Insurance Product Innovation Shapes The Core Competitiveness Of Enterprises

In more than 20 years since the reform and opening up, China's insurance industry has developed rapidly. with the coming end of the protection period of entering WTO, China's insurance industry will face the new situation of fully opening. And the rapid increasing of Chinese and foreign insurance companies, as well as the increase of diversification and specialization of ordinary people on the insurance needs, makes the competition in insurance industry increasingly fierce. Insurance company, in order to maintain a sustained and healthy development, must be to build its own core competitiveness, thus develop its own competitive advantages.The core competitiveness of insurance companies mainly performs in products and services. Because people's choices of insurance company often depend on product comparison of different companies, and on the other hand the non-tangible and dependence of insurance products make the comparison different from other tangible products, customers can only ultimately determine whether or not to purchase on the basis of acquaintance of the credibility of the insurance companies and the services provided by the insurance companies, which means the quality and the value of insurance products and must depend on the credibility of insurance companies and services they provide. Therefore, in order to obtain their core competitiveness, insurance companies must work hard on products and services, looking for innovation and breakthrough of product.This paper uses the theory as the foundation, describes the important role that insurance product innovation plays in the establishment of the core competitiveness of enterprises through the presentation of how Taikang established a unique brand strategy and competitive advantages in the aspect of product innovation. First part is China's insurance market analysis, which presents the rapid development of the insurance industry and intensified competition. Then expound on core competitiveness, the core competitiveness of insurance companies and how to set up a core competitiveness of insurance companies. Clear the important role that the insurance product innovation plays in the establishment of core competitiveness of insurance companies. Then introduced the basic circumstance of insurance products, how product innovation proceeds, and how product innovation creates the core competitiveness. By analyzing the Taikang product innovation examples, prove that product innovation shapes competitiveness. Finally conclude remarks, and address the future trends of product innovation.