Research On The Marketing Strategy Of Life Insurance Companies In China

With the gradual improvement of the socialist market economy,supervision mechanism and legal system,the whole environment and the pattern of China's insurance industry has changed a lot.The traditional marketing model for insurance in the planned economy,which had many drawbacks,has no longer adapted to the development of insurance and restricted the development of China's life insurance industry.Meanwhile,foreign insurance companies have set branches in China,which is promoting the competitiveness of the insurance market.On the contrary,domestic insurance company has a long way to go in the aspects of business scale and management.China's life insurance company should reform operating philosophy,gain its market analysis ability and enhance marketing capabilities,grab the opportunities and actively respond to challenges.As marketing strategy play an important role in developing life insurance company business and gaining market share,it is necessary for us to research on how to make the marketing innovation and the improvement of the strategy to let the company have a better future in the insurance industry.The paper starts with the present situation of the development of life insurance marketing in our country,then analyzes some problems existing in the industry,such as the old marketing concept,insurance product homogeneity,inflexible incentive promotion way,lower quality of the agent,etc.The author makes Hubei branch of New China Life Insurance's marketing strategy as an example,combines the theory and practice,adopts the empirical method to analyze the present situation and problems of this company's marketing,combined with quantitative and qualitative analysis.Finally,this paper proposes some suggestions for this company to improve the marketing strategy and provides some theoretical support for the innovation of marketing strategy of life insurance industry in ChinaThe paper is structured as follows:the first section makes a brief introduction about the research background,purpose,significance and outline of this paper and concludes the marketing theory and insurance marketing theory;second this paper expounds the basic situation,marketing mode and existing problems of life insurance marketing in China.Then the author targets at Hubei branch of New China Life Insurance and analyzes its current marketing strategy and present marketing situation and discovers problems such as the old marketing concept,product type homogeneity,personnel selection and appointment of non-standard,ineffective marketing channels and so on in its marketing strategy.These problems have seriously hampered the expansion of the company's development.After this,the author uses SWOT method to analyze the strength,weakness,opportunity and threaten of the marketing strategy of Hubei branch of New China Life Insurance.Finally,on the basis of 4P theory,this paper puts forward suitable and innovative strategies for the company which include aspects of product,price,promotion and sales channels and so on and lists some marketing models based on internet for reference:Wechat marketing;Digital marketing;Insurance supermarket.The innovation is that according to analysis of the company's current marketing situation,this paper finds the trend of the company's marketing development.Combined with market environment during the period of economic transformation,the paper analyzes the situation inside the company,uses case analysis method to analyze the existing problems in the development of Hubei branch of New China Life Insurance,and proposes suggestions on improving the marketing strategy of life insurance companies in China and opens to provide reference for life insurance industry at the same time.