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Stochastic Frontier Analysis for Operational Efficiency in Life Insurance

  • Journal of Insurance and Finance
  • 2012, 23(3), pp.3-32
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

Daigyo Seo 1 황진태 2

1건국대학교
2보험연구원

Accredited

ABSTRACT

Using the stochastic frontier analysis, this paper investigates the efficiency and productivity of life insurance companies during the period 1998-2008. In addition, we estimate the effects of the introduction of bancassurance and variable insurance on their technical efficiency and technical progress. The empirical results show that technical efficiency has increased over time, but technical progress has not. The contribution of technical progress to their productivity appears to be greater than that of technical efficiency. As a consequence, the improvements in productivity have slowed down over time. On the other hand, the technical progress of life insurance companies using bancassurance is significantly greater than otherwise. However, for variable insurance,neither technical efficiency nor technical progress is significantly different.

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