A Research On The Development Strategy Of A Property Insurance Company Beijing Branch

With the continuous development of socialist market economy, Chinese insurance market has achieved unprecedented development and prosperity. Economic globalization has led to increasingly unstable external environment in politics, economy, science, and culture. Since China entered WTO, its insurance market has gradually opened up. Foreign funded insurance companies flooded into China, changing the oligopoly in the industry. As the Chinese insurance market continues to open up, the coexistence of opportunities and challenges will become the industrial new normal. The traditional development model is facing serious challenge.The present study looks into A property insurance company Beijing branch. As one of industrial leaders, A company ranks Top Three in market share in Beijing since its founding. However, due to fierce competition in the industry, its market share of insurance premium declines year on year, resulting in apparent gap between that of the second ranked. Meanwhile, due to the restricted purchase policy of vehicle in Beijing, the overall scale of auto insurance is affected. The competition in Beijing insurance industry is becoming ever more intense. A company is facing unprecedented opportunities and challenges.Based on development strategy theories, the present study analyzes the existing problems and corresponding countermeasures in the development of the company using research methodologies of PEST analysis and SWOT analysis. It also gives suggestions on innovative development strategies, which might be valuable to the sustained, stable, and healthy development of A company and the development of other property insurance companies in China.