The Strategy Research For Development Of PICC Chongqing Branch

After China's WTO entry, its insurance industry has being forced to accelerate the opening-up to foreign firms, and the fiercer competition looms on the insurance market. Chongqing state-owned property insurance companies not only have to meet the current challenges from strong foreign counterparts, but also have to take the advantage of the limited protecting period to improve their own competency all around. In such a situation, they should audit themselves, innovate and reshape the development strategy, and relocate the development policy, market targeting, key competitive edge so as to constantly strengthen their comprehensive competence and to develop rapidly and soundly.The paper begins with elaborating the significance of studying the development strategy for People's Insurance Company of China (PICC), Chongqing Branch, analyzing the insufficient arguments in the current articles of related field, and briefing the train of researching thought of the paper. Then after reviewing the latest development in the international property insurance industry and after analyzing the present condition of the industry and the market in China especial in Chongqing, the paper addresses the urgency for studying the development strategy of PICC Chongqing Branch.The paper focus on presenting the PICC Chongqing branch's strategic planning, implementation and controlling which are based on the requirements of strategic management theory. With the external environment analysis, 12 external key factors are identified as the main opportunities and threads confronting the PICC Chongqing Branch, and the external factors evaluation matrix and competitive trend matrix are set up accordingly. With the internal analysis of PICC Chongqing Branch, 13 internal key factors are identified as the main strengths and weaknesses of PICC Chongqing Branch, and the corresponding internal factors evaluation matrix is also established.Based on the 25 key factors and relevant SWOT matrix, the paper has worked out 13 optional strategies for the development for PICC Chongqing Branch; especially analyze the key issue in the development of auto insurance market with the quantitative strategic planning matrix. It presents that the differentiation strategy is rational choice and pursuing the service differentiation is a key development strategy for PICC Chongqing Branch.With the value chain analysis involved in the marketing insurance products, it is found out that the effective implementation of the development strategy for PICC Chongqing Branch mainly depends on the innovation in management, human resource exploitation, insurance products development, marketing channels, information technology application, and service. The perfection and innovation of internal controlling system is addressed as a critical part of the development strategy at the end of the paper.