Strategy An Renshou ICBC Insurance Companies Compete

As China’s commitment for WTO entry is implemented, the insurance market of China is slowly opened up to the outside world. and as an important member in this market, life insurance is rapidly growing up. Facing the double competition from both at home and abroad, insurance companies are creating core competitiveness as a necessary path to participate in competition and meet strategic goals. Taking ICBC-AXA LIFE as an example, this thesis makes a study and analysis of its market competition strategy, so as to guide the company to make full use of its own edges, grasp market opportunities, and improve its core competitiveness.Based on extensive literatures and investigations, this thesis makes an in-depth study of the current situation in China’s life insurance market. It uses the market segmentation theory in marketing to segment the life insurance market, and has determined the target market that ICBC-AXA LIFE should compete in according to the theory of target market selection. On this basis, the theory of five competitive forces in Porter Model is used to study the industry texture of the target market, with the focus on analyzing main competitors. SWOT method is also adopted to study ICBC-AXA LIFE’s strengths and weaknesses against its competitors, and the opportunities and threats it will meet in the target market. In the end, the theory of general competition strategy is used to conclude what competition strategy ICBC-AXA LIFE should adopt in the life insurance market——target the middle and high class customers, exert its unique investment vantage, utilize new insurance types to quickly and firmly take up market shares, and take recourse to advantages in other fields to form a powerful competitiveness, guaranteeing the achievement of ICBC-AXA LIFE’s business objectives.This thesis only solves the issues of formulating a competition strategy for ICBC-AXA LIFE, but it is believed that it will play a positive role a reference for life insurance ventures on how to take part in domestic market competition based on a rational competition strategy.