究建議現階段以投資型保險分離帳戶之資產為賦稅改革方向。設立門檻法則，作為投資型人壽保險之保單能否適用租稅優惠之標準。 / First, this study is clarifies the nature and functioning of investment-linked insurance, Secondly, discussing the controversy under present regulations. And the income tax norm of the United States, the U.K. and Japan will be introduced in this study in order to derive the solution plans. Finally, in order to let the conclusion be based on the international trends and the principles of tax and offer the concrete proposals of tax reform. The study uses questionnaires to collect the opinions from experts, tax collector and insurance personnel. The results show that the first impression of investment-linked insurance for examinees is “the gains in separate account” in generality, and their purchase intention depends on the tax benefits of insurance. However, the present regulations violate the equity principle, the phenomenon of abusing of tax benefits of insurance is still common. Therefore, the study suggests that the assets in separate account should be taxed. Setting“The Corridor Rule” as the standard to evaluate whether the investment-linked life insurance contract can apply to tax benefits or not.

為保險業跨業經營預先佈局、增加保單持有人之投資選擇權及因應市場利率之低糜，我國擬於近日推出投資型保險，然而投資型保險基於其特有之性質，其監理自應與一般傳統型保險有所不同。本文先就投資型保險作一定義，並論述其性質及特色，次敘述其歷史發展沿革，再予以介紹其主要之種類。而關於投資型保險監理部分，一般來說，保險監理可分為財務監理及業務監理二部分，本文即依循此二面向分別作一探討。就財務監理部分而言，分就分離帳戶之規範、資金運用規範、責任準備金提存之規範、解約金之規範及稅賦規範五個議題作分析探討，再行提出建議。另一方面，就業務監理部分而言，則分就經營資格規範、資訊揭露規範、商品規範及銷售規範四個議題作分析探討，再行提出建議；最後總結全文以提出結論並針對我國投資型保險之監理提出建議。 / For facilitating of cross-business operation of the insurance industry, increasing policyholders’ choices in financial services, and shifting attach of interest risk, investment linked insurance products will introduced into the Taiwan insurance market soon. Based on it’s special features, the regulation of investment linked insurance should be different from the regulation of traditional life insurance. This paper defines the scope of investment linked insurance and discourses it’s nature and special features in the first place, and then describes it’s historical evolution and main types. In terms of insurance regulation, it is generally divided into two broad categories: i.e. financial regulation and market conduct regulation. This paper studies on the issues of regulation of investment linked insurance in such an approach. With regard to financial regulation of investment linked insurance, five aspects of regulation of investment linked insurance are examined: separate accounts, investments, liability reserves, surrender cash value and tax. With regard to market conduct regulation, this paper includes four aspects: operational qualification, information discourse, products and marketing. Finally the author submits his conclusion and recommendations to the regulatory authority to enhance the framework of regulation of investment linked insurance in Taiwan.

這些年來，經濟環境持續惡化，市場利率不斷下滑，壽險公司面臨利差損的巨額損失，然而相關修正法規通過投資型商品的銷售，因此壽險公司積極開發投資型商品，運用此商品來對抗利率下跌所產生的風險，同時提供消費者「保險」與「投資」雙重功能的新商品。 本文根據當前金融環境及壽險業所面臨的問題，來探討壽險公司對投資型商品的經營策略，並實際訪談己推出投資型商品外商、本土具代表性的壽險公司，最後依據研究結果做出結論及建議。 本研究得到的結論歸納如下：(1)壽險公司銷售投資型商品，朝改善商品結構，有效防範和化解經營風險，提升核心競爭力，亦是建立長期競爭優勢。(2)經營投資型保險經管風險的評估，其最大費用是教育訓練及軟体系統的投資與維護，即作業風險是最大考量。(3)外商保險公司發展投資型保險商品速度快於本土保險公司，對市場反應力較強。而本土保險公司，要落實教育訓練較為費時，因此本土公司都從簡單易懂商品開始，漸進式轉入投資型保險。(4)外商公司的競爭優勢是商品設計，行政作業靈活及電腦系統優異，而本土公司的核心競爭力則是行銷通路及眾多業務員，因此由簡易套裝商品切入市場建立客戶群。(5)保險公司業務員仍為主要行銷通路，而「全方位理財顧問」將是業務人員的定位，因此教育訓練及選才是壽險公司進入投資型保險的重要課題。(6)對行銷人員來說，以往「人情保」或「退傭金」的銷售模式己不適用，而是要規劃客戶需求的責任風險，及提供相關金融知識，成為客戶個人及家庭的理財顧問。(7)金融自由化及金控法規通過，壽險公司必需整合資源形成經濟規模，對於投資型商品的投資靈活性、商品成本透明度與投資種類的組合等方面將是壽險業之間競爭模式的轉變。(8)投資型商品具有保障和投資雙重功能，但需將投資型保險當作保險商品來運用而非投資工具，並且要「長期持有」才能顯現基金績效；而業務人員誠實揭露相關費用及明確告之消費者權益和義務是避免銷售糾紛的最重要關鍵。 關鍵字：投資型保險商品，經營策略，行銷通路，教育訓練 / Because economic environment is getting worse and the interest rate is lower and lower, the life insurance companies are in face of huge profit loss. In the meaning time, the related laws and regulations were released； therefore the hfe insurance companies strongly developed the investment-linked insurance to overcome the impact of lower interest rate and to offer new products to customers, which meet insurance and investment both benefits. Based on financial environment has today and the problems of insurance industry, this study is to discuss the operation strategies of investment- linked insurance products. By extensive interview with the major of four insurance companies, we come out conclusions and related suggestions. The main conclusions of this study are described as followings： (1) For effective and solving the operation risk, the life insurance companies should sell investment-linked products and keep improving the structure of the products. In the long run, the life insurance companies need to build up core competence through investment-linked insurance products. The middle size company may consider Investment-linked products as major products to develop business. (2) There are two major factors to evaluate the business risk, which are the training course and the cost of software. (3) Foreign insurance companies very fast-developed investment-linked insurance products to meet market request. The local insurance companies have to build up customers based through simple-packaged products. The large size companies have to consider the training system early and to help sale improving the financial knowledge. (4) The competitive advantages of foreign companies are design products, operation system and computer hardware. The strength of local companies is having channel infrastructure and many salesmen. (5) The agents are main marketing channels and to be a financial consonant. The training course and selection are important to the life insurance companies. (6) By brothering customers or returning commission, it is not a suitable sales model for salesmen. To offer right risk plan and financial knowledges, salesmen are a financial consonant for customers or customers’family. (7) The completive situations between life insurance companies are to offer investment-linked insurance products, which have investment information, cost and investment portfolio. (8) The investment-linked insurance products have insurance and investment both benefits, but tibey should be regarded as a tool of insurance. Customers have to keep them long turn to get the benefits of fund. Salesmen also have to tell customers clearly about their rights and all costs to avoid argument after sell. Key words: investment-linked insurance products, management strategies, marketing strategies, training course.

投資型保險商品乃為因應市場利率走低，提高壽險業之競爭力而設計之產品，適逢主管機關修正保險業資金運用之相關法令限制，投資型保險商品在台灣市場推行之時機似已來臨。 本文根據英、美發展投資型保險商品之金融、產業環境背景，檢視當前環境狀況，評估我國是否具有發展投資型保險商品之條件與需求；並透過個案研究方式，對八家壽險公司進行深度訪談，以了解壽險業者對投資型保險商品之經營策略，經由個案分析比較，依循研究架構發展出相關命題，並據此歸納出研究結論及建議。 本研究主要結論如下：(1)利率持續走低與法令的開放，象徵投資型保險商品時代臨。(2)外商公司未來將以經營投資型保險商品為主，本土公司將採取投資型保單與傳統保單並重的經營策略。(3)外商公司競爭優勢為擁有國外經驗，本土公司優勢為擁有較大的通路。(4)高所得、有投資共同基金或股票經驗、有退休金規劃者為業者主要的目標市場。(5)目標客戶及通路的選擇將影響產品策略。(6)公司業務員為主要行銷通路，銀行、證券公司為積極開發的次要通路(7)壽險公司今後的競爭取決於管理、服務和資金運用績效。 / To comply with the down trend of market interest rates, enhance the competibility of insurance industry, at this time the governmental institutions revised investment limitation of the related laws & regulations, it seems the time to promote investment linked insurance products is comming. This study will help us to overview current situation and evaluate whether Taiwan owns enough criteria and demand to develop investment linked insurance products based on the financial environmental background to develop investment linked insurance products. By extensive interviews with the major of eight insurance companies, the case study oriented approach will help us better understand the operation strategies of investment linked insurance products whatever insurance companies will take. We will build up key points following study structure and come out conclusions and related suggestions through case study comparisons. The main conclusion of this study are described as followings: (1) Due to going down interest rates and the regulation liberalization, this trend symbolically indicates that the era of investment linked insurance products is coming. (2) Foreign insurance companies will mainly focus on running investment linked insurance product business in future; local insurance companies will involved in both investment linked insurance product business and traditional insurance products business. (3) The competitive advantage of foreign companies is that they have strong international experiences; the strength of local companies is having sales channel infrastructure. (4) The target market will focus on those who have higher income, have experiences in mutual funds and stock investment, and have planning for pensions. (5) The choice of target market and channels will affect product strategies. (6) The agents are main marketing channels; bank and security companies will be subsequent channels we have to aggressively target on. (7) The competitive strength of insurance companies depends on management, services, and performances of utilizing capitals since now.

近年來海峽兩岸利率持續走低，已經對壽險公司之財務產生負面影響，故銷售固定利率保險商品之壽險業者，其資金運用報酬與業務成本間之利差損現象日益擴增，為避免財務負擔日增而影響其清償能力，市場趨勢乃轉向能將風險大部分轉移給保單持有人並讓其分享大部分投資利得之投資型保險商品。本文就海峽兩岸投資型保險商品，從法規架構、監理體系、商品種類內容、市場行銷等方面加以詳細比較分析，並以1988-1994年英國銷售投資型保險商品所發生之退休金不當銷售弊案(mis-selling scandal)為借鏡，進而歸納出所面臨之各種問題，再針對此等問題提出可能解決之道，作為兩岸發展投資型保險之參考。 關鍵字：投資型保險、投資連結保險、變額保險、指數連結保險、指數連結年金、萬能壽險、變額萬能保險、分紅保險、利率風險、不當銷售、英國退休金不當銷售弊案、保險監理、保險法沿革。 / With the continued decline in interest rates having an adverse impact on Taiwan and Mainland life insurance companies' balance sheets, the insurance companies that sell the traditional guaranteed products have experienced the increasing interest loss resulted from the gap of their investment returns and operation costs. To avoid the companies from insolvency crisis arising out of the increasing financial burden, there is a trend, recently in both Taiwan and Mainland markets, that the insurance business focus has been averted from the traditional products toward investment-linked products that transfer most risk to policyholders and enable them to share in most investment gains. This paper compares the investment-linked insurance between Taiwan and Mainland markets in the viewpoints of the legal structure, regulation systems, variety of products and marketing of investment -linked products. This paper also analyses the famous U.K. mis-selling scandal in 1988-1994, and tries to make this scandal into a valuable lesson to both markets. After listing the issues and problems which are encountered by the insurance companies, the suggestions for resolving such issues and problems are submitted as the conclusion of this paper. Key Words: Investment-linked insurance, Variable insurance, Equity Index Insurance, Equity Index Annuity, Universal life insurance, Variable universal insurance, With-profit insurance. Risk of interest rate, Mis-selling, U.K. mis-selling scandal, Insurance regulation. History of insurance law