Research On The Competitive Strategy Of Individual Insurance Business Of PA Life Insurance's Yantai Branch

Since the reform and opening-up,China's insurance industry has made great progress,the increasingly completed market competition system and the continuously growing competitiveness,has become an important force for promoting economic development,maintaining financial security,improving people's livelihood security and innovating society governance.As the most important portion of insurance sales,individual insurance business has played a huge role in boosting the development of China's insurance industry since its introduction in 1992.At present,with the rapid innovation of science and technology,the stricter supervision,China's insurance industry has entered a new era of transformation and upgrading,which brings severe challenges and new development opportunities for the life insurance companies,especially the individual insurance business in the strategic position.Based on the case study of PA Life Insurance's Yantai Branch,this article discusses how to optimize the channel construction,expand the business scope and improve the business efficiency for insurance industry in its new tide of transformation and upgrading.Starting from the analysis of the opportunities and challenges faced by the business,its own advantages and disadvantages,this article systematically analyzes the competition status of the individual insurance business in the current market environment,and then according to its own strategic objective,proposed that the individual insurance business of PA Life Insurance's Yantai Branch shall exploit the technological advantages,brand superiority,and the comprehensive financial advantages so as to achieve rapid development.