보험회사 자산관리서비스 확대 유인 검토

In spite of its great importance and growth potential, wealth management service in Korea has been supplied insufficiently. In particular, domestic insurance companies have not actively participated in its market due to unsatisfactory development of adequate business models and unfavorable regulations compared to the financial institutions in different financial sectors. Currently, they are seeking for a business model incorporated with the service, in which they themselves provide a financial investment program. However, this business model would be quite different from those of global insurance companies, actively operating with wealth management services. In this study, therefore, we suggest it is necessary to understand asset management services as a broad concept over financial investment services. We propose insurance trust programs as services to ensure the competitiveness of insurance companies, and analyze the strategies of insurance companies to offer them effectively. The main results are: the incentives of insurance companies to expand wealth management services are increasing. They are more likely to choose a in-house model at the initial stage with high marginal costs. An arm's length affiliate model, however, is more beneficial if marginal costs are low by building infrastructure. Moreover, they are induced to utilize external network connected with solicits, agency, and bancassurance channel, providing insurance trust programs.