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Impact of Bancassurance on Cost Efficiency and Productivity Change in the Korean Life Insurance Industry

  • Journal of Insurance and Finance
  • 2007, 18(1), pp.3-40
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

Kim Jae-Hyun 1

1서원대학교

Accredited

ABSTRACT

This study applies DEA and Malmquist Index to investigate impact of bancassurance on the cost efficiency and productivity changes of the Korean life insurance industry. Complementary measures, including profile analysis, nonprarametric analysis, and regression analysis, are conducted for 18 life insurance companies for the period of 2000-2005. The results show that bancassurance does not have a significant impact on the cost efficiency in spite of its positive influence on the productivity. This implies that bancassurance can neither decrease life insurers' cost nor increase consumers welfare to achieve its primary objective. This study also suggests that the efficiency of bancassurance may be restricted by the rigid regulation as well as the check and balance between banks and life insurance companies.

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This paper was written with support from the National Research Foundation of Korea.
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