A Study On Bank-insurance Product Marketing Strategy Of PA Bank

Since China’s accession to the WTO,China’s banking industry has entered a decade of rapid development,which can be described as rapid development,and a relatively perfect banking system has been established.However,the rapid development of Internet technology has promoted drastic changes in the financial industry.The business model of traditional commercial banks has encountered a huge impact,and banks have transformed to find new breakthrough points.The insurance industry,which is also in the financial industry,has great development potential,so banks and insurance companies have embarked on the road of cooperation,and the income of bancassurance products has gradually become an important source of income for banks.However,the rapid iteration of Internet insurance products has brought great challenges to traditional bancassurance products.Traditional banks have made in-depth thinking and Exploration on the original business model and marketing strategy to explore new paths of traditional bancassurance products and find new opportunities for the transformation and upgrading of traditional bancassurance products.In2018,China’s banking and Insurance Regulatory Commission issued a series of policies to regulate the business related to insurance products,which also made the bancassurance products face a more severe test.Therefore,this paper chooses PA bank as the research object to explore how the bancassurance business of commercial banks choose the marketing strategy under the current economic situation,which has a certain practical significance.The main content of this paper is divided into four parts.Firstly,the theory and literature related to the paper are sorted out to lay a solid theoretical foundation for the full text;In addition to the basic theory of marketing,the author arranges the marketing strategy according to its development order,and summarizes the results of theoretical research.Secondly,PEST model and Porter’s five forces model are used to sort out the external environment and competitiveness of the banking industry,and then to deeply understand and analyze the internal environment of the enterprise,in order to deeply analyze the existing problems of PA bank’s bancassurance products.Thirdly,on the basis of the above analysis,the elements of PA bank are summarized and analyzed by SWOT matrix to solve the problems of bancassurance products and explore its future development strategy.The fourth is to use the "4R" marketing strategy to put forward the corresponding marketing strategy for the bancassurance products of PA bank on the premise of market positioning,that is,put forward the marketing model from the four directions of relevance,reaction,relationship and reward,and put forward the safeguard measures that can ensure the smooth implementation of the marketing model from the two aspects of strategy and operation.With the rapid economic development in the future,bancassurance products will continue to explore marketing strategies,provide theoretical reference for similar commercial banks,and also provide more practical cases for marketing theory.The innovation of this paper is that under the background of the rapid development of Internet finance,the marketing strategy of bancassurance products of traditional commercial banks is studied.Different from the "4I" sales theory mainly used in traditional bancassurance products in the past,the enterprises studied adopt the "4R" marketing strategy theory in the marketing strategy to classify customers by analyzing the customer assets of PA bank and combining the customer income and consumption level,Provide customers with more humanized bancassurance products to form a benign closed loop between bank resources,bancassurance products and consumers.And put forward corresponding safeguard measures on the "4R" marketing strategy to ensure the marketing effect and implementation of the "4R" marketing strategy.