为人寿保险创造突破性价值（英文版）

1、MovingFromVerticalCreatingBreakthroughValueinLifeInsuranceToVirtualIntegrationCreatingBreakthroughValueinLifeInsurance..Nowonderthelifeinsuranceindustryisundersiege(seefigure1).Deregulationhasopenedtheflood-gatestonewentrantsincludingbanksandinvestmentfirms.Demutualizationisforcingperformanceimprovementsinanefforttomeettheexpectationsofcautiousinvestors.TheInternethastransformedtheindustrybyofferingnewchannels,newopportunitiestoleveragecustomerinformationandnewways。

2、todeliveronconsumers’growingexpectationsofcustomerservice.(DespitethispressuretoofferstrongInternetcapabilities,insurersmustbefrugalwiththeire-businessexpenditures.)Estatetaxreformispromisingtohampersalesofcertaintax-advantagedinsuranceproducts,whiletheficklestockmarketiscontinuingtodoitsbesttodissuadeinvestorsanddestabilizeinvestmentincome.Lookingahead,insurerscancountonassetretentionandmanagementchallengesasagingbabyboomersstopaccumulatingwealthandinsteadaspiretolongerperiodsofretirementandass。

3、etdistribution—ultimatelytransferringtheirwealthtoanew,moresophisticatedandservice-consciencegenerationofinvestors.Beyondtheexternalforces,anassortmentofinternaldynamicsiserodinglifeinsurers’abilitytoincreaseprofitability.Puremanagementofinsurancerisk,forexample,preventsinsurersfromdiffer-entiatingandearninglargeprofits.Heftyamountsofcapitalandresourcestiedupinservicingold,in-forceblocksofbusinessispreventinglargeinsurersfrommovingintonewmarkets,creatingnewproductsandstreamliningexpenses.Itisoft。

4、entheseagingservicingandtechnologyenvironmentsthatthwartinsurersattemptstooffermoreinnovative(andmoreprofitable)products.Similarly,insurersareunabletousetheirsuperiorinvestmentskillstoincreaseprofitsduetoconstraintsbyregulatorsbothintheamountofreservestobeheldandinthenatureofinvestmentsmade.Andwithmoresophisticatedcustomerspurchasingnewtypesofproducts—preferringannuityproductstowholelifepolicies—aswellasdemandsfor24/7customerservice,insurersareleftwithevenfeweropportunitiestoboostmargins.Theresu。

5、lt?Overthepastfiveyears,theperformanceofpubliclifeinsurershaslaggedsignifi-cantlybehindotherfinancialservicesectors,andthegapiswidening.InarecentstudycomparinglifeIntroductionMarketpressuresfacedbymajorplayersintheinsuranceindustrycallintoquestiontheviabilityofthetraditionalverticallyintegratedapproachtothelifeinsurancebusiness.Customersandcapitalmarketsnolongervaluemanyofthetraditionalfunctionsthatinsurancecompaniesperformandarelookingforincreasedreturnfromtheremainingactivities.Successfullyadd。

6、ressingthesepressuresrequiresanewvisionandaboldapproach—inessence,adisaggregationoftheexistingbusinessmodelandafundamentalrefocusingonthecorecomponentsofthebusiness.Thelinchpinofthiseffortisthetransformationofmundaneprocessingandservicingfunctionsintonewstrategiccapabilities.Together,thesecapabilitiesarethecatalysttounlockingvalueintheindustry.CreatingBreakthroughValueinLifeInsurance..insurerstoallothers(includingtheS&P500,diversifiedfinancialsandthefinancialsector),thereturnsoflifeins。

7、urershaverisenonlyslightlywhilethereturnsofothersareasmuchasfivetimeshigherthantheoriginalinvestment.Infact,theeconomicreturnsoflifeinsurancecompanieswouldhavetoincreasebyalmostfivepercentagepointstomatchtheaverageperformanceofleadingfinancialservicesinstitutions.Someanalystsassertthatawaveofconsolidationistheonlywaytoclosetheearningsgapintheinsuranceindustry—citingasproofthemorethan175lifeandhealthinsurancedealsvaluedatmorethanUS$80billionthathavebeensignedsince1998.ThisincludesthepurchaseofAme。

8、ricanGeneralbyAIG.Infact,manyanalystsbelievethatintra-industryconsolidationwillaccelerateasglobalplayerswithglobalbrands,technologyanddistributionresourcesgaineconomiesofscaleandbuildsustainablecustomerfranchises.Otheranalysts,includingthoseatINGandCitibank,supportanotherviewpoint,sayingthatitisonlyamatteroftimebeforelifeinsurersbecomedivisionsofmuchlargerfinancial-servicesfirms.Whichofthesecompetinggroupsofanalystsisright?Theyarebothright.Therealityisthatthetwotrendswillpersistconcurrentlyinthe。

9、comingyears.Inthispaper,weofferinsuranceexecutivesawaytocaptureacompetitiveadvantageduringthisperiodofchange.OurremedyresidesinA.T.Kearney’svirtualintegrationstrategy—aproprietaryapproachtoreworkingthebusinessmodelthathelpslifeinsurersbridgeperformancegapsbyfocusingoncore,value-creatingactivities.Centraltothestrategyisanunbundlingoftheexistingbusinessmodelthatallowsaninsurertofocusonspecificactivitiesthatwillgeneratethehighestpossiblevalueforthecompany.Inessence,whatweproposefortheinsuranceindus。

10、tryisamovementfromverticalintegrationtovirtualintegration.Virtualintegrationisanemergingapproachtobusinesssystemtransformationandoptimization.Byitssimplestdefinition,virtualintegrationistheunbundlingoftheinsuranceindustry’sexistingbusinessmodel—enablinganinsurertoindividuallymanagespecificactivitiesthatwillgeneratethehighestpossiblevalueforthecompany.Briefly,insteadofthinkingofinsuranceasasinglebusiness,inavirtuallyintegratedcompanyinsurancebecomesthreeuni。