Main Article Content
This study was aimed at 1) investigating management factors and efficiency of life insurance business in the digital economy of Thailand 4.0; 2) investigating the influence of management factors and administration process on the efficiency of life insurance business in the digital economy of Thailand 4.0; and 3) creating an efficient life insurance management model in the digital economy of Thailand 4.0. There were three phases of study as follows: 1) a study of problems, obstacles, management factors, administration process, and efficiency of life insurance business in the digital economy of Thailand 4.0; key informants were four purposively selected life insurance company executives/managers; the employed research instrument was a semi-structured interview form; data was analyzed with content analysis; 2) a study of the influence of management factors and administration process on the efficiency of life insurance business in the digital economy of Thailand 4.0; the research sample consisted of 420 financial consultants of four life insurance companies in Thailand; and 3) the creation of an efficient life insurance management model
in the digital economy of Thailand 4.0 and then submitting the model for verification by four experts. In phases 2 and 3, the instrument used was a checklist and the statistics used for data analysis were the mean, standard deviation, and multiple regression analysis.
The results are as follows: The created life insurance management model is composed of 4 main components: 1) management factors, 2) external factors, 3) management process factors, and 4) efficiency factors of life insurance business. There are 7 management factors: strategy,
management structure, management system, personnel management model, skills of executives, skills of personnel, and common values. There are five external factors: culture, economy, politics/law, competition, and technology. There are four digital marketing factors: digital products/services, price, digital service provision channels, and digital marketing/public relations promotion. There are four management process factors: planning, organization, navigation, and control. There are four efficiency factors of life insurance business: customer, internal processes, learning and growth, and financial performance result. Results of the study of the influences of factors show that the management factors, external factors, and digital marketing factors affect the management process of life insurance business; while the management process factors affect the efficiency of life insurance business. As for the created efficient model for life insurance business management in the digital economy of Thailand 4.0, there are 7 sub-variables in the internal factors, 3 sub-variables in the external factors, 3 sub-variables in the digital marketing factors, and 4 sub-variables in the management process factors. The model evaluation reveals that the overall evaluation mean is at the high level.
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