A Study On Short-term Life Insurance Business Development Strategy Of CIC Guangdong Branch

In recent years, China’s total insurance business continued to grow rapidly, the overallstrength has been continuously strengthened, and increasing the market structure optimization,the importance of increased insurance investment, investment rights and further expands thescale of investment. Especially, since January2003, China formally implement the new"Insurance Law", based on respect for international practice, laws fence of China’s propertyinsurance company cannot get involved in accident and health insurance is demolished. It wasa historic step to make the implementation of China’s insurance industry to mix run. PropertyInsurance Company gets into the personal insurance market by advancing the originalfranchise from the life insurance agency. The provision for property insurance companies toexpand service areas, and cultivate new growth points provides an opportunity; this changewill undoubtedly exacerbate short-term insurance business life insurance market competition.China United Property Insurance companies take advantage of these new marketopportunities expand their business scale and increase in premium income, improve theoperating conditions of the Property Insurance. Founded in2001, China Insurance Company（CIC） Guangdong Branch and the CPIC, and PingAn, the major property insurancecompanies have also introduced a distinctive accident insurance products and coverage,service and price competition launched to the beginning of the accident insurance marketopening to seize more market share. Since2003, short-term life insurance business carried out7years, Guangdong,"the two insurance" market, the competition highlighted, showing thatthe unprecedented prosperity. In the back of this prosperity, as "two insurance" business oftheir own characteristics and the Chinese insurance market, social and environmental factorsinfluence the "two dangerous" business operating risks cannot be ignored.Based on the analysis life insurance business in the short term the status of the industry,combined with China Guangdong Branch the past7years the insurance term life insurance tocarry out analysis of the status of business development, business development, this paper hasbeen summed up the problems. Lack of product innovation, market competition, the high feesto promote the premium income, sales channels, lack of diversity of these are commonproblems that the industry is facing. Guangdong Branch is facing shortage of professionals, asmall number of products, systems, and training is not in place, and ineffective marketingchannels and other issues. For these problems, Guangdong Branch of China Insuranceanalyzes internal and external environment, identification of short-term life insurancebusiness factors. In Chapter IV, the paper discusses CIC Guangdong Branch short-term life insurance business of operating a strategic choice： To play its advantages in resources andcomprehensive customer service advantages, enhance product innovation, integration ofinsurance resources, insurance companies explore the establishment of modern marketingmechanism to strengthen the composite professionals’ introduction, training and reserves,strengthening short-term life insurance product development and external cooperation. Finally,Based on the targeting the business development, I proposed business development strategy,including distribution channels, claims services, standardized management and risk controland so on.