The Development of Polish Life Insurance Market in the Context of Austrian School – Client’s Approach

Aims: The aim of this paper is to show the empirical relation between the insurance agents' specified personal qualities and the efficiency of life insurance companies in thecontext of future development perspectives, based on meta – analysis and conducted inthree domestic scientific projects and one international.

Study Design: “Identification of talent management dissemination level in life insurance companies”, “Identification of competency management dissemination level in life insurance companies”, “Identification of efficiency ratios implementation level in life insurance companies”.

Place and Duration of Study: The territory of Poland and Lithuania, years 2005-2012.

Methodology: The research was conducted on the territory of Poland and Lithuania in the years 2005-2007 and 2011-2012, during the scientific project at the Higher School of Personnel Management in Konin. The aim of the above research was to identify the most important factors determining purchasing decisions to buy life insurance policies (Delphi method, questionnaires, storytelling).

Results: The research sample consisted of 476 insurance agents, 232 life insurance sales managers, and 796 clients of four biggest (referring to market shares) Polish insurance companies. All the above participants were asked the same questions to increase research reliability. The main factors of life insurance sales efficiency were evaluated and ranked.

Conclusions: It seems to be authorized to claim, that the situation in the Polish life insurance market is complex and experiences (including sales strategies) from mature foreign markets are not suitable in the Central Europe. Moreover, results from the territory of Lithuania confirm that compensation system becomes (sooner or later) the root of financial problems and law suits risk exposure for life insurance companies.