我國壽險業新契約銷售通路選擇之影響因素研究

Abstract

近年來臺灣壽險產業因內外在環境改變，致主要新契約銷售通路產生變化，本研究運用羅吉斯迴歸，探討不同影響因素對於通路選擇的關聯性，研究樣本為我國28家壽險公司，並以2009年至2012年為研究期間，有效樣本數共計112筆。 本研究將通路選擇劃分為直接通路或間接通路，並透過商品銷售占比及財務狀況等兩大類變數衡量影響效果，其中商品變數共區分為傳統壽險、傷害險及健康險、投資型保單及年金險等四類，而財務變數再細分為公司規模、外商公司、金控子公司、新契約費用率、資金運用收益率及風險資本比率等六項分別加以探討。 研究結果發現：(一) 商品變數方面：投資型保險、傷害險及健康險、年金險等險種銷售比率愈高之壽險公司，皆傾向透過間接通路推展新契約；(二)財務變數方面：公司規模愈大及新契約費用率愈高的壽險公司傾向透過直接通路推展新契約，金控所屬子公司則傾向透過間接通路推展新契約；(三) 同時考量商品及財務變數的情境之下：公司規模愈大的壽險公司傾向透過直接通路推展新契約，年金險銷售比率愈高及金控所屬子公司之壽險公司則傾向透過間接通路推展新契約；(四)商品變數對於通路選擇的影響效果不如財務變數穩定。

This article aims to find out factors which affect life insurance companies channel adoption in Taiwan by logistic regression. The 112 observations employed in this paper are collected through 28 life insurance companies in Taiwan from year 2009 to 2012.

The study divides dependent variable into direct or indirect channel and set two groups of independent variables to measure their influence. The first group called product variable includes traditional life policy, accident and health policy, investment linked policy, and annuity. Another group called financial variable includes size, new business expense ratio, investment return ratio, and risk based capital ratio. Two dummy variables, foreign and financial holding company subsidiary, are considered within financial variable as well.

The conclusions are drawn as follows. (A) Companies with higher sales ratio of accident and health policy, investment linked policy, and annuity are more likely to use indirect channel. (B) Companies with bigger size and higher new business expense ratio are more likely to use direct channel. A positive relation between financial holding company subsidiary and indirect channel is confirmed. (C) If measuring two groups of variables influence at the same time, the connections between annuity sales ratio, financial holding company subsidiary, and company size and channel adoption are still significant as measuring influence by individual group. (D) Financial variables connections with channel adoption are more stable than product variables connections.