The Research Of The Innovation Of The Insurance Industry Under The Condition Of Overall Opening In China

The Article focuses on the insurance industry after China's overall opening in insurancemarket, and in particular, on the innovation of the insurance products. The article is based on thetheoretical analysis of the theory of market structure in industrial organization and JosephSchumpeter's innovational theory by means of scope analysis, comparative analysis, authenticproof analysis etc, so as to analyze theoretically and practically the present situation of theinsurance industry and the insurance products in particular as well as its insufficiency and itscause, expecting to find useful suggestions and proposals in speeding up the innovation of theinsuranceproducts.The insurance industry in our country, since its restoration 20 years ago, has basicallyfallowed an extensive way of development, the methods of market competition mainly rely on theprice competition of the traditional products. As the starting point of development was at a lowlevel, such an operation pattern did bring about a comparatively high increase in insurancerevenue at its initial stage in the restoration of the development in insurance industry. But with theall-round opening of the insurance industry, a lot of competitive foreign insurance companiesentered the insurance markets in our country. There is still a big gap between the insurancecompanies in our country and those with foreign capital in capital strength, management andadministration, and the quality of service. The protection allotted time of "entering the WTO" iscoming to an end, if the insurance industry in our country is still not fully aware of the gravity ofthe problem, and takes active measures to narrow the gap between the world's powers and us, soas to improve our own competition strength, it will have an unfavorable impact on the existence ofthe insurance industry in our country and its continuous development. The urgent problem to besolved promptly is to put insurance innovation in a prominent position, of which, the innovation ofinsurance products calls for even more urgent attention, because the innovation of insuranceproducts is the origin of insurance industry and the lifeline to the existence of all other vocationalwork. Only by speeding up the innovation of insurance products can we create a new image of ourfamous enterprise brands in the insurance industry, maintaining a certain high rate inmarket-possession and promoting the fast-speed increase in insurance industry so as to be able tocarry on a heated competition with foreign insurance companies after the opening to the outsideworld.The article focuses on the present situation about the innovation of insurance products afterthe all-round opening of insurance industry in our country, its insufficiency and gives an analysisof its causes, points out the innovation of insurance products in insurance industry in our countryshould take the innovation of differentiation as its core, and makes a study of the principles of theinnovation of insurance products, its orientation, strategy and methods for the fulfillment so as toprovide significant reference to the innovation of insurance products in our country's insuranceindustry.