Research On Service Marketing Strategy Optimization For Insurance Business Of WX Company

In recent years,with the rapid development of China’s economy,the steady growth of household income,and the continuous improvement of people’s living standards,Chinese households have greatly transformed their concept of asset allocation.Hence,risk-free assets such as savings deposits have been unable to meet the asset allocation needs of Chinese households who have more and more obvious demands for asset preservation and asset appreciation with higher rates of returns.The household asset allocation has already changed from monotonous bank deposits to diversified investments.In this context,overseas insurance has gained increasing popularity.According to the statistics of the Insurance Authority of Hong Kong,since 2014,new premiums for Chinese mainland visitors had accounted for a significantly increasing proportion of the total new policy premiums of Hong Kong individual businesses.In2015,the new insurance premiums of mainland visitors reached HKD $31.6 billion,accounting for 24.1% of the total new premiums of Hong Kong individual businesses,an increase of 6 times compared with the overall scale in 2005;In 2016,the new premiums for Chinese mainland visitors were HKD $72.7 billion,accounting for 39.3%and setting a best in the past years.As mainland residents have a strong demand for overseas asset allocation,the number of competitors in the industry has increased significantly.To continuously meet the needs of customers and open up new markets,relevant companies have also attached more and more importance to service marketing management in an attempt to improve customer satisfaction and loyalty through characteristic service marketing.Taking the marketing management of overseas insurance services at WX company as the research object,the thesis firstly describes and presents its operation status,then adopts a customer satisfaction survey and employee in-depth interview to obtain the objective evaluation of existing customers and employees on the service marketing status of WX;By sorting out and analyzing the survey and interview data,the thesis finds the main problems in the service marketing of WX,such as the small number of products of overseas insurance business agents,which failed to fully meet the needs of customers;the incomplete pricing system and relatively simple pricing method;monotonous channel and low market coverage;less incentive and insufficient marketing power;lack of full-time training team;unsystematic planning of the tangible display tools and service inefficiency,resulting in the unsatisfactory customer experience.Given the above existing problems,this thesis firstly analyzes the internal and external marketing environment of WX by using PEST,Porter’s Five Forces,and SWOT,and conducts a statistical and cross-analysis of customers’ demand to purchase overseas insurance based on the consumer demand questionnaire survey;Then,according to the above analysis results,the thesis r repositions the target market of WX’s overseas insurance business and uses the Service Marketing Mix(7Ps)to formulate the optimal combination strategy.The combination strategy makes an optimization in seven dimensions like products,prices,etc.,including adding product agency types and establishing product combination strategy;improving the pricing system and establishing channels to guide the pricing scheme;deepening existing channels,and accelerating the development of other channels;building a perfect promotion system and a customer service system;optimizing the organizational structure of the company and cultivating professional and versatile talents;increasing new media promotion and integrate service marketing materials;establishing a customer-centered management organization and optimizing the customer service process.Finally,in order to ensure the effective implementation of the above strategies,the thesis puts forward relevant safeguard measures from the perspective of the organization,personnel,risk control,and resources.The research outcome will improve the service marketing level of WX ’s overseas insurance business,allow WX to build its own service marketing characteristics in face of the fierce market competition,improve the core corporate competitiveness,and enhance customer satisfaction and loyalty while providing a reference for the service marketing management of other similar companies.