从“利差依赖”到“三差平衡”，如何实现？

Core Viewpoint - The profitability of life insurance companies primarily relies on the "three differences": mortality difference, expense difference, and interest difference. Due to various factors, domestic life insurance companies have mainly depended on interest difference for profits. However, with the rapid decline in interest rates and the overall decrease in market investment returns, continuing to rely on interest difference is no longer realistic. Future operations must shift towards a balance of the three differences [1][9]. Summary by Sections Reasons for Dependence on Interest Difference - The dependence of small and medium-sized companies on interest difference is attributed to three main factors: insufficient marketing capabilities leading to high marketing costs, a single product structure that heavily relies on interest difference, and aggressive marketing strategies that keep sales costs and insurance risks high [2][12][14]. Fundamental Causes of Interest Difference Dependence - The root causes of small and medium-sized companies' reliance on interest difference include a rough development model focused on scale and speed, a sales-driven operational model, and the public's limited understanding of insurance products [3][13][18]. Transitioning from Interest Difference to Balanced Three Differences - To transition from reliance on interest difference to a balanced approach, small and medium-sized life insurance companies need to focus on four areas: customer-centered product diversification, strict control of liability costs and quality management, cultivation of refined asset operation capabilities, and cost reduction while increasing efficiency [6][15][17]. Key Considerations for Achieving Balance - In the process of achieving a balance among the three differences, companies must maintain patience and a long-term perspective, as well as strategic determination to avoid being swayed by short-term pressures [8][18].