A Study On The Varible Annuity Of Discretionary Investment-Oriented Insurance Products

[[abstract]]2008年的金融海嘯過後，投資市場的波動沒有因此變小，其後的歐債危機、中國抑制通膨的緊縮政策、及美國量化寬鬆政策等，在在影響市場的波動。面對投資市場的變化，保戶必須適時轉換基金，才能趨吉避凶；因而壽險業者順勢推出連結全權委託帳戶（全委帳戶）的投資型保單，讓保戶將選擇基金的工作交給專業投信代為操作，依據保戶不同人生階段來篩選適合投資標的，並解決投資型保單鏈結基金愈來愈多元，但保戶卻無法適時汰弱留強的問題。而全委保單委外代操，報酬率重要，但波動率更重要；因為選擇全委保單的保戶，投資心態普遍穩健保守，本身也許不諳投資，卻有退休規劃需求。全委保單等同退休基金操作，投資策略穩中求利，最好做到長期穩定正報酬，才是真正選對保單。而投資型保單銷售金額動輒數十億元，現在全委保單卻交給投信公司打理，如何慎選操盤手，確保投資帳戶淨值穩健成長，也是重要課題。[[abstract]]After the financial tsunami in 2008 the investment market volatility has not become diminished; later on the European debt crisis the China austerity policy to curb inflation and the U S Quantitative Easing etc… all cause the fluctuation of the market Under such uncertain and risk investment condition the investment-linked policyholders must timely convert the fund for avoiding badness and stay in the favorable side Therefore the life insurance industry seized the opportunity to link discretionary investment services (Discretionary Accounts) for investment-linked policy In other words policyholders may authorize security investment trust and consulting company to transfer funds in accordance with each different life stage of policyholders This solves the problem that policyholders seldom have capability to select or to transfer on time as the funds are increasingly diversified day by day And in discretionary investment business volatility is more prior than return Since the policyholder who chose discretionary investment services are more conservative for that they are not familiar with investment but need the solid retiring plan So the discretionary investment business is likely equal to the pension fund operation which positive and stable return in the long run is the core strategy should be taken as the right policy chosen The investment-linked policy is worth hundreds of billions dollars sales amount Now the discretionary investment business is operated by the security investment trust and consulting company and how to choose the right trader to ensure positive and stable fund growing is also an important issu