Research On Customer Loyalty Promotion Strategy Of Weihai Branch Of A Life Insurance Company

Since the 21st century,China’s rapid economic growth has driven the booming development of the insurance industry.Economic growth has improved people’s living standards and promoted the awareness of national insurance.More and more people begin to reserve a certain amount of insurance for themselves and their families to cope with illness,accident and pension life.At the same time,in the process of the rapid development of the whole industry,many different insurance companies have emerged in China.With the increasingly mature insurance industry,the products of each company begin to appear homogenized,and the competition focus of insurance companies gradually shifts from the product itself to customer retention.How to retain the customers acquired by insurance companies and improve customer loyalty has become a very important customer management link in the life insurance industry.It is an issue that every life insurance company should focus on,which is related to whether the company can occupy a place in the increasingly fierce market competition.As A third-level subsidiary of A Life Insurance Co.,LTD.,Weihai Branch of A Life Insurance has maintained a rapid development in Weihai since its establishment in 1998.However,due to the rapid changes in the market environment in recent years,various hidden dangers of early rapid development began to appear.Among them,the continuation rate index of A life insurance Weihai Branch company has continued to decline in recent three years and the gap between it and local peers is gradually widening,indicating that there are certain problems in the current customer loyalty situation of A life insurance Weihai Branch Company,which need to be adjusted and solved.Based on the current competition background of Weihai insurance market,this paper takes the existing renewal customers of A life insurance Weihai Branch company as the research object.By referring to the existing achievements of domestic and foreign researchers,this paper theoretically explores the measurement dimensions of individual customer loyalty:emotional loyalty and behavioral loyalty;Emotional loyalty is measured by customers’purchasing emotional preference in different situations,and behavioral loyalty is measured by renewing insurance premium,cross-buying and active promotion.By combining emotional loyalty and behavioral loyalty,the actual situation of individual customer loyalty can be analyzed.The customer loyalty of insurance industry is affected by the degree of recognition of customers to salesmen,companies and products.In order to explore the existing problems of customer loyalty management in Weihai Branch of A life insurance company,this paper interviewed 30 renewed customers,15 agents and 10 internal staff,and found that the current customer loyalty management faces problems such as high turnover rate of agents,unprofessionalism.poor service,poor reputation of the company,poor claim settlement,difficult product content and high price.According to the interview results,the influencing factors of customer loyalty are summarized into three dimensions:salesman,company and product.Based on this,the questionnaire is designed.After the calculation and regression analysis of 226 valid questionnaire data collected by SPSS24 and Amos22,the conclusion is drawn:The three dimensions of salesman,company and product have A significant positive impact on the customer loyalty of Weihai branch of A life insurance company,and the order of influence is as follows:salesman dimension>company dimension>product dimension.After analyzing the component factors of the three dimensions,it is found that the factors affecting the customer loyalty of A life insurance Weihai Branch company have poor evaluation,including the follow-up service,professional degree,service quality,the company’s brand image,claim service,claim speed,product price and terms.Based on the analysis of the influencing factors of customer loyalty of A life insurance Weihai Branch company,this paper puts forward the customer loyalty promotion strategy of improving follow-up service,specialization,service quality,company brand image,claim ability,product value perception,and product understanding of A life insurance Weihai branch company,so as to improve and enhance customer loyalty of A life insurance Weihai Branch company.Finally,corresponding safeguard measures are proposed from the aspects of cultural guarantee,institutional guarantee,technical guarantee and financial guarantee to ensure the effective implementation of customer loyalty promotion strategy of Weihai Branch of A Life Insurance company.