A Comparative Study On The Efficiency Of Different Marketing Channels For Life Insurance Companies

Along with the process of China’s reform and opening up,the insurance industry,as an important part of the financial field,has gone through a phase of great development and has played a pivotal role in stabilizing the society.At present,China has become the second largest insurance market in the world,but there is still a huge space for improvement in terms of insurance depth and insurance density,and the development model needs to be continuously adjusted and improved.For life insurance companies,under the background of the aging society,the declining birth rate,and the continuous opening up of the insurance market,how to continue to develop in the increasingly fierce market competition,improving the efficiency of marketing channels and changing the business model has become a pivotal subject.On the basis of summarizing the existing research literature,this paper divides the marketing channels according to the current situation of industry development and sorts out the development and evolution process of marketing channels,then introduces marketing channels one by one,and then extends to the theoretical research on the efficiency of marketing channels,and finally draws a conclusion on the efficiency differences of different marketing channels through empirical analysis.Based on the research conclusions,this paper puts forward specific suggestions for improving marketing efficiency.This paper uses the BCC model of data envelopment analysis to study the efficiency of different marketing channels of life insurance companies.By using the cross-sectional data of 40 companies in 11 years,this paper takes "commission and fees","business and management fees" and "total capital" as input variables,and"premium income","insurance liability reserve" and "claims expenditure" as output variables and conducts an empirical analysis to obtain the efficiency value of the sample data.Then the Mann Whitney U test is used to test the significant difference of the efficiency of each channel,and pairwise comparison is made on the efficiency.The research finds that:1.There is still space for improvement in the efficiency of different marketing channels of life insurance companies;2.The key path to improve efficiency should be on the improvement of pure technical efficiency,that is,to improve the management level and technical application level of life insurance companies;3.Internet channel develops rapidly and has great potential.Based on these conclusions,this paper suggests that life insurance companies should change business philosophy as soon as possible,adjust the existing development model,and carry out fine management of all channels.On the other hand,life insurance companies should use modern science and technology to promote business.At the same time,life insurance companies should establish a complete marketing system to actively deal with the uncertainties of the external market.