销售渠道、产品策略及其交互作用对我国寿险公司绩效的影响

The Effects of Sales Distribution,Product Strategy and Their Interaction on the Performance of Life Insurers

产品和销售渠道的合理匹配,是公司取得较好财务绩效的充分条件之一。本文基于我国寿险行业2008~2016年的数据,分析产品多元化、渠道策略及其交互作用对寿险公司财务绩效的影响。研究发现,产品集中度与财务绩效之间呈显著正相关关系,两者之间非线性效应不显著;个人代理渠道占比的提高,显著提高了公司绩效,银邮渠道正好相反,其他销售渠道的影响不显著;产品集中度与渠道之间的交互作用对绩效的影响没有一致性结果,寿险公司还需要根据自身情况设法发挥产品与渠道之间的协同作用。根据产品集中度和渠道构建静态策略子群组,我们进一步发现各个子群组之间的绩效存在显著差异,个人代理渠道占比较高的群组平均绩效最优。动态视角下的策略群组分析发现,市场渗透化群组的平均绩效最优,经营多元化群组最差。因此,寿险公司需要在现有销售渠道和产品策略上深耕细作,发挥竞争优势提高财务绩效。

Sound matching of product and distribution channel may effectively improve the insurers＇ financial per- formance. Using data of China＇ s life insurance market from 2008 to 2016, we investigated the relationship among product diversification, distribution strategy and their interaction with the performance of life insurers. We found that the extent of the product concentration shared a positive relationship with a firm＇ s performance, but the nonlinear relationship was not significant. Our findings suggested that a firm＇ s performance benefited from a higher percentage of business from the agent channel rather than the bancassurance or other channels. As there was an incon- sistent result for product concentration and channel interrelation, life insurers should mobilize the synergy effects de- pending on their own situations. We further constructed static strategic sub-groups comprised of product concentra- tion and distribution, and their analysis showed significant differences in performance between each sub-groups. The sub-group with higher individual agent channel contribution performed the best on average. The finding of the dy- namic strategy group analysis demonstrated that the performance of market penetration group was the best, and the diversified operation group was the worst. Life insurers should further explore the potentials of their existing distri- bution channels and product strategies to improve on their competitive edge