Study On The Competitive Strategy Of Jiyang Branch Of R Property And Casualty Insurance Company

People’s Insurance Company of China(PICC),Jiyang District(PICC),providing underwriting and claims services for local governments,enterprises and institutions,and the general public.In recent years,thanks to the upward trend of the insurance industry,the premium scale of PICC Jiyang Branch has increased year on year,with an average annual compound growth rate of over 10%,but the company is also facing increasing competition in the market,changing industry regulations,losses in auto insurance and a backward development model.Therefore,the Jiyang Branch must explore a competitive strategy suitable for itself to ensure that it is in the lead in future market competition and complete the transformation and upgrading of the company.The external opportunities facing the Jiyang branch include:the government’s high willingness to solve the pain points of people’s livelihoods through insurance,the strong economic growth and demand after Jiyang was divided into districts,the gradual increase in residents’ awareness of insurance,the continuous introduction of new technologies and ideas in the industry,and the high barriers to entry in the industry;at the same time,the main threats facing the Jiyang branch include:the serious externalisation of channels,the strong bargaining power of intermediaries,the repeated prohibition of market chaos and price wars.Price war is still mainstream,Internet companies are strongly involved,and new channels and new ways of playing are constantly emerging.The strengths of the Jiyang Branch are its strong local connections,its dominant business,its leading underwriting and claims model,and the importance the provincial and municipal companies attach to the revitalisation of the county;the weaknesses of the Jiyang Branch are its lack of development planning,weak team dynamics,weak sales force,lack of company culture,poor staff motivation and weak back-office support.After a comparative analysis,this thesis concludes that the best choice of competitive strategy for PICC Jiyang Branch is to implement a differentiated competitive strategy.The best choice for the Jiyang branch is to implement a differentiated competitive strategy by developing differentiated products that meet the local needs of Jiyang(special agricultural insurance,government poverty insurance,etc.);implementing differentiated marketing;and developing differentiated underwriting and claims services.In order to ensure the effective implementation of the differentiation strategy,the Jiyang Branch also needs to reshape its staffs motivation to compete in the market by creating a company vision of "being the market leader in property and casualty insurance in Jiyang";revitalising human resources and promoting the transformation of all staff from being paid to earning salaries,so as to fully mobilise them to carry out their business;and improving customer service through The study of this thesis will not only help the Jiyang branch to improve its competitiveness,but also to improve its ability to serve customers through the whole life cycle service.The research in this thesis not only helps Jiyang Branch to establish a clear competitive market strategy to ensure that it gains a competitive advantage in the regional market,but also the conclusions drawn in this thesis have some reference value for PICC county property and casualty insurance companies.