Research On Evaluation Of Core Competitiveness Of Life Insurance Companies In Henan Province

The status of insurance in people’s production and life can reflect the level of economic development of a country or region.After hundreds of years of development,the foreign insurance market has become quite mature,while the domestic insurance industry started late,the relevant laws and regulations are not complete,the regulatory technology is backward,and insurance agents have misled consumers.Compared with developed countries’ mature insurance markets,there is a large gap.In recent years,the life insurance market in Henan has achieved rapid development.The scale of premium income and the number of market subjects have increased year by year.Although the depth and density of insurance are at the forefront of the six central provinces,they are still lower than the national average and there is still much room for improvement.With the entry of foreign life insurance companies,the aging of the population and the improvement of the cultural literacy of the people in Henan,some new positive changes have taken place in the Henan life insurance market,and people’s awareness of risk has become stronger.In order to obtain high-quality insurance products and service,people begin to actively contact and understand insurance products,so life insurance companies must focus on improving service levels and promote healthy competition between life insurance companies.It is imperative to improve the level of core competitiveness of life insurance companies in Henan Province,which also has important practical significance for the healthy development of financial markets in Henan Province.This article first introduces the concept of core competitiveness.Based on a lot of literature,it summarizes and sorts out four basic theories about core competitiveness.According to the generality and particularity of the life insurance industry,the definition and characteristics of the core competitiveness of life insurance companies are summarized.Then it introduces the current development status of life insurance industry in Henan Province from the aspects of premium income,compensation expenses,insurance density,insurance depth and market players in Henan life insurance business.Based on the principles of the construction of the core competitiveness evaluation index system for life insurance companies,a core competitiveness evaluation index system for life insurance companies including premium income,growth rate of premium income,market share,compensation rate,surrender rate and the number of valid policies is established.Next,this article selected 30 sample companies from 44 Henan life insurance companies,and selected appropriate data from the 2015-2019 China Insurance Almanacs for factor analysis using SPSS software.Then this article analyzes the core competitiveness of Henan life insurance companies from four aspects: scale factor,operating capability factor,risk control factor and comprehensive strength,and concludes that the overall competitiveness of Henan life insurance companies is low.Finally,it puts forward proposals to increase the core competitiveness of life insurance companies in Henan from the four aspects of forming one or two Henan legal life insurance companies,strengthening the agent team construction and bancassurance cooperation to improve the operating capacity of Henan life insurance companies,strengthening underwriting control and underwriting claims to strengthen risk management and control of Henan life insurance companies.