探討開放式創新之成功商業模式-以證券商兼營壽險業務為例

Abstract

我國金融產業包羅之業別相當廣泛，該產業所匯集之資金規模亦為之龐大，對於國家社會經濟發展具有穩定促進的功能，而證券產業在金融體系與資本市場則扮演極為關鍵的角色。在資本市場中，證券市場的主要功能在於導引各種不同名目之資金來源，提供相關投資渠道及平台構築，在廣納薈萃資金的同時，資本之型態水到渠成。資本型態乃係擁有充裕的資金規模，爾後公私營企業將募集之資金挹注於相關產業的發展，促進經濟活絡，進而促使社會大眾藉工商業獲利盈餘之分配，共享經濟發展的成果。 近年國內低利率及高通膨環境下，國人以往較偏重儲蓄理財方式逐漸轉變，過往重視安全性的儲蓄工具，已逐漸被具有高收益性及較佳流動性的投資工具所取代。投資大眾對於自身之資產配置採取多元化且趨積極性的投資組合，藉以分散資金風險提高投資報酬率，因此對於有價證券、基金標的、保險商品或其他衍生性金融商品之投資額逐年遞增。帶動證券商的產業定位，亦由過去有價證券經紀買賣業務，蛻變成財富管理及投資顧問的角色。 台灣證券市場暨投資環境即是所謂淺碟效應，過去在經歷幾波國際總體經濟危機，包含亞洲金融風暴、2008年金融海嘯及歐洲債務危機之餘波盪漾，其代表意義為現實的經營環境已今非昔比，反應在傳統證券經營業務量及獲利能力均大幅滑落，其占顧客荷包率（Wallet Share Ratio）也在逐漸衰退中，企業風險管理之變革及拓展其他營利來源已成為證券商刻不容緩之事。因此，傳統的證券商必須改變僅偏重證券經紀業務效益，應儘快設法轉變為資產管理者（Asset Management），以利協助客戶進行全方位的金融服務。2001年7月金融控股公司法頒布實施後，台灣相關金融法規開放解禁，不僅允許成立金融控股公司，以跨業經營銀行、保險、證券、創投、投信等業務，提供客戶「一站購足」(one stop shopping)；甚或基於公平原則，金融主管機關也允許非金控公司之銀行、保險、證券業可跨業經營其他金融業務。基此，前述非金控等金融機構，應立即檢視其未來發展策略與機會，為免金融規模整併化後，逐漸喪失競爭力及被邊緣化。 本文研究乃探討「證券保險」開放式創新模式，此包含商品創新做法、如何與保險業合縱連橫方略、如何運用策略聯盟方式擴大據點、建構專屬e化資訊系統及公司內部體制改革等。

The financial industry in our country covers a wide range of business and collects huge amount of money with the function of steadily improving our country’s social and economic development, while the securities industry plays a crucial role in financial systems and capital markets. The main function of security markets is to guide various capital sources, to provide relevant investment channels and construction of platform and to shape the capital form among widely assembling funds. A capital form possesses abundant capital scale, then puts the fund raised from public and private enterprises into the development of related industries to improve economic mobility, and to promote the public to share the achievement of social economy as industry and commerce distribute the profits. Under current low interests and high inflation rate circumstance, investors have gradually changed their saving plan and the past high security saving instrument has been replaced by high profit and mobility investment instruments. The investment volume in financial derivative products such as negotiable securities, fund targets and insurance products has increased each year, as investors have adopted diversified and active investment portfolio for their own asset allocation to spread capital risk and increase investment rate. However, securities dealers’ industry orientation has altered from securities brokerage services to wealth management and investment advisers. The investment environment of the Taiwan security market is a shallow market. The operating environment of financial derivatives is no longer like the past since it has undergone several international economic crises including the Asian financial crisis in 2008 and the European debt crisis. This reflects a sharp drop both in traditional securities’ trade volume and profitability, among which the wallet share ratio also faces a recession. Enterprise risk management reform and profit source expansion have already been the most urgent assignment for securities dealers. Therefore, the traditional securities dealers have to change their focus on securities brokerage service benefit to asset management as soon as possible to assist customers with comprehensive services. Since the issuing and enacting of financial holding company act in July, 2001, Taiwan has released the related financial regulations. Not only financial holding companies have been set up and they are allowed to provide one stop shopping through trans-trade banks, insurance, securities, venture capital investment and trust investment, etc. The bank, insurance and securities of non-financial holding companies also have been allowed by financial authorities to launch other trans-trade financial services based on public platform principle. Therefore, the financial institutions mentioned above like non-financial holding company should immediately inspect their future development strategies and opportunities in case of competitiveness loss and marginalization after integration of financial scale. This study aimed to discuss the open innovation model of “Secuassurance,” which included product innovations, how to cooperate with insurance industry vertically and horizontally, how to expand the strongholds through strategy alliance method, construction of dedicated e-information system and internal structural reform, etc.