Competitive Strategy Research Of LA Life Insurance Company

In recent years,the insurance industry enter the fourth body big expansion stage,various capital influx insurance,on the other hand,the market competition is intense,small and medium-sized insurance companies performance is not good.LA life is the first local legal person life insurance company in jiangsu province,was founded in 2011,has now been set up in jiangsu,anhui,sichuan,shandong,hebei,henan,Beijing,Shanghai,hunan nine provincial branch,at the same time of rapid development,also faces many difficulties,such as insufficient market increasingly competiti've,professional talent reserves,newly incorporated institution unbalanced development,emerging channel development is slow.This article 'through studies LA life the choice of competition strategy,implementation and safeguard measures,provide the reference to our country small and medium-sized life insurance company's competition strategy research.In this paper,based on the theory of competitive strategy,resource based view theory,dynamic competence theory,using standard method,case study,the methods of questionnaire investigation and the analysis of the PEST model,porter five competitive model,EFE matrix,IFE matrix model and analysis tools such as value chain analysis,the advantages and disadvantages of LA life's internal and external environment and resource analysis system is analyzed,through the analysis found that LA life external environment opportunity is:life insurance is still at the golden development,development speed is significantly higher than GDP growth,industry prospects have been industrial capital favor;Countries introduced a number of encouraging the development of the insurance industry policy actively;The people's insurance consciousness is increasing day by day;Social structure in an ageing population and urbanization will continue,new stimulus insurance demand growth;Internet new subject such as life insurance companies,promoting the development of Internet insurance of new business;The local government attaches great importance to the local financial system construction,encourage the development of the local life insurance institutional investor.Threat is:the market competition main body,more and more and more new entrants,industry competition is intense,serious product homogeneity,product innovation ability is weak,homogeneity service measures,lack of high value-added services to customers,the industry development pattern,competition rising rate reduction,cost of sales,underwriting profit more and more thin,big companies with economies of scale,for small and medium-sized life insurance company's competition is more and more big,the development trend of light assets into a new company,heavy assets face integrating traditional channels.Internal advantage is:the state-owned holding company,market-oriented operation,the shareholders strength is stronger,sustained investment ability,solvency is adequate,underwriting and anti-risk ability is stronger,the company operating sound,risk control in place,in jiangsu province has unique advantages,the development of organization layout is faster,the centralized operation management mode,better cost control,the balanced development of the business channels,employees high entrepreneurial zeal.Disadvantage:headquarters is located in nanjing,relative to connect such insurance headquarters of north region,recruitment have limitations,most staff headquarters headquarters of the lack of work experience,for the guidance of the branch and control ability is insufficient,lack of competitiveness,pay levels is difficult to attract high level talent,actuaries less personnel,product innovation ability is insufficient,lack of leading product market competitiveness,jiangsu,fujian association of foreign languages and institutions lack of core competitiveness,has not yet been established mature can replicate the success of the model,and means the traditional sales mode,no sales of leading industry innovation,insufficient interaction between sales channels,not effective resource integration,open research institutions is insufficient,part of the organization is not successful.Using SWOT analysis,this study thought LA life centralization strategy should be adopted,and further from product development,marketing,insurance,reinsurance and claims,investment,customer service,renewal,cultural construction,organization structure,human resources,financial management,risk management and information system is put forward the concrete implementation of LA life centralization strategy and specific safeguard measures in order to ensure that the strategic implementation safeguard model such as focus on high value product development;Strengthen a risk,Banks,insurance,group,network pin four sales channels development and resource integration;Adjust the organization structure,branch of integrative development department,the renewal of management department,the compliance department,etc.The innovation of this article is:the market competition main body,local life insurance corporation is not suitable for traditional life insurance enterprise's development in the overall layout of the road,and should adjust measures to local conditions,focusing on the multi-dimensional and centralization strategy will be represented by local legal person the effective path of rapid development of small and medium-sized life insurance company.The problems that exist in the this paper is:the study did not involve corporate governance issues;Strategy implementation of the measures and safeguard measures,not to promote the order,completion time,formulate specific calendar,make cost estimates in order to make clear production ratio,really will produce the desired effect remains to be actual work.