Taikang Life Insurance Xinjiang Branch Insurance Agents Incentive Mechanism Optimization

With the rapid development of social economy,the competition in China's insurance industry has become increasingly fierce.How to obtain,retain and utilizing talents to maximize the advantages of human resources has become an important factor for Chinese insurance companies so as to maintain their sustainable competitiveness.Therefore,human resource management is becoming increasingly important in the operation of insurance enterprises,which has drawn growing attention.Being the core of human resource management,incentive management plays an essential role in developing and maximizing the efficiency of human resources.Founded in 1996,Taikang Insurance Group is an insurance and financial service conglomerate focusing on insurance,finance and asset management after 24 years of rapid development.Headquartered in Beijing,the company covers life insurance,asset management,enterprise annuity,health and elderly care,health management and etc.By the end of 2019,its assets under management has exceeded 1.7 trillion yuan,with more than 4,000 insurance branches at all levels.The number of agents is over 800,000.Taikang Insurance Xinjiang Branch is its provincial branch in Xinjiang Uygur Autonomous Region.It has 15 central branch companies locating in cities like Urumqi,Yili,Shihezi,Changji,Karamay,Bazhou,Tacheng,Hami,Bozhou,Turpan,Aksu,Kashi,Kuitun,with over 16,000 agents and the premium income of more than 380 million yuan in 2019.It is one of the leading life insurance companies in Xinjiang.With the rapid development of the insurance industry and the intensified competition among insurance companies,the competition for talents among insurance companies has become more intense.Taikang Insurance Xinjiang Branch is also faced with the general competition for qualified personnels in this field,which has a profound impact on the growth of the company.Hence,this paper optimizes the existing insurance agent incentive mechanism through in-depth research on incentive related theories,taking into account of the current incentive measures of insurance agents in Taikang Insurance Xinjiang Branch.Through improving the company's management and incentive measures,the potential of the company's agents could be fully explored,which would provide a guarantee for the further development of the company.This paper is consisted of seven parts.The first chapter is the introduction,which mainly introduces the research background and importance of the insurance agent incentive mechanism,as well as the present situation,ideas and methods of researches,possible innovations and deficiencies at home and abroad.The second chapter describes the theoretical basis of the incentive mechanism for insurance agents.It focuses on the definition and classification of insurance agents in China,the connotation of incentives and incentive mechanisms,and the relevant domestic and foreign theories of the incentive mechanisms.The third chapter is the status quo of the insurance agent incentive mechanism of Taikang Insurance Xinjiang Branch.This chapter first introduces the present situation of the company's agents before stating the existing incentive mechanism regarding to salary,assessment,training and honor.Finally the effectiveness of the current agent incentive mechanism of the company is tested.The fourthchapter analyzes the problems and reasons of the insurance agent incentive mechanism of Taikang Insurance Xinjiang Branch.Firstly,the incentive mechanism satisfaction survey among insurance agents has been conducted.Based on the analysis and interviews with agents,the problems of the insurance incentive mechanism of Taikang Insurance,Xinjiang Branch have been discovered and the causes of the problems have been studied.The fifth chapter is the optimized schemes of the insurance agent incentive mechanism of Taikang Insurance Xinjiang Branch.The necessity,principles and general ideas of optimizing incentive mechanism are stated.Then targeting at the problems,the optimized schemes covers four aspects: salary,assessment,training and honor.The sixth chapter is the safeguard measures and feasibility in the optimization process of the company's agent incentive mechanism.The seventh chapter constitues the conclusion and prospect.