Research On Stratified Rate Of Variable Annuity Based On Incentive Compatibility

The aging of the country is becoming more and more serious.The introduction and optimization of variable annuities can enrich the old-age products,stimulate the vitality of the domestic commercial pension insurance market,and grasp the good opportunities of entering the market and tax incentives.However,the initial pilot results of China's variable annuity are not ideal.The reasons can be attributed at least to the limited investment ability of insurance companies and the fact that the value-added advantages of products have not been effectively utilized.Combined with the problem of fixed distribution of interest rates of insurance companies,that the insurance companies will be more inclined to ignore the problem of follow-up investment in marketing,based on the existing research,this paper explores the integration of tiered rates and variable annuities,in order to solve the problem of limited number of blondes in the variable years and limited incentives for fixed rates.This paper introduces tiered rates and optimizes the distribution of benefits to achieve: 1.Incentive insurance companies to enhance their investment capacity and risk management capabilities,thereby improving the competitiveness of products themselves,attracting investors,and promoting the issuance of variable annuities in China;Second,solve the problem of limited incentives for fixed rates,with a view to improving the non-efficiency tilt of insurance companies' investment marketing.Variable annuity policy products are added to the time-varying tiered rate mechanism,and pricing becomes more complicated.Based on the incentive compatibility theory,this thesis first establishes the income function of insurance companies and policyholders,and describes the risks brought by the insurance company's income mode and the variable annuity minimum benefit protection,as well as the policyholder's insurance contract income and tax delay income.Then,based on their risk preferences,the incentive compatibility model is constructed in the case of information asymmetry to make the two appeals consistent.The model takes the insurance company's utility as the objective function,and the variable annuity's pension security function is the insured's incentive constraint,and consider the impact of tax delayed income on rate pricing.The model solving process is discussed in two cases.However,after numerical simulation,it is found that only in one case the degree of effort and the degree of increase or decrease can be solved according to the actual situation.On this basis,it is further explored that when the insurance amount is less than a certain threshold determined by external factors(cost coefficient and success probability income),the tiered rate can encourage the insurance company to make efforts.In addition,the tiered rate setting is beneficial for insurance companies to implement variable annuity policy products.Compared with the fixed rate,the tiered rate can increase the policyholder's policy income and the insurance company's premium income,while also reducing the risk of the insurance company.