SM Insurance Company Bank Insurance Precision Marketing Research

At the present stage in our country, Bancassurance is the sales and services of insurance products provided to bank customers via bank channels by the cooperation of banks and Insurance Companies. At the end of 2011 the proportion of gross premium of Bancassurance accounted for life insurance has increased to 50%, Bancassurance become one of the three sales channels of insurance along with traditional personal insurance and group insurance. In 2010 and 2014, CBRC (China Banking Regulatory Commission) and CIRC (China Insurance Regulatory Commission) jointly issued no.90 and no.3 documents, the two New Deals break the one-to-many cooperation pattern of bank and insurance companies. At the same time, the New Deal prohibits Insurance Companies from sending their sales staff into bank branches and improves the sales share of risk safeguard and long-term deposit insurance product. Facing the new changes of the market, the traditional marketing strategies including the acquisition of customer resources; optimization of product structure and validate customer communication have been unable to meet the requirements of the New Deal.On the basis of the precision marketing theory, this paper summarizes the characteristics of the Bancassurance's precision marketing and further put forward an operating system of the Bancassurance's precision marketing according to the characteristics of Bancassurance. At the same time, through the analysis of SM company's problems and its causes, combined with the operation system of the Bancassurance's precision marketing, this paper put forward that by using the precision marketing theory, the problems of SM company including the improper of the product structure; the limitation of the customer resources; the obstruction of the customer communication and the declination of the company's profit can be effectively solved. This paper formulates a combined scheme of the Bancassurance precision marketing, namely bank personnel's sales willingness and sales skills lifting scheme, Bank database's sharing and development scheme and bank's high net clients' special cultivation scheme. The three schemes firstly deem the customers who have the desire to buy fixed-term safeguard product as the target customers, focus on the fixed-term safeguard product market, improve the proportion of fixed-term safeguard product and finally solved the problem of the improper product structure. Secondly improve sales ability through precision marketing, strengthen the bank-insurance cooperation, solved the problem of the sharing of the customer resources, saved the acquisition costs of the customer resources, embodies the economical efficiency of the precision marketing. Thirdly realized the one-to-one communication with customers, solved the limitation the New Deal put on the insurance companies, embodies the efficiency of precision marketing communication. Finally turned around the slump tendency of the fixed-term sales, improved the median income of the bank also the valued premium of the insurance company, solved the problem of the declination of company's profit. At the same time this paper put into effect of the precision marketing scheme, made an effective evaluation of the results of the implementation of the scheme and gave a concrete improvement measures.