为人寿保险创造突破性价值（英文版）

MovingFromVerticalCreatingBreakthroughValueinLifeInsuranceToVirtualIntegrationCreatingBreakthroughValueinLifeInsurance..Nowonderthelifeinsuranceindustryisundersiege(seefigure1).Deregulationhasopenedtheflood-gatestonewentrantsincludingbanksandinvestmentfirms.Demutualizationisforcingperformanceimprovementsinanefforttomeettheexpectationsofcautiousinvestors.TheInternethastransformedtheindustrybyofferingnewchannels,newopportunitiestoleveragecustomerinformationandnewwaystodeliveronconsumers’growingexpectationsofcustomerservice.(DespitethispressuretoofferstrongInternetcapabilities,insurersmustbefrugalwiththeire-businessexpenditures.)Estatetaxreformispromisingtohampersalesofcertaintax-advantagedinsuranceproducts,whiletheficklestockmarketiscontinuingtodoitsbesttodissuadeinvestorsanddestabilizeinvestmentincome.Lookingahead,insurerscancountonassetretentionandmanagementchallengesasagingbabyboomersstopaccumulatingwealthandinsteadaspiretolongerperiodsofretirementandassetdistribution—ultimatelytransferringtheirwealthtoanew,moresophisticatedandservice-consciencegenerationofinvestors.Beyondtheexternalforces,anassortmentofinternaldynamicsiserodinglifeinsurers’abilitytoincreaseprofitability.Puremanagementofinsurancerisk,forexample,preventsinsurersfromdiffer-entiatingandearninglargeprofits.Heftyamountsofcapitalandresourcestiedupinservicingold,in-forceblocksofbusinessispreventinglargeinsurersfrommovingintonewmarkets,creatingnewproductsandstreamliningexpenses.Itisoftentheseagingservicingandtechnologyenvironmentsthatthwartinsurersattemptstooffermoreinnovative(andmoreprofitable)products.Similarly,insurersareunabletousetheirsuperiorinvestmentskillstoincreaseprofitsduetoconstraintsbyregulatorsbothintheamountofreservestobeheldandinthenatureofinvestmentsmade.Andwithmoresophisticatedcustomerspurchasingnewtypesofproducts—preferringannuityproductstowholelifepolicies—aswellasdemandsfor24/7customerservice,insurersareleftwithevenfeweropportunitiestoboostmargins.Theresult?Overthepastfiveyears,theperformanceofpubliclifeinsurershaslaggedsignifi-cantlybehindotherfinancialservicesectors,andthegapiswidening.InarecentstudycomparinglifeIntroductionMarketpressuresfacedbymajorplayersintheinsuranceindustrycallintoquestiontheviabilityofthetraditionalverticallyintegratedapproachtothelifeinsurancebusiness.Customersandcapitalmarketsnolongervaluemanyofthetraditionalfunctionsthatinsurancecompaniesperformandarelookingforincreasedreturnfromtheremainingactivities.Successfullyaddressingthesepressuresrequiresanewvisionandaboldapproach—inessence,adisaggregationoftheexistingbusinessmodelandafundamentalrefocusingonthecorecomponentsofthebusiness.Thelinchpinofthiseffortisthetransformationofmundaneprocessingandservicingfunctionsintonewstrategiccapabilities.Together,thesecapabilitiesarethecatalysttounlockingvalueintheindustry.CreatingBreakthroughValueinLifeInsurance..insurerstoallothers(includingtheS&P500,diversifiedfinancialsandthefinancialsector),thereturnsoflifeinsurershaverisenonlyslightlywhilethereturnsofothersareasmuchasfivetimeshigherthantheoriginalinvestment.Infact,theeconomicreturnsoflifeinsurancecompanieswouldhavetoincreasebyalmostfivepercentagepointstomatchtheaverageperformanceofleadingfinancialservicesinstitutions.Someanalystsassertthatawaveofconsolidationistheonlywaytoclosetheearningsgapintheinsuranceindustry—citingasproofthemorethan175lifeandhealthinsurancedealsvaluedatmorethanUS$80billionthathavebeensignedsince1998.ThisincludesthepurchaseofAmericanGeneralbyAIG.Infact,manyanalystsbelievethatintra-industryconsolidationwillaccelerateasglobalplayerswithglobalbrands,technologyanddistributionresourcesgaineconomiesofscaleandbuildsustainablecustomerfranchises.Otheranalysts,includingthoseatINGandCitibank,supportanotherviewpoint,sayingthatitisonlyamatteroftimebeforelifeinsurersbecomedivisionsofmuchlargerfinancial-servicesfirms.Whichofthesecompetinggroupsofanalystsisright?Theyarebothright.Therealityisthatthetwotrendswillpersistconcurrentlyinthecomingyears.Inthispaper,weofferinsuranceexecutivesawaytocaptureacompetitiveadvantageduringthisperiodofchange.OurremedyresidesinA.T.Kearney’svirtualintegrationstrategy—aproprietaryapproachtoreworkingthebusinessmodelthathelpslifeinsurersbridgeperformancegapsbyfocusingoncore,value-creatingactivities.Centraltothestrategyisanunbundlingoftheexistingbusinessmodelthatallowsaninsurertofocusonspecificactivitiesthatwillgeneratethehighestpossiblevalueforthecompany.Inessence,whatweproposefortheinsuranceindustryisamovementfromverticalintegrationtovirtualintegration.Virtualintegrationisanemergingapproachtobusinesssystemtransformationandoptimization.Byitssimplestdefinition,virtualintegrationistheunbundlingoftheinsuranceindustry’sexistingbusinessmodel—enablinganinsurertoindividuallymanagespecificactivitiesthatwillgeneratethehighestpossiblevalueforthecompany.Briefly,insteadofthinkingofinsuranceasasinglebusiness,inavirtuallyintegratedcompanyinsurancebecomesthreeuni