Life Insurance Company's Innovation Capability Assessment And Its Impact On Business Efficiency

After more than 30 years of development,China's total premiums have become the world's second largest insurance industry,but compared with developed countries,China's insurance industry generally presents a large total premium,low insurance depth and low insurance density.Features.Affected by the traditional cultural environment,the national insurance awareness is weak,but with the improvement of the national education level,the low level of insurance awareness will no longer be the limiting condition for the growth of China's national insurance awareness;the intensification of the population structure will prompt the nationals to choose life insurance.To smooth the consumption path;due to the large population base,China's social security system is developing slowly,the gap between social security demand and coverage is gradually increasing,and the demand for life insurance is increasing.Looking back at the current situation of supply and demand in China's life insurance market,it is found that there is an imbalance between supply and demand.From the perspective of the evolution of consumption structure,it is found that China's life insurance demand is shifting to “medium and high-end” demand.In order to change the current predicament,it is necessary to reform from the life insurance supply side and improve it.The life insurance company's operating efficiency,thereby improving the industry's supply efficiency and promoting industrial upgrading.The first chapter introduces the relevant research background and significance.After reviewing the literature review on insurance efficiency and its influencing factors at home and abroad,this paper draws the purpose of this paper to study the innovation ability of life insurance companies and the impact on business efficiency.And determined the research ideas,research methods,possible innovations and deficiencies of this paper.Chapter 2 is divided into two parts.The first part discusses the relevant theoretical basis.The second part elaborates the model theory used in this paper.Chapter 3,using the TOPSIS method based on entropy method to determine the weight,selects the indicators that can reflect the innovation ability of life insurance companies to evaluate and rank the life insurance companies' innovation ability from 2010 to 2016.Chapter 4,using a model combining the advantages of radial and non-radial EBM,selects the input-output index according to the specification,and measures the operatingefficiency of life insurance companies from 2010 to 2016 when the data is guaranteed to be as complete as possible;Under the premise of variable scale returns,the Malmquist index of the dynamic total factor productivity change index of 39 life insurance companies in 2010-2016 was calculated and the related index decomposition was carried out.In Chapter 5,the third chapter is selected to obtain the comprehensive score of life insurance company's innovation ability as the threshold variable,and the panel threshold regression test to establish the life insurance company's innovation ability has a threshold effect on the life insurance company's operating efficiency.The proportion of employees with master's degree or above in life insurance company,the proportion of health insurance premium income to total premium income,the number of new products developed in the year,the payroll payable divided by the growth rate of premium income,the surrender rate,and the loss ratio are selected.The entropy method to determine the weight of the TOPSIS method to calculate the comprehensive score to represent the life insurance company's innovation,the 2010-2016 life insurance company's innovation ability to evaluate and rank,the results show that in addition to the 2011,2016 average composite scores in some years,the rest The year's fluctuations are small,indicating that the overall volatility of life insurance companies' innovation ability is small.The higher comprehensive score is the new type of health insurance company.The old life insurance companies with life insurance as the main business have lower comprehensive scores,and the Chinese and foreign companies are innovating.There is no big difference.According to the results of EBM super-efficiency measurement,the average operating technical efficiency of China's life insurance industry in 2010-2016 is generally low,and there is no obvious upward trend,and the overall performance is inverted S;the life insurance company in Beijing is much more efficient than other regions,indicating The agglomeration phenomenon of life insurance companies has not led to the decline of the operating efficiency of insurance companies.On the contrary,it is conducive to mutual competition and improve operational efficiency.The United States AIA insurance company in China is more efficient and stable than other personal insurance operations.According to the Malmquist index,the overall factor productivity increased slightly.From the composition of the Malmquist productivity index,the average annual technical change index rosemost significantly,followed by the pure technical efficiency change index and the technical efficiency change index.The scale efficiency change index showed a downward trend.The increase of the total factor rate was due to the overall increase of the technology change index.The upper body of the technical efficiency change index was mainly due to the increase in the pure technical efficiency change index.By selecting the comprehensive score of the life insurance company's innovation ability calculated by the TOPSIS method based on the entropy method to determine the weight in Chapter 3,the operating efficiency of the life insurance company measured by the EBM super efficiency model is the dependent variable,fixed assets,operating expense ratio,The investment income growth rate is used as an explanatory variable to establish the panel threshold regression.The empirical analysis shows that the comprehensive score of the life insurance company's innovation ability has a significant single threshold effect on the operating efficiency.The threshold value is 0.5539.When the threshold value does not exceed 0.5539,the life insurance For each additional unit of the company's innovation ability comprehensive score,the operating efficiency of the life insurance company increased by 11.5598 units;when the threshold value of the risk exceeded 0.5539,the life insurance company's comprehensive ability score increased by 1 unit,the life insurance company's operating efficiency increased.10.1484 units show that the life insurance company's innovation ability has a very important impact on the life insurance company's operating efficiency,but when the innovation ability reaches a certain level,the impact of the life insurance company's innovation ability on the operation efficiency is slowed down,but the degree of mitigation is very small.For each additional unit of fixed assets,operating expense ratio and investment income,the operating efficiency of life insurance companies increased by 0.2301 units,decreased by 0.0776 units,and increased by 0.1009 units,indicating that the life insurance company's innovation capability and fixed assets and investment income increased.The rate and operating expense ratio have a great impact,which is the core competitiveness of life insurance companies to improve operational efficiency.