Research On The Competitive Strategy Of The Personal Insurance Business Of G Life Insurance Company Shandong Branch

Forty-year has witnessed the development of the life insurance business ever recovered in 1982.As the world’s second largest economy,China has maintained a medium-high growth rate despite the downward pressure in the post-COVID-19 era.The increase of the per capita disposable income,the transformation and upgrading of consumption structure as well as the acceleration of the urbanization are conducive to the growth of effective insurance demand.Meanwhile,new vitality has been injected into the insurance development thanks to the insurance awareness recovery under the impact of the COVID-19,aging and the rise of the emerging middle class.On the whole,China’s insurance industry has demonstrated the characteristics of massiveness yet not mightiness,the life insurance market in Shandong Province waits to be exploited and developed in terms of insurance density and insurance depth,the market concentration is relatively high,and irrationality still exists with regard to the insurance type and channel structure.The G Life Insurance Company Shandong Branch,as a typical representative of bank life insurance company and foreign insurance company,has been developing rapidly since its establishment with the advantage of shareholders,but the development of life insurance has been hampered and hindered.The business development are highly bank insurance channels dependent,which should be urgently transformed,whereas the competitive strategy transformation and upgrading of personal insurance grow cumulatively prominent and urgent.The thesis has sorted and reviewed the the relevant theories of the competitive strategy,and summarized the research achievements of the relevant competitive strategy with regard to the insurance and life insurance.Based on the previous relevant theories and research results,an exhaustive research has been carried out on the competitive strategy for G Life Insurance Company Shandong Branch.On the basis of comprehensive analysis of insurance industry and Shandong life insurance market industry background,by using the PEST analysis,Michael Porter’s Five Forces Model and other analysis tools,the thesis has made an in-depth exploration for the external environment and internal conditions demonstrated from the G Life Insurance Company Shandong Branch.Combined with the corresponding interview and questionnaire results,13 key external factors and 15 key internal factors affecting the personal insurance business of G Life Insurance Company Shandong Branch are identified in the thesis,and the evaluation and analysis models of external and internal factors are constructed respectively.The results show that G Life Insurance Company Shandong Branch,by possessing with certain competitive advantages in its own conditions,could cope with the external environment well.Based on the evaluation and analysis results concluded from the identified internal and external key factors,and combined with the strategic positioning and objectives of G Life Insurance Company Shandong Branch,simultaneously utilized theoretical tools including SWOT analysis model,competitive strategy feasibility analysis and QSPM quantitative matrix and other tools,the thesis has made comparisons alternatively with the three competitive strategies,only to select the most optimized competitive strategy selected,the differentiation strategy.Followed by the determination of the competitive strategy and combining with the actual situations of the G Life Insurance Company Shandong Branch,the thesis has proposed the implementation suggestions for the competitive strategy with regard to the following elements of product innovation differentiation,value-added service differentiation,marketing channel differentiation and technological empowerment differentiation.Aiming at the safeguard measures implemented on the competition strategy of differentiated business,four contents are emphasized including strengthening party building to lead cultural construction,paying attention to human resource management,improving the risk prevention and control system,and promoting the construction of scientific and technological information platforms.The measures hereinabove are expected to be the catalyst and incentive for the better and faster development of G Life Insurance Company Shandong Branch,which also provide references for other similar insurance companies among insurance industry in the selection and implementation of competitive strategy.