保险业：随需而变

1•15•1.3•ROI1.2•ROA0.64IBMIBM••••––5pay-as-you-goutilitycomputing6llllllll7•••••––8•••••ITIBMITOnDemandOperatingEnvironment9ŸriskappetiteriskprofileŸŸŸŸriskexposure–ŸŸsubscaleŸacquisitionvalue10–IBMComponentBusinessModelingCBMService-OrientedArchitectureSOA11111insurer-specificdeconstructionsiloenterprise-optimizedITsiloSiloSilo3.1.2.Creators12siloprocess-optimized––silo––1industry-widereconstruction131ŸŸŸŸŸŸŸŸŸoptionvalueŸŸŸŸŸŸŸIBM200311earlyvaluecapturer14IBMCBM––CBMSOAweb2CBM––152ITI16closedlifebooksofbusiness171831234X=19IBMIBMGlobalInsurance1.95%P&C5.07%30056,5004,2001031,20011,2005%700,0001575,8001043,4002businessprofileITITIT7.47%7.30%IT12.18%3IT20riskprofileIT7.38%267.04%42,7003,9001019,70029,300beta0.89beta0.856betaITITITbetabeta200175.3%1659.3%IBMIBMGlobalInsurance1LAE32NPW11822123,500101820018.3%4.2%13812,6001018,900•••••/segment•••••••••••recovery••••recovery22optionvalue•••••–Time-to-build––/–––231,500GUIbillingsystem33%20websiloITIBM2005Corporation2005IBMCorporation1133WestchesterAvenueWhitePlains,NY10604U.S.A.20055IBMIBMIBM/IBMIBM1Benefitspartiallyoffsetbyincrementalservicesfeesduetothird-partyserviceproviders.2Ibid.3ValueLinedatabaseof7,440firms,2003;SternNYUCostofCapitalbySector,2003;IBMGlobalInsuranceteamanalysis,2003.4Ibid.5IBMGlobalInsuranceteamanalysis,2003.6ValueLinedatabaseof7,440firms,2003;SternNYUCostofCapitalbySector.7Ibid.8A.M.Bestdata,2002;IBMGlobalInsuranceteamanalysis,2003.9Ibid.GC10-4028-02