Research On The Development And Improvement Of Life Insurance Marketing Channels In China

Since China resumed its life insurance business,China's life insurance market has made great progress.By the end of 2018,the original premium income of China's life insurance business reached 2.07 trillion,life insurance companies had 91,the density and depth of life insurance were 1485.1 yuan and 2.3% respectively.The development of social and economic levels,the aggravation of aging problem,and the improvement of consumer insurance awareness will make the life insurance market have great room and potential develop.Under the market environment where life insurance products are constantly diversified and consumers' individualized demands are continuously strengthened,life insurance companies must strive to improve their service levels.When the development of traditional personal agents and bancassurance channels encounters bottlenecks,it is crucial to actively explore the optimization of traditional marketing channels,develop new and efficient channels and establish multi-level and diversified channel models.And as the important component of life insurance diversified marketing channels in China,the professional agency and broker channels are becoming more and more prominent in meeting the individual needs of consumers.The research object of this paper is the life insurance marketing channel,which mainly refers to the distribution channel of personal life insurance products,excluding group channels.Based on the life insurance marketing theory,this paper deeply researches the development status of personal agents,bancassurance,internet and professional agency and broker channels,and analyzes them.DEA was used to evaluate the efficiency of each channel,and through questionnaire survey to realize the situation consumers purchase commercial life insurance products and channel selection.Finally,suggestions for the development and improvement of life insurance marketing channels were proposed.Based on the above ideas,the paper is divided into six chapters:Chapter One: Introduction.This chapter mainly explains the background and significance of this paper,sorts out the related literatures of domestic and foreign marketing channels,expounds the research objects,contents and methods of this paper,and explains the possible innovations and deficiencies of the article.Chapter 2: Overview of Life Insurance Marketing.This chapter introduces the theoretical basis of life insurance marketing firstly,including “4P” and “4C” marketing mix theory and industry life cycle theory;then analyzes life insurance products and supply and demand,and the complex and diversified life insurance protection needs are reflected in the whole life cycle of people.Therefore,diversified and efficient distribution channels are crucial for the operation of life insurance companies and for satisfying individualized insurance protection requirements.Finally,the model of life insurance marketing channels and its development changes are introduced.The third chapter: The Development Status and Evaluation of Life Insurance Marketing Channels in China.This chapter mainly analyzes the development status of personal agents,bancassurance,internet,and professional agency and broker channels,and evaluates each channel.Various channels have greatly promoted the development of the life insurance market,and they have exposed certain drawbacks and problems at the same time.However,as market competition intensifies,it is an inevitable trend to explore and develop diversified marketing channels.And as the important component of life insurance diversified marketing channels,the professional agency and broker channels are expected to become an important distribution channel in the future.Chapter 4: Efficiency Assessment of Life Insurance Marketing Channels in China.This chapter mainly uses DEA method to calculate the efficiency value of channels.The empirical result shows that the insurance broker channel is superior in technical efficiency and pure technical efficiency,and the professional agency channel is second.This shows that the professional agency and broker channels are more reasonable in input and output,less wasteful in efficiency,and on the frontier of relatively optimal efficiency compared with personal agent and bancassurance channel.Chapter 5: Questionnaires about Consumers Purchase Commercial life insurance Products and Channel Selection.The survey result shows that Internet platform and professional insurance brokers have obvious trend for consumers to purchase commercial life insurance products;More than half of consumers are optimistic about the future development prospects of professional insurance brokers.Chapter 6: Suggestions for the Development and Improvement of Life Insurance Marketing Channels in China.This chapter mainly proposes from four aspects: Life insurance company channel development strategy,Various marketing channels,Insurance supervision,Insurance consumers.Possible innovations in the paper are:(1)Innovation in research perspectivePrevious articles on life insurance marketing channels have focused more on traditional personal agents and bancassurance channels.There are relatively few researches on diversified channel development from the perspective of the whole market.Under the background of individualized consumer demand and further return of insurance,how to use diversified channel strategies to promote the development and improvement of China's life insurance marketing channels is crucial.(2)Innovation in research methodsThis paper firstly conducts qualitative research on China's life insurance marketing channels,that is,researches the development status of each channel and evaluates it.Then,using the method of empirical research,the data envelopment analysis method is used to evaluate the efficiency of each channel,and questionnaire survey is conducted to understand the situation of consumers purchasing commercial life insurance products and channel selection.Finally,based on the analysis results of qualitative research and empirical research,this paper puts forward suggestions for promoting the development and improvement of life insurance marketing channels.