Research On The Impact Of New-type Personal Insurance Products On The Operation Of Initial Life Insurance Companies

New-type personal insurance products mainly include dividend insurance,investment link insurance and universal insurance.In order to cater to the consumers' consumption preference and the consideration of rapid development strategy,the new life insurance company issued universal insurance and unit-linked insurance with high settlement interest rate on a large scale,which made the new-type personal insurance products develop rapidly.However,with the rapid development of new-type personal insurance products,there are also hidden risks.Since 2016,the regulatory authorities have also realized that their development has gradually deviated from the principle of "insurance gives assurance",then issued supervision letters to some life insurance companies and order for rectification.Based on this background,this paper mainly from the profitability and risk management ability to study the impact of new-type personal insurance products on the operation of new life insurance companies.Based on the data of 29 new life insurance companies in the insurance industry from 2013 to 2016,this paper conducts an empirical study on the impact of new-type personal insurance products on the operation of new life insurance companies.The results show that the proportion of new life insurance premium income of new life insurance companies is positively related to market share and underwriting profit margin,negatively related to solvency adequacy rate,and affects the operating indexes such as loss rate,expense rate and surrender rate,etc.However,there is no obvious correlation with the total asset profit rate and investment return rate of the new life insurance companies.Through the case analysis of Qianhai Life Insurance and ICBC-AXA Life,it is proved again from specific financial indicators that the new-type personal insurance products are conducive to the new life insurance companies to expand their business channels,open up the market,and get shares more easily from the highly competitive market.And the new-type personal insurance products have a higher underwriting profit,which is beneficial to the rapid expansion of new life insurance companies.However,the new-type personal insurance products have higher underwriting risk,with a higher demand for the investment ability of insurance companies,and there are unfavorable factor such as sales chaos,which will reduce the company solvency and will not be conducive to the continuing operation of the new life insurance companies in the future.The new life insurance companies can open the market with newtype personal insurance products at the beginning of establishment.But in the course of operation,it should change development strategy at the right time,develop more traditional life insurance products with more safeguards,and return to the essence of the insurance industry,in order to reduce solvency pressure and enter the stage of sustainable development.Finally,according to the empirical research results,it summarizes the full text.Attach importance to the development of traditional life insurance products;to promote the healthy development of new-type personal insurance products;reasonable investment and strict compliance with the bottom line of supervision;improve the sales model and develop new channels;correctly guide consumer demand,from the above five aspects to propose suggestions on the operation strategy of the new life insurance companies.And from four aspects that optimizing regulatory indicators and comprehensively measuring development;advocating steady investment and checking the funds source;integrating supervision system and form supervision force;establishing early warning mechanism and improving supervision efficiency to put forward new ideas for the future supervision of the supervisory department.