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Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management (Hardcover, 1999 ed.)
Loot Price: R6,092
Discovery Miles 60 920
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Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management (Hardcover, 1999 ed.)
Series: Innovations in Financial Markets and Institutions, 11
Expected to ship within 10 - 15 working days
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Major challenges for life insurance companies have been posed by an
unprecedented wave of mergers and acquisitions in the insurance
industry and the emergence of non-traditional competitors such as
banks, mutual fund companies and investment advisory firms. This is
the first book to analyze the determinants of firm performance in
the life insurance industry by identifying the best practices'
employed by leading insurers to succeed in this dynamic business
environment. The book draws upon data from insurer financial
statements as well as upon an extensive survey of life insurer
management practices and strategic choices in distribution systems,
information technology, mergers and acquisitions, human resources
and financial strategies. Generic strategies such as cost
leadership, customer focus, and product differentiation are
analyzed as well as strategic practices specific to the insurance
industry. Best practices are identified by measuring the economic
efficiency of insurers and by comparing firms across the industry.
Both cost and revenue efficiency are measured relative to best
practice efficient frontiers consisting of the industry's dominant
life insurance firms. Economies of scale and the effects of mergers
and acquisitions on efficiency are also analyzed. Financial
strategies are examined with specific reference to pricing policy,
valuation of assets and liabilities, and the current state of
firm-level risk management systems. The benchmarks established are
the result of extensive fieldwork that identifies key financial
risks and methodologies to both measure and manage them at the firm
level. The results discussed in the book indicate that firm
performance is significantly correlated with management practices
and strategic choices. Thus, life insurers can improve
profitability by adopting optimal combinations of strategies. The
book contains important new material on the effects of strategic
choices in product distribution systems, information technology,
mergers and acquisitions, human resources, and financial risk
management policies. In the area of efficiency, the methodology
provides a new approach for identifying peer groups of insurers and
measuring the performance of individual insurers relative to their
peer group. On the topics of risk and pricing, new insights are
offered relative to current methodologies and in regard to areas
where improvement is clearly warranted. The book concludes with an
analysis of the future opportunities and challenges in the life
insurance industry facing managers, and the strategic options
available to them to cope with these changes.
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