국내 생명보험시장의 효율성 분석: 인터넷 및 방카슈랑스 전문 생보사를 중심으로

초록

Recently, digital transformation has emerged as an important issue in the domestic insurance industry. In addition, recent changes in the external environment caused by COVID-19 have threatened face-to-face insurance business and accelerated the trend of digital transformation. In this situation, it is meaningful to examine the productivity changes caused by COVID-19 and the efficiency of life insurance companies without consultants. In this study, we analyzed efficiency changes in the life insurance industry from 2016 to 2021 using Malmquist Global Productivity Index. The results showed a decrease in efficiency due to external factors in 2018, whereas COVID-19 had little impact on life insurance companies. Furthermore, the efficiency of life insurance companies for each year was statically analyzed using the DEA-CCR, DEA-BCC, and DEA-SBM models, and relative efficiency rankings were derived using the super-efficiency. The outcome indicated that Samsung Life Insurance was the most efficient among the Big-3(Samsung, Hanhwa, Kyobo) companies in Korea. Kyobo Life Planet, an insurance company specialized in Internet, showed very high efficiency, but BNP Paribas Cardif Life Insurance, which uses a B2B2C sales method, represented lower efficiency than other companies. We revealed the efficiency was measured by including special life insurance companies, which were generally excluded in previous studies. Comparison of the efficiency of whole Korean life insurance companies can be a reference for establishing business strategies in a changing environment in the future.

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