Research On Vehicle Insurance Marketing Strategy Of NC Downtown Branch Of China Life Insurance

Since the 21 st century,with the continuous development of China's economy,the social purchasing power has been released,people's living standards have been continuously improved,and the demand for motor vehicles has become increasingly large,so the vehicle insurance market has developed rapidly.By the end of 2017,the number of motor vehicles in China had reached 310 million,up 6.90 percent year-on-year.The premium income of China's vehicle insurance market has reached 752.1 billion yuan,up by 10.05 percent year-on-year.With the expansion of vehicle insurance coverage,consumers have higher and higher requirements for vehicle insurance products.In order to improve the vehicle insurance market environment,the circ officially launched the reform of commercial vehicle insurance in June 2015,and optimized the insurance terms and rates.The reform has intensified the competition in the vehicle insurance market.In order to seize the market,major property insurance companies are scrambling to invest in high market costs,and the market competition tends to be white-hot.Faced with the fierce market competition environment,the traditional business model is difficult to sustain.Only by strengthening the marketing ability,customer service ability,market research and judgment ability,and transforming and upgrading the company,can the insurance company gain an advantage in the competition and realize the long-term development of the company.China life insurance NC downtown branch was established in 2013.It is a three-level organization of China life insurance co.,LTD.Its main business includes: vehicle insurance,liability accident insurance,engineering insurance,enterprise property insurance,etc.,among which vehicle insurance accounts for 90.92% of the company's business.Since its establishment,the China life insurance NC downtown branch has maintained a high speed of development.However,with the deepening of the reform of commercial vehicle mobile insurance,the company's marketing was blocked and its market share continued to decline since 2017.Therefore,this paper aims to solve the problems in the company's marketing strategy.Firstly,it analyzes the internal environment of the company from the aspects of the company's basic situation,current situation of vehicle insurance development and vehicle insurance marketing strategy,and summarizes the problems of vehicle insurance marketing.Secondly,it analyzes and discusses the external vehicle insurance marketing environment from the aspects of external macro environment and industrial competition environment.Finally,this paper uses STP theory and 4ps theory to formulate marketing strategies from four aspects,including product,price,channel and promotion,so as to optimize and upgrade the marketing system.From the perspective of research content,this paper analyzes and studies the company's current opportunities and threats,advantages and disadvantages,and clarifies the company's current market positioning and future development direction.And designed the company's marketing strategy.(1)in terms of price,the rate factor was improved and the price refinement coefficient was revised to make the risk more compatible with the price;At the same time,differentiated pricing is implemented for different customer groups to achieve precision marketing.(2)in terms of channels,give full play to the company's advantages,consolidate and tamp traditional channels,and vigorously expand new channels.(3)in terms of products,enhance the ability to capture customer needs,accelerate the development of new products,and optimize the structure of insurance types.(4)in terms of promotion,the company shall improve its promotion strategy in terms of advertising,public relations and marketing promotion,so as to improve its service and brand image.This paper adopts methods such as literature research,case study and statistical analysis,sorts out and summarizes a large number of literatures,and combines company data and interview records to make the conclusion more scientific and reasonable.There are two innovations in this paper:(1)due to the short time for the implementation of the reform of commercial vehicle insurance,the current academic literature on the reform of commercial vehicle insurance is more in the early stage of discussion,and the systematic review after the reform is less.This paper adopts the method of case study,combines the marketing theory with the actual situation of the company,and uses data and materials to cover the whole process of the reform of commercial vehicle nsurance,so as to better understand the problems in the company's marketing strategy and provide references for the major insurance companies in the industry.(2)the company's marketing strategy and business results are complementary to each other.The research on the company's marketing strategy in this paper is based on the company's business results,supplemented by a large number of data and facts,so it can better grasp the essence of the problem and is operable.