這些年來，經濟環境持續惡化，市場利率不斷下滑，壽險公司面臨利差損的巨額損失，然而相關修正法規通過投資型商品的銷售，因此壽險公司積極開發投資型商品，運用此商品來對抗利率下跌所產生的風險，同時提供消費者「保險」與「投資」雙重功能的新商品。

本文根據當前金融環境及壽險業所面臨的問題，來探討壽險公司對投資型商品的經營策略，並實際訪談己推出投資型商品外商、本土具代表性的壽險公司，最後依據研究結果做出結論及建議。

本研究得到的結論歸納如下：(1)壽險公司銷售投資型商品，朝改善商品結構，有效防範和化解經營風險，提升核心競爭力，亦是建立長期競爭優勢。(2)經營投資型保險經管風險的評估，其最大費用是教育訓練及軟体系統的投資與維護，即作業風險是最大考量。(3)外商保險公司發展投資型保險商品速度快於本土保險公司，對市場反應力較強。而本土保險公司，要落實教育訓練較為費時，因此本土公司都從簡單易懂商品開始，漸進式轉入投資型保險。(4)外商公司的競爭優勢是商品設計，行政作業靈活及電腦系統優異，而本土公司的核心競爭力則是行銷通路及眾多業務員，因此由簡易套裝商品切入市場建立客戶群。(5)保險公司業務員仍為主要行銷通路，而「全方位理財顧問」將是業務人員的定位，因此教育訓練及選才是壽險公司進入投資型保險的重要課題。(6)對行銷人員來說，以往「人情保」或「退傭金」的銷售模式己不適用，而是要規劃客戶需求的責任風險，及提供相關金融知識，成為客戶個人及家庭的理財顧問。(7)金融自由化及金控法規通過，壽險公司必需整合資源形成經濟規模，對於投資型商品的投資靈活性、商品成本透明度與投資種類的組合等方面將是壽險業之間競爭模式的轉變。(8)投資型商品具有保障和投資雙重功能，但需將投資型保險當作保險商品來運用而非投資工具，並且要「長期持有」才能顯現基金績效；而業務人員誠實揭露相關費用及明確告之消費者權益和義務是避免銷售糾紛的最重要關鍵。

關鍵字：投資型保險商品，經營策略，行銷通路，教育訓練

Because economic environment is getting worse and the interest rate is lower and lower, the life insurance companies are in face of huge profit loss. In the meaning time, the related laws and regulations were released； therefore the hfe insurance companies strongly developed the investment-linked insurance to overcome the impact of lower interest rate and to offer new products to customers, which meet insurance and investment both benefits.

Based on financial environment has today and the problems of insurance industry, this study is to discuss the operation strategies of investment- linked insurance products. By extensive interview with the major of four insurance companies, we come out conclusions and related suggestions.

The main conclusions of this study are described as followings：

(1) For effective and solving the operation risk, the life insurance companies should sell investment-linked products and keep improving the structure of the products. In the long run, the life insurance companies need to build up core competence through investment-linked insurance products. The middle size company may consider Investment-linked products as major products to develop business.

(2) There are two major factors to evaluate the business risk, which are the training course and the cost of software.

(3) Foreign insurance companies very fast-developed investment-linked insurance products to meet market request. The local insurance companies have to build up customers based through simple-packaged products. The large size companies have to consider the training system early and to help sale improving the financial knowledge.

(4) The competitive advantages of foreign companies are design products, operation system and computer hardware. The strength of local companies is having channel infrastructure and many salesmen.

(5) The agents are main marketing channels and to be a financial consonant. The training course and selection are important to the life insurance companies.

(6) By brothering customers or returning commission, it is not a suitable sales model for salesmen. To offer right risk plan and financial knowledges, salesmen are a financial consonant for customers or customers’family.

(7) The completive situations between life insurance companies are to offer investment-linked insurance products, which have investment information, cost and investment portfolio.

(8) The investment-linked insurance products have insurance and investment both benefits, but tibey should be regarded as a tool of insurance. Customers have to keep them long turn to get the benefits of fund. Salesmen also have to tell customers clearly about their rights and all costs to avoid argument after sell.

Key words: investment-linked insurance products, management strategies, marketing strategies, training course.